Easy Ways I Secure My Checking Account

Many think that protecting your money is as simple as putting it in a checking account.  Unfortunately, there are circumstances that can leave your account vulnerable, including bank fees.  There are five simple ways to ensure your funds stay where they belong—in your account.

Awareness of your balance

Let’s be honest.  Many of us do not keep tabs on our funds as strictly as we should.  Unfortunately, this may be disastrous.  We are all aware of the dangers of identity theft.  But, of course it can only happen to someone else.  Right?  That could be true, especially if you monitor your funds closely.  However, bouncing a check is pretty common and this usually results in a fee.  With today’s technology, it may not be necessary to balance a checkbook as they did years ago.  Instead you can access money tracking websites, create an excel spreadsheet to track your budget, or even apps for smartphones.

Review statements

Once a month, your bank will send you a statement tracking all your transactions.  Many banks will offer a discount if you sign up for online or electronic statements.  It can be very easy to ignore the email, however, you should take a few minutes to review it.  Make sure your transactions are accurate.

Check your checks

Do not write checks you can’t afford.  This is the first rule of checking accounts, but many people still fall into this trap.  Be aware that checks do not always take several days to process anymore.  Since 2003, money from checks is now processed electronically, so withdraws and deposits much quicker.  Today, many of us sign up for automatic bill-pay making it a little too easy to ignore the balance.  Do not write a check or a pay a bill if you your balance can’t handle it.

Secure your information

Be careful whom you give your account information to.  Many websites that require payment will request your banks routing number and your account number.  Be sure the site and business is secure and legitimate.  Monitor those transactions very carefully.

Be aware of your rights

There are laws in place to protect you from fraud and other issues.  The Electronic Fund Transfer Act is one such law.  It ensures that you are protected from problems with electronic transfers or debit accounts.  Be a bit knowledgeable about these laws so you can make use of them should you need to.