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AVOID NSF/OVERDRAFT FEES WITH THE FOLLOWING SMART MONEY MANAGEMENT TIPS

We’ve all been there…you see on your account statement that you were charged an Overdraft or NSF fee because your balance got too low. It’s certainly frustrating to see a fee when your funds are already low. So, we want to help you avoid this situation. Here are TIPS to help you avoid future NSF fees:

• Check your available account balance regularly and gain a better understanding of how it's determined. It is important to be sure to keep a close eye on your account balance and transactions daily in order to be aware of available funds, and also for any suspicious or unauthorized transactions. You can easily view your available balance after enrolling in Online and Mobile Banking. It is also important to understand that the "available balance" shown is determined by taking your actual balance (posted items) and subtracting any pending transactions and adding any pending deposits not yet posted. This gives you a precise amount of money that you have on hand.
• Set up alerts for low balances. Enroll in LLCU Online Banking and login to your account. By clicking “Create an alert” under your account, you can customize your settings so that you receive an alert once your account goes under a certain limit.
• Use cash only for spending. Many will use this method in order to control spending and avoid fees. Create a budget in which you set aside a certain amount of cash for the month and once the cash is gone, your spending is done for the month. Some will even separate the cash out into envelopes (called, “Envelope Budgeting”). They will label the cash in each envelope for a specific category such as groceries, gas, etc. This can be a very effective way to budget, while avoiding fees.
• Change your loan or credit card due dates. Create a budget where you mark the dates that you receive your paycheck(s) and then also mark the due dates for loan and/or credit card payments. If you find that the timing of each cause you to consistently be overdrawn, simply call the loan holder or credit card holder institution and request to change your due date. Most will accommodate this request.
• Set your card to be declined if no funds are available. Another customizable setting available to you in LLCU Online Banking is to set your card to automatically decline a transaction if no funds are available. This can protect you from overdraft fees. Keep in mind, however, that this will not apply to checks you write, nor to automatic payments. This will be specific only to your card transactions.
• Build up your savings and set it up to automatically transfer. Build up a safety cushion in a savings account and set up Overdraft Protection – which will automatically initiate a transfer from savings to checking/debit account if funds are too low to cover the debit transaction.

If you would like assistance with implementing any of these tips, schedule a meeting with an LLCU Financial Counselor. The service is FREE and our experienced Counselors are standing by, ready to discuss ways to improve your financial wellbeing. You won’t regret it! Click SCHEDULE AN APPOINTMENT, or email llcu@llcu.org, or call 1-844-222-7788 to schedule your appointment.