Sometimes many of us are afraid of check bounce, which can lead to huge costs in case of check bounce including overdraft charges and bank charges.
Not to mention the fees charged by the receiving organization. This article is designed to help you avoid the costs generally associated with a bounced check. It is important that you regularly monitor everything coming in and out of your checking account. comes.
It's important to update your registration when you do something with your checking account. This is true if you are using your debit card for purchases or you are using your account as a direct payment method for our expenses.
When you do any of these and you don't have the correct amount in your checking account; This will make your account outstanding.
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When this happens, your bank has several options, even if you don't have the correct amount in your account right now, they can either repay the balance. In the event that they pick this choice, you will be charged an overdraft expense.
Your bank may choose to refund the NSF (insufficient funds) without paying a single penny, then you will be charged for the bounced check from the bank as well as the merchant.
To avoid these costs, make sure you follow your register, ensuring that you withhold every check, withdrawal, or immediate purchase, including any charges for this operation. Always keep your registration balanced, this will help you know what you do and what you don't.
Also, make sure you keep track of any online payments and direct debit payments you might make for utility payments or other types of expenses. When you receive your details every month, always keep a balance and review them with your registration. This will help you know which checks have been returned so far
If you make a mistake, you should immediately credit the appropriate amount to your account. Try to avoid any extra cost. Plus, if you have a savings account linked directly to your checking account to help cover such incidents, you can help with these costs.
You can apply for credit with your bank to set the overdraft limit; This allows the bank to "borrow" the money needed to cover your bounced check or overdraft.
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