Avoiding an overdraft on your account doesn’t have to be a struggle.
These simple tips can help you manage your account wisely:
- Use direct deposit for your paycheck. Direct deposit is a safe and convenient way to access your paycheck immediately and eliminates the risk of your paycheck being stolen, lost, damaged, or delayed in the mail. You’ll know when your funds are being deposited and can schedule automatic payments around those paydays.
- Keep track of your balance and transactions. With online and mobile banking, it’s easier than ever to check balances and transactions, regardless if you’re at home or on the go. So, if you’re unsure whether you have the funds to cover a purchase, check your balance first. However, keep in mind that your account balances may not reflect authorized transactions that still need to be processed by your bank.
- Keep a “cushion” of money in your checking account. If your budget allows you to keep extra funds in your account to cover miscalculations or forgotten transactions, this “cushion” of money can act as a buffer against overdrafts.
- Link your checking and savings accounts. By linking a First Mid savings account to your checking account, any time your checking balance runs below zero, funds from your savings will be automatically transferred into your checking to cover the negative balance. To link your accounts, talk with a Customer Service Representative at any of our banking centers.
- Set up alerts in online banking. Setting up an alert to inform you of when your account balance drops below a certain amount is a great way to stay on top of your account balance. Alerts can be changed or deleted at any time, and you can receive alerts through email or text.
- Consider overdraft protection. You can apply for a line of credit through our Credit Check program, and if your account becomes overdrawn the line of credit will transfer funds in increments of one hundred dollars. To learn more about Credit Check, talk with a Customer Service Representative at any of our banking centers.
