Simple Ways to Manage a Checking Account

Take Charge of Your Records

Because it is a transactional account, funds can flow in and out quickly. It can sometimes be hard to keep track of them all, and if you don’t know what’s going in and out of your account, it will be difficult to manage it. While it might seem tedious, setting up account alerts in Online Banking and/or recording each transaction made will not only allow you to manage your account properly, but also instill good financial discipline.

Balance Your Account Regularly

Balancing your account helps you stick to your budget and helps you avoid unnecessary charges resulting from bounced checks or overdraft fees. You can do this by manually comparing your monthly statements with your own records to make sure they balance. This also helps you spot any errors in the system, such as incorrectly charged fees.

Keep Your Account Information Protected

Unfortunately, financial fraud remains a reality in our world. Don’t take the safety of your account information, especially your PIN numbers and online banking passwords, lightly. In particular, be cautious about official-sounding requests for such information. These are often phishing scams as a legitimate financial institution will never ask you for such sensitive information in this way.

Simple actions to help you protect your money include checking your account regularly for fraudulent or erroneous charges, never sharing your banking information with anyone, and never accessing your financial accounts using public wifi that isn’t password protected. Additionally, if your debit card is stolen, report it immediately. You can call Member Services at (800) 666-0191 to report lost of stolen Citadel cards, or any unusual activity in your accounts. Keep an eye on our security resources and fraud alerts for more information for more information.

Give Yourself a Cash Cushion

While we understand that this is not always possible, it is good practice to always give yourself some breathing room in your account. Emergencies always happen without warning, so it’s always a good idea to ensure you have a readily accessible cash on hand. This is not only good practice for managing your checking account, but for your overall finances as well. Make a plan for emergencies by setting up an emergency fund. One useful tip is to set up online alerts when your account balance falls below a certain level. Setting up these account alerts is quick and easy with Citadel's Online & Mobile Banking. You can customize when and how you receive notifications, so you always have real-time account information right at your fingertips.

Understand the Effect of Funds Availability

Under federal regulations, financial institutions are obligated to disclose their funds availability policy to their customers. The funds availability policy refers to how long it takes after you make a deposit for your funds to be available in your account. In general, electronic deposits, cash deposits, and certain types of checks (such as cashier’s checks or U.S. Treasury checks) are available within one business day. However, other types of checks may take a few business days to process, depending on your bank or credit union.

A common mistake that people make is not factoring in funds availability when managing their accounts. This is a mistake that can lead to overdrawing your account and overdraft fees. It’s also why keeping a cash cushion in your checking account is so important.

Here at Citadel we offer the Ultimate Growth Checking Account. It's the checking account that grows with you. You can open an Ultimate Growth Checking Account through Online and Mobile Banking, or visiting us in a branch.