MANAGEMENT TIPS FOR SUCCESSE 3

Find The Best Deal For Your Checking Account

Achecking account may cost money, but it’s a good idea to have one. Using checks is safer than carrying cash. A checking account usually costs less than buying money orders. And, your canceled checks provide a good record of the bills you’ve paid.

To decide which bank is best for you, call or visit several banks near your college. Also, find out if you are eligible to join a credit union at your college or elsewhere. Credit unions sometimes offer better deals than banks.

Dont Bounce Checks

If you “bounce” a check—write a check for more money than you have in your checking account—the bank will charge you $20, $30, or more for the mistake. Bounced checks also can hurt your credit record. If other banks learn about your bad habit, they may refuse to give you an account.

To avoid this expensive mistake, do the following:

• Every time you write a check, enter the amount into your checkbook register and subtract it from your balance.
• If you use an ATM or have a bank debit card (a card that works like a check), keep the receipts. Write down the transactions in your checkbook register.
• Don’t assume your account balance at the ATM is correct. If you wrote checks that haven’t been Processed by your bank yet, the ATM balance will be higher than the amount of money you really have. Call the bank for a current balance.
• When the bank mails your checking account statement each month, compare the bank’s figures with your own and balance your checkbook. If you have questions, ask someone at the bank to help you.