Financial Management

 

Financial Management

Avoid Overdrafts

Overdrafts and bounced checks occur when you write a check, make an automatic debit or debit card purchase when there is not enough money in your account to cover the transaction. When you spend more than you have in your checking account, it can result in overdraft charges, which can add up fast.

Good account management is the lowest-cost way to avoid overdraft fees. Write all transactions down in your account register and check your account balance frequently by using Online Banking.

Here are some more ways to avoid overdrafts:

Keep track of how much money you have in your checking account by keeping your account register up-to-date. Record all checks when you write them. Pay special attention to any electronic transactions you make. Record your ATM withdrawals & fees, debit card purchases and online payments.

If you have a joint account with someone else and you both have debit cards, make sure you're writing down all purchases made by each person in your check register.

Remember to deduct automatic bill payments you may have set up for utilities, insurance or loan payments.

When you view your account online, remember that some checks, automatic payments, and debit card transactions may have yet to clear your account. Be sure your account has enough funds for these items.

If you notice that your checking account available balance is getting low, you can use Online Banking to transfer funds from your savings to your checking account instantly before any overdrafts occur.

Sometimes mistakes happen. If you do overdraw your account, deposit money into the account as soon as possible to cover the overdraft plus any overdraft fees. Depositing money into your account quickly will also help you avoid additional overdrafts and fees.

Tools to Help You Avoid Overdraft Fees

Sometimes mistakes happen, and you miscalculate the balance in your checking account. Or you don’t have time to make a deposit to your account before you need the funds.

An overdraft will occur if you write a check, authorize a payment, or make a withdrawal when there are not enough funds in your account, regardless of whether we elect to pay or decline the transaction. Under our standard overdraft practices, we will charge you a fee for each item that contributed to the overdraft.

Fortunately, we offer a choice of overdraft protection plans and account management tools to help you:

  • Prevent overdraft fees or fees from payees for returned checks or late payments.
  • Avoid the embarrassment of a declined transaction due to insufficient funds in your checking account.

Overdraft Protection Plans

Automatic access to funds in addition to the money in your checking account can help cover an overdraft. We offer a choice of two overdraft protection plans:

  • Cash Reserve

    Cash Reserve is an overdraft line of credit linked to your checking account.* In the event your checking account is overdrawn, we’ll transfer funds from your Cash Reserve credit line and bill you for the amount borrowed, plus accrued interest.** Contact KFS branch office to apply.

    Apply NowDownload an Application

*Subject to credit approval.

**Please see a KFS Represenative for details.

Account Management Tools

Knowing the status of your balance, deposits, and payments can help you avoid making purchases that might overdraw your account. We offer several free account management tools with every personal checking account to help you keep track:

Direct Deposit saves you a trip to the Bank and is the fastest and most secure way to get recurring deposits into your account. Get started by completing our Direct Deposit Enrollment Form.

Balance Inquiries can be made through Personal Online Banking or MoneyLine Telephone Banking 24 hours a day. When funds are low, use either system to transfer funds from another linked Hyde Park Bank account.

E-mail Alerts can be set up using criteria you select to let you know when your account reaches a specified minimum balance, when your account has been funded with a transfer or deposit, or when a specific check has cleared. After you are enrolled in Personal Online Banking, just sign in and click Customer Service and Add an Alert to get started.

Online Bill Payment is a feature of our Personal Online Banking service that allows you to schedule payments at intervals best suited to your cash flow.

Calculate Your FDIC Coverage

Calculate the insurance coverage of all types of deposit accounts offered by FDIC-insured banks.

Free Annual Credit Report

Experts recommend consumers should check their reports each year. It gives you the opportunity to correct misreported information and guard against identity theft. You can obtain a free credit report once a year from each of the credit reporting agencies: Experian, Equifax and Trans Union. Each credit bureau may have different information, so it is important to obtain a report from each of the credit bureaus.

Online: http://www.annualcreditreport.com

Toll Free: (877) 322-8228

Learn How to Manage Your Money

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