A checking account is an extremely simple, effective, and useful financial tool, but one that is easy to take for granted. Even if you don’t overdraw the account, you might not be using all of the features available, which are designed to help keep your finances on track. The guide below suggests ways to use yours to the greatest advantage.

Advice for Managing a Checking Account

1. Make Saving Automatic

Most banks and lenders allow you to automate payments. This can be especially helpful for those who occasionally forget to pay their bills. Furthermore, by setting up automatic transfers to your savings or retirement accounts, you'll make it easier to meet your long-term goals.

2. Know Your Balance

It’s easy to overestimate how much you have in checking, which can lead to financial trouble. Many banks offer balance alerts and notifications that will let you know when funds are running low.

3. Avoid Unnecessary Fees

Small fees for monthly maintenance or using out-of-network ATMs may not seem like much, but they can add up throughout the year. Taking the time to understand the bank’s fees and how to avoid them can save you hundreds of dollars in the long run.

4. Combine Accounts

Maintaining multiple checking accounts can be confusing and make it difficult to tell where money is going. Consolidating all of your income into a single account will eliminate confusion and reduce the risk of accidentally overdrawing.

5. Review Statements

Each month, the bank should send you a summary of all your account activity, including all checks, debit card purchases, and withdrawals. Before tossing it out, look it over for any mistakes or unauthorized purchases, and notify a representative immediately if you notice something suspicious.

For over 60 years, Mohave Community Federal Credit Union has provided reliable banking and individual attention to customers throughout the Kingman, AZ, area. They pride themselves on combining the dedicated service of a small, local credit union with the wide-ranging options you’d expect from a larger, national chain. Visit their website for more on their checking accounts, call (928) 753-8000 with any questions, or visit the bank in person to open an account today.