Tips to Avoid and Minimize Overdraft Fees
In today’s electronic world of ATM and Debit card transactions, online bill payments, and fast-clearing checks, we know that keeping track of your account balance can be a tricky proposition. TowneBank has several services that can help you more effectively manage your account and help avoid and minimize future overdraft fees:
- Balance notifications through online banking. Simply select the account(s) you wish to monitor and establish a target balance level for notification. An email will automatically be sent to you when your balance hits that level. If you are currently enrolled in online banking, simply login, then click on the following:
Select ‘My settings’ in the upper right hand corner
Then select 'Alerts and Notifications'
‘Notifications using Express Set Up’
- Through Towne-Biz Plus
If you are not currently enrolled in Free Online Banking and would like to do so, enroll here.
- Overdraft protection transfers. Talk with your hometown banker about linking your checking account to another TowneBank deposit account. In the event of an overdraft, available funds will automatically be transferred to the linked account. Nominal fees apply.
- Coverline overdraft protection plans. Apply for a line of credit that, in the event of an overdraft, will transfer funds in $100 increments from your line of credit to the affected account. Subject to credit approval; applicable interest rates apply.
Other financial management tips include:
- Keeping a cushion in your accounts
- Checking your balance frequently (understanding that some transactions may have already been authorized by you, but may have not yet cleared your account)
- Utilizing a system to track your transactions
- Leaving enough funds in your account for uncleared checks and pending electronic payments
If you are facing financial challenges, you may want to consider free or low-cost financial workshops or individualized financial counseling. Contact the National Foundation for Credit Counseling at 1-800-388-2227, or visit www.ftc.gov
for additional consumer resources. And, if you need additional assistance or tips, please feel free to contact your favorite hometown banker.