Tired of Overdrawing Your Account? You Have Options!

by Kelly McCready 8. April 2015

Empty Wallet

Stop overdrawing your account. Today. It’s simple. Here’s four things you can do to prevent your account from being overdrawn:

1) Sign Up for Mobile Banking

With Mobile Banking you have access to your account anytime to check balances, view transactions and transfer money right then and there (in the store before you make that purchase that will overdraw your checking account).

2) Alert, Alert!

Set up alerts within Online Banking to receive emails when your account balance falls below a certain limit or when transactions occur. This is easy to set up, and free!

3) Savings Transfer

Set up a sweep for when your account is overdrawn. Nope, not with a broom. A sweep in the sense that you can have money "swept" (aka transferred) from your savings account to your checking account. There is typically a fee that comes with this service, BUT, the "sweep" fee is MUCH less than the fees you would rack up with each overdraft fee you’d receive on each transaction.

4) Overdraft Protection

Sounds fancy. It’s not. Just set up a line of credit, offered through your bank. Similar to the savings transfer, if you overdraw your account, funds are transferred from your line of credit into your checking account in increments of $100. There is also a fee associated with this service, but again, the overdraft fee would be much greater. Don’t be scared when they ask you to fill out a credit application – it won’t take long!

Talk to your friendly banker about which option(s) may be best for you. Now you have absolutely no reason to overdraw your account!

If you found this article useful, be sure to check out these related articles:

4 Ways to Avoid Overdrawing Your Account

How to Find the Perfect Checking Account

3 Things to Consider when Choosing a Bank

4 Things I Wish I Knew before Buying My First Home

by Sara Seeger 2. April 2015

Shopping for Homes

Purchasing a home is a big deal. Many times, a house is the most costly and valuable asset an individual can own. Many people understand that taking out a home mortgage means taking on a huge amount of debt, but what happens after you sign the papers?

As someone who purchased a house two years ago, I wish I would have thought about these four things before I took the plunge.

Work, Work, Work

Owning a home is a lot of work. If something breaks, you don’t have a landlord, maintenance team, or parent to fix the problem. You don’t have a landscaper to cut your grass and trim the bushes outside. You are responsible for the upkeep and maintenance of the outside and inside of your house. Some people enjoy these activities, but not everyone does. That’s why it is important to know that owning a home is a lot of work.

Cha-Ching

When purchasing a home, it is important to know that things can break, and it’s up to you to fix them. A few months after moving into my house I discovered an issue with my air conditioner and water heater, with both items needing to be completely replaced. Luckily, I received some money back at closing which gave me some extra cash to have these two items replaced, but no one expects to purchase a home and have to make repairs immediately. It is wise to not max yourself out on your home loan and also to have some sort of repository for extra "home" money that you can dedicate to any home repairs or maintenance.

Commitment

Buying a home is one of the biggest financial responsibilities a person can take on. A house is not like an apartment; you can’t easily move to a new one if you dislike your neighbors or community. Selling a home you purchased right away can be expensive. You may lose money on the house, or if people aren’t buying it could sit on the market for a while. When buying a home, think in the long-term and plan to own it for several years. Purchase enough house for you (with maybe a little extra), but don’t over-indulge.

Talk to Your Potential Neighbors

Looks can be deceiving. A beautiful house situated in a quaint neighborhood may look pleasantly appealing, but can turn into a disaster once you move in. Unfortunately, I didn’t follow this advice when I purchased my home two years ago. If I did, I may have figured out the potential issues of the neighborhood, for instance the barking dogs at all hours of the night and the neighborhood pest problem, ahead of time.

If you found this article useful, be sure to check out these related articles:

Best Loans for First Time Homebuyers

Importance of a Home Inspection

3 Ways to Get Government Help with Buying a Home

They've Left but Are They Gone?

by Elizabeth Sherman 25. March 2015

My friend, whom I worked with for several years, recently announced she was leaving our company for greener pastures. She really hadn’t been looking, but an opportunity presented itself and it was too good to pass up. While with our company she had access to multiple systems as part of her job. This included banking information, customer databases and back office applications.

Replacing her was difficult enough; however, the real work began after she left when we had to remove her name and access from all of those systems and applications.

An employee leaving is common. Remembering to remove them completely from everything they had access to while in your employ – not so much. In this modern era of technology and security consciousness, it is imperative that you do everything possible to protect your business information. This includes your banking information as well.

When a user with access to banking information leaves your company, remember to contact your bank and have that user’s access deleted. This will eliminate any chance of that employee logging in and seeing information they shouldn’t.

Additionally, DO NOT pass on that log in information to another employee or a new hire. Thinking this may be the easiest route will in fact increase your security risk because now two employees have access to your banking information, and one of them doesn’t even work for the company anymore.

In most business online banking platforms, there is no limit to the number of users, so don’t think that you can’t delete users, change users, or add 1,000 users if that’s what you need to do.

Always remember, you are the first line of defense regarding fraudulent activity. By logging into your bank’s website each day, you can monitor transactions and see if anything is amiss.

Finally, access to your account information is at your discretion. We are here to make it happen for you.

If you found this article useful, be sure to check out these related articles:

The Life of the Business

It's 11:00 p.m. Do You Know where Your Money Is?

It's Fraud Season: Protect Yourself



© 2008- 1st Mariner Bank