If you write checks every day like many people do, Jefferson Bank and Trust knows how time consuming it can be to keep your account balanced. Anyone can make a mistake from time to time, so we offer our customers protection from the occasional overdraft that may occur in managing their bank accounts.
An overdraft protection line of credit can help you to avoid the larger fees and other issues that you might encounter from bounced checks. An overdraft protection line of credit can also protect you if you overdraw your checking account with a debit card purchase.
For more information about getting an overdraft protection line of credit, call us at 314-621-0100 or apply for a loan online. Find out today why we’re one of the best banks in St. Louis for establishing an overdraft protection line of credit.
Tips for Keeping Track of Your Checking Account to Avoid Overdraft Fees
In most cases, it’s good to avoid overdrawing your checking account, although it can be an important and affordable source of short-term financing for critical expenses.
Avoid errors by following these tips so you don’t have to pay fees associated with an overdraft protection loan:
- Use online banking to monitor your balance: You can see how much you have in your account at any time using our convenient online banking service from a computer or smartphone.
- Maintain a healthy balance in your checking account: To avoid fees associated with an overdraft protection loan, keep a good minimum balance that’s larger than your typical monthly expenses in your checking account.
- Link your checking account to other accounts with more money: You can create a rule to maintain a certain balance in your checking account or link accounts to avoid overdrawing it. This will save you interest paid for an overdraft protection loan.
- Use a credit card for bills instead of checks or a debit card: Checks and debit cards can trigger your overdraft protection loan. A credit card will just be declined if it’s near its limit. It can be safer to use a credit card for bills and reduce your reliance on borrowing an overdraft protection loan.
- Sign up for direct deposit: Deposit your paychecks automatically to make it easier and more convenient for you to keep money in your checking account. It’s easy to forget to deposit a paycheck – you can avoid an overdraft protection loan by using our free direct deposit service.
- Make a monthly budget: If you keep track of your regular expenses, it’s easier to know what your minimum balance should be to avoid triggering an overdraft protection loan. Use our free My Finance online financial management system to setup a budget and track your spending.
- Repay your overdraft protection loan quickly: The sooner that you repay your overdraft protection loan, the less likely it will be that you will need to borrow another one soon.
Learn More About Our Overdraft Protection Line of Credit
For more information about getting an overdraft protection line of credit, call our bank in St. Louis today at 314-621-0100 or reach us online by submitting your question through our online contact form.