Make your checking account work
There are a few tricks that you utilize to make your checking account work to your advantage. If you carefully adopt such frugal options then your checking account can prove to be quite a money saver. Following are some tips to make your checking account add up some savings for you.
If your current checking account is costing you a substantial amount to maintain, then try to look for a bank or financial institution Current Checking Account with a no-fee checking. There are banks that offer such no-fee checking provided that you keep a minimum balance in a savings account or a combined balance in your savings and checking account.
Make sure that you do not forget to balance your checkbook every month. Try not to have any bounce check either. Almost every bank charges a fine of $20 to $35 for writing checks with amount exceeding the available funds in your account. If you can refrain from writing such bounce checks, then you will not incur such bounce check fees.
If you maintain a substantial balance in an interest-bearing account, try to have an account in a bank that employs the average daily balance method for calculating your minimum balance and interest.
Try to select a bank that does not charge fees for using Automated Teller Machines (ATMs). Create a checking account with a bank that has a large ATM network with branches near your home or working place. It is important to take care of such extra surcharges that a bank can make you pay thereby leading to drainage of your precious and hard earned money.
Many of us have more than one checking account with one or more financial institutions. For example, joint checking, business checking, personal checking and more. But can having numerous checking accounts affect your credit score?
The good news is that “no” is the simple answer. Banks do not report checking activity with credit bureaus.
However, the bad news is that your behavior and financial management of multiple checking accounts can get you in trouble with your credit score if you do the wrong things.