There are times when you can let the bank work for you. It may be difficult to find time to run to the bank, or you may be worried about remembering to send in a check on time. The bank does have options that will benefit you and help you to meet your obligations.
1) Direct deposit is a great tool that can help to eliminate extra trips to the bank. Technically this does need to be offered by your employer, but many banks offer incentives when you have your paycheck direct deposited. Some of the incentives include a free checking account, higher interest rates, or more ATM withdrawals a month.
2) Automatic loan payment is another great option. Many loans will charge you a lower interest rate if you set up an automatic loan payment transfer when you open the loan. If you take out the loan at the same bank as your checking account, the percentage might be even lower. This is a great way to save a little money.
3) If you have savings accounts you may want to have an automatic transfer set up for you. This would pull the amount you put into savings each month, on the day that you choose. You may want to schedule it the day after payday, so you can make sure your paycheck has gone through first.
If you choose to do any of these options it is important to remember to automatically enter them into your register. If you have budgeting software, then you can set it up so that it automatically happens there as well. You should also check to make sure that the deposits and transfers have gone through. Occasionally mistakes happen, and you need to stay on top of your finances. While the bank will take care of the daily hassle of paying many of your bills, and helping you to save you still have the responsibility of properly managing your finances.
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