Posts
A way that I have learned to avoid overdraft, is by owning several checking accounts; I have my own checking account and a joint checking account. My two personal checking accounts are for my use only. I receive my direct deposit in my main account, and in the other checking account I strictly use for paying my bills. For my main account, I have a check card linked to it and for the bill payment account, there is no check card linked to it, just checks can be linked to it. I always keep track of what bills are being paid with which account, it is very important to keep track of all your expenses. If you don’t keep track of all your expenses, it’s the reason why; you wonder there are so many fees in your account. This is one of the biggest complaints that most customers have with Banks. They do not keep track of their expenses because they think the monies in the bank and in reality it’s not in the bank. Most of the time it is not the bank’s fault that the money is still in the bank; it is the merchant’s fault for not closing the batch at the end of the day. It takes longer for the money to come out of the bank due to this process. Remember it is not the bankers’ duty to keep track of your money. It is your duty to keep track of your money.
In end, Thank You for reading and do not forget
Go Frugal
Thank you so much for this post. I will have to try to implement some of these ideas. I knew that the money being processed by the company depended on how fast the money came out of my acct. But I didn't realize why. Maybe researching which companies take their time closing their books, so one would know what to expect. Like right now. I know that McD's (McDonalds) take any where from 2 to 5 days to post their transactions. This bit me in the backside this past week when the pending transaction from McD's went back into my acct. and a previous automatic transaction came through. In the process I was charged $35 OD times 3 because of lagging transactions. Also because of my lack of keeping track of my transactions. Personally used or automatic withdrawls, they all need to be physically tracked. I sometimes get caught up in the electronic world and forget about the physical aspect. We still need to do things Old School sometimes. Just to keep things straight and running smoothly.
ReplyDelete