Everyone’s banking institution works differently. One thing I have come to learn with my bank is that if I purchased something today, it doesn’t necessarily mean my online balance will reflect that purchase. Get to know how your institution works, and start a habit of monitoring your bank statements.
As much as possible, you want to avoid acquiring any additional fees or late payments due to having insufficient funds. I came across a couple of times where I was getting charged $30 or more for overdraft fees just because I was not keeping track of my finances. Now I know I can’t place blame on anyone but myself, but I was getting pretty tired of those additional fees. I have even come across stories of consumers who have faced the same situation, and on top of overdraft fees, their bills were also late because of insufficient funds. In my case, I made a habit of checking my statements to keep track of my finances. With this, not only did I capture overspending in certain areas, but I was even able to capture some fraudulent charges as well!
Don’t want to spend more than your available balance? Cancel your overdraft protection. My rule of thumb is, if I don’t have the money to spend, I shouldn’t be able to spend it. Constant monitoring of your bank statements should keep you from overspending and having to cancel your overdraft protection at this point.
MSI Credit Solutions provides superior credit restoration and comprehensive consulting services that are reliable and affordable. For any questions or to schedule a free credit consultation, contact us at (866) 217-9841.
*The information in this article has been provided strictly for educational purposes.
