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Take Action! What Happens When Financial
You Are Overdrawn? Benefits of Setting Up Literacy
A checking
It happens to everyone at one time or another, you check a Checking Account No. 2
I will keep my check register your account, and you have a negative balance. How could account is one
up-to-date. this happen? of the most Direct deposit of payroll
I will set up online banking 1. You forgot to talk about money with your spouse, and basic of all checks from work.
financial
payments for my bills. you both spent money. services. A Pay bills and schedule
2. You use both a credit card and debit card to check allows you to give money to another them online.
make purchases and mixed them up.
3. You ignored your spending. person or business when it is not safe Automatically receive
child support, disability,
Using a Debit Card 4. You don’t track your spending. or practical to give them cash. Today’s or other scheduled
checking accounts go beyond the basic
A debit card works like a credit card, When your account is overdrawn paper check and now offer a wide range of payments into your
except any charges made are drawn from If you have overdraft protection, the check will be paid banking options from debit cards that are account.
your bank account. Debit cards with a to the recipient. accepted like credit cards, to online banking A check provides proof of
Visa® or MasterCard® logo can be used The lending institution will issue you a NSF (Non and bill pay, e-checks, online transfers, and
anywhere these credit cards are accepted. Sufficient Funds) charge that can range from $15 to money management software. There are payment versus cash.
When your card is swiped, the more than $35 per transaction. many organizations who want your checking Check cashing services
machine usually offers you a choice If you have no overdraft protection, the check will be account business, so take your time and are available for free or a Checking Accounts
of debit or credit. Choosing debit returned to the recipient. Businesses may automatically shop around for the company that has low fee.
takes the money out of your account resend the check to the bank to try processing it again. the features and conveniences you need. You build good financial
immediately. Choosing credit acts like This practice varies by business. foundations that will help
a check with more of a delay before What to do if you overdraw Checking accounts make paying bills and build your credit history.
the money is taken out. tracking personal spending habits simple
When you choose debit, you may Deposit cash as soon as possible to bring your balance and convenient.
be able to get a cash advance out back to a positive amount immediately.
of your account at the same time. Be humble, go into the bank and ask to speak with a
Your account will be deducted for banker. Ask them to help you by removing the overdraft
the purchase amount, and for the fees. If you are prompt about correcting the error and Money Matters
additional cash withdrawal. admit your mistake, they often will remove the fees.
Disclaimer: 8 Always protect your PIN# and don’t let others see you enter it.
Learnovation, LLC’s mission is to empower people to
improve awareness of their own financial situation. 8 You can only write checks for the money that is in your account.
®
©2017 Learnovation , LLC All Rights Reserved. This information is intended to serve as a general 8 Use online banking to schedule automatic payment of your bills.
www.learnovation.com guide of financial principles and strategies. It is not
intended to address individual financial issues, nor 8 Save fees by using your own bank’s ATM machine. You may be charged
should it be taken as legal, financial, or other advice.
$2- $4 each time you use another bank’s ATM.
