Dardenne Prairie, Missouri
5000 WingHaven Blvd.
O'Fallon, MO 63368

3 Simple Tips for Managing Your Checking Account October 12, 2016

Dardenne Prairie, St. Charles
3 Simple Tips for Managing Your Checking Account, Dardenne Prairie, Missouri

Checking accounts are among the most frequently used banking services, but remember, not all accounts are created equal. When selecting your account, make sure you are aware of all the features included in your account, such as ATM and debit cards, minimum balances, overdraft protection, and packages of check slips.

Peoples Savings Bank, member FDIC and Equal Housing Lender, has been providing reliable banking services in the O’Fallon, MO, area for over 80 years. Today, Peoples Savings Bank makes it easy for personal and commercial customers to learn more about their finances and access important services like checking and online banking, as well as home and business loans.

Learning how to manage your new checking account may feel overwhelming, but with the following tips and some practice, you’ll feel confident in your ability to keep track of your hard-earned money:

  1. Use Digital Banking Tools:  Unlike paper statements that are sent to you through the mail, online banking and mobile apps show you your transactions in real time. You can see when every deposit, withdrawal, transfer, and bill payment changes from pending to posted. Your account balance is updated after each transaction, so you can see how much money is in your checking account at any given time. Online banking also allows you to monitor account activity, so you can get help resolving suspicious charges faster.

  2. checkingKeep Paper Records: Even though digital banking is easy to use and convenient to access, it helps to have hard copies of things like deposit slips and receipts for major purchases. If you use direct deposit, make sure you hold onto any paper check stubs or payment remittances you receive. Learning how to balance your checkbook is also a useful record keeping skill; you can compare the balance you’ve calculated with your online statements to make sure everything looks right. Comparing your paper records to your digital ones can help you identify discrepancies and unusual account activity.

  3. Set An Off-Limits Amount: Some checking accounts require a minimum balance, or else the customer starts accruing service fees. To avoid these fees, make sure you set aside money equal to the value of the minimum balance and don’t spend it. This requires some personal discipline; if you’re concerned that this cushion will be too much of a burden, consider a different type of checking account that doesn’t require a minimum balance.

Visit Peoples Savings Bank online to learn more about their personal and business checking services, or call (636) 561-5500 to speak with a knowledgeable representative about your financial goals and banking needs.