Living in the modern day pretty much requires that you have a personal checking account. A hundred years ago, banks might have been an option, but now, they are a necessity for living. That means that every one of us needs to have an account, but unfortunately, that comes with some pitfalls. Not everyone is prepared for having their own bank account, and many make the same mistakes. Here are some tips so you can avoid any issues with your personal checking accounts in Knoxville.
Understand Overdraft Protection.
In the long and storied history of malicious mislabeling to deceive and exploit, overdraft protection certainly deserves mention. The term seems pretty straightforward: protection from overdrafts. If you didnt know better, it would be easy to think overdraft protection would prevent you from accidentally over drafting, and banks have made billions on that misunderstanding. The protection offered by overdraft protection is, in fact, the opposite: it allows you to purchase things even if you dont have money in your account to buy them, which will almost always incur a significant fee. Fortunately, banks can no longer automatically option customers into overdraft protection, so if you do choose to sign up, you need to know exactly what youre signing up for.
Track Debit Card Purchases
A debit cards convenience is, in fact, its most dangerous trait. With a debit card, its far too easy to spend way more than you realize in a short period. The lack of a tangible transaction deceives us into thinking less is actually being spent, and bank accounts dry quickly. Make sure to keep track of all of your debit card purchase, in hard copy or digitally if need be, to make sure you dont spend over budget.
Look For Free
Many banks will now offer you free checking accounts. Furthermore, some will offer you waived fees when you use their ATMs. Look for all of the instances of free that you can, taking advantage of every deal banks are willing to offer. Keep an eye on the fine print as well: you never know when free comes along with a whole bunch of hidden fees.
If youre interested in getting a personal checking account with a bank which has integrity and experience, you need look no further than us. Find more information about personal checking accounts in Knoxville by visiting a community bank near you.
