WinCU Family & Friends Blog

Everyone hates fees when it comes to managing our checking accounts, that feeling is universal. Even if it happens just once a year. I feel like, “hey, who took my money!”

 At Winnebago Community Credit Union our Free Checking is truly free – unless your account goes negative. Why the fee? Checking accounts are by far the most costly product financials offer because they require a great deal of oversight. Processing checking accounts require a lot of technology and staff to operate. Especially on accounts that go negative.

So unfortunately for all of us, negative balance fees are not going away. But there are tools you can use to prevent your account from going negative and mitigating the fees if you do.

Low Balance Alert – sign-up to receive a text or email alert if your balance gets low. Mine is set for $200 and this notification has saved me lots of money.

Online banking – monitor your account everyday to follow your balance and verify charges against your account.

Automatic payments – stagger your payments throughout the month so they don't all hit at the same time.

Create a budget – knowing your fixed expenses each month will help you understand how much discretionary spending you can do without getting into trouble.

Signup for eStatements – most people never open up a mailed statement, with estatements you can verify your account conveniently over your phone or computer.

Overdraft fees are costly and irritating…but they are also avoidable. Regular monitoring of your account, utilizing technology and creating a budget will put you on the road to a truly FREE Checking.  Good luck!