Want to be smarter with your money? Start by making smarter checking choices.

Our blogs this month have been all about being fiscally responsible and saving money.  We hope you have found some of our information helpful. This week we are shifting our focus slightly to talk about checking accounts and how to make smarter choices with them.  Remember, we at WVFSL are here to help you reach your financial goals so if you have any questions about the specifics of accounts we offer, please don’t hesitate to reach out to us!

Utilize technology to make banking easier & help make smarter money choices
There is no question that technology has made a big impact on the banking industry.  Now you can monitor your accounts online, pay your bills online; even make deposits using your phone!  The great thing about that is you can use technology to your advantage.  Below are some features that WVFSL offers to help make banking easier for our customers with a tip on how the feature helps you to be smarter with your money:

  • Direct DepositBy having your paycheck deposited directly into your account each pay period, you not only save yourself a trip to the bank, but you also guarantee that the money will be there when you expect it.  This will help you to plan a more accurate monthly budget and reduce the risk of NSF or Uncollected Funds Fees.
  • Online Bill Pay Utilizing our online bill pay service means that you save money on postage but it also means that you are able to monitor your account balance and ensure that the funds are available to be used for the bill.  An added bonus is that it gives you the ability to pay bills on time and avoid fees you may be charged by the vendor for submitting a late payment! 
  • Linking Accounts Together – Linking your checking account with a savings account gives you overdraft protection that helps you to avoid fees in the event a check you deposited hasn’t had time to clear.  Plus being able to transfer funds from your checking account to your savings account makes it easier to save money.

Choose the right account for you
WVFSL has a variety of checking accounts available.  The trick is finding the option that fits the way you live. 

If your income is at times unpredictable and you have trouble maintaining a minimum balance, then our Basic Checking may be a great option for you. 

Another great way to be smarter with your checking account is to take advantage of the interest offered!  We have two great checking accounts that are interest bearing.  For both accounts you only need to maintain a minimum balance of $100 to gain the compounding interest every month.  You can check out the details on our website https://wallkill.com/Personal-Banking/checking-account or stop by any branch.  We’d love to sit with you and help you find the account that is a perfect fit! 

Avoid Fees
Pay attention to your bank balances.  Most of our Checking Accounts charge no fees as long as you maintain a minimum balance.  Keeping tabs on your checking account balances is easier than it has ever been with our banking apps!  Start a new habit of checking your account balances every few days to be sure your spending is on track.

Keep a cushion in your checking account
If you want to avoid fees, it is a great idea to keep a cash cushion in your checking account.  The question is, how much should you keep in your account?  There are varying answers to this question so you will have to decide what works best for you, but below are some thoughts on the subject:

Decide to keep a cushion in your account equal to the amount of money needed to avoid any fees associated with the account.  If the minimum balance requirement is $300 then that is how much you should leave in your account at all times.

Another school of thought is to maintain a 30 day cushion in your checking account.  That is to keep the amount of money equal to 1 month of your take home pay in your account at all times.  This will give you peace of mind should something happen where you are unable to receive your income for that particular month.  You can rest assured that the funds you need will be in your account and you will have some time to correct the issue.

 

 

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