Banking accounts have evolved and you may want to spend a long time taking a look at the changes and how they impact you.
To prevent bounced checks, be sure you have sufficient money in your account at the time you write a check. A bounced check charge might cost you $25 per check or more.
Here are some other changes you ought to make note of:
• • Some of your checks may be transformed to electronic funds transfers from your account-called electronic check conversion. Your check is now like the cash and a debit may come out of your account quicker. Contact your creditors to find out how to opt out if you do not want the checks you compose to pay expenses transformed. If you need a copy of a check that was transformed, you will need to contact your bank, which will then contact the creditor who converted your check.
• • Some of your checks may be processed as a check (instead of being converted), however the banks might exchange payment info digitally. Banks do this by producing "substitute checks." Alternative checks are unique paper copies of the front and back of high security checks the initial check. When banks utilize substitute checks, the money might come out of your account faster.
• • The items noted in your checking account statement may look different from one another. Some items might be listed by check number and others might be listed by the name of the business you paid. Always examine all the charges noted on your account statements making sure they match your records or invoices.
Call your bank, savings and loan or credit union if you have concerns about how your checks are processed.
Remember, under federal law you are safeguarded against errors in your account when electronic funds transfers are used. However you have to read your bank statements each month or browse the web to inspect your account deals. And you have to notify your bank as quickly as you find an error.
To prevent bounced checks, be sure you have adequate money in your account at the time you compose a check. • Some of your checks might be transformed to electronic funds transfers from your account-called electronic check conversion. • Some of your checks might be processed as a check (rather of being transformed), however the banks might exchange payment details electronically. Substitute checks are unique paper copies of the front and back of the original check.