Five checking account mistakes to avoid.Face it. You'll you'll Contraction of you will. you'll you will or you shall you'll will need a checking account to run your enterprise. But before you find yourself in debt and out of business, check out these checking account mistakes and how you can avoid making them: Mistake No. 1: Making frequent ATM withdrawals from other banks Why it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have a Mistake: This can add up to hundreds of dollars a year in fees. Row to Avoid It: Make withdrawals at your bank only or use checks. Also, find a bank or credit union that doesn't charge a withdrawal fee. Mistake No. 2: Bouncing checks Why it's a Mistake: Getting hit with fees because of insufficient funds can deplete de·plete v. 1. To use up something, such as a nutrient. 2. To empty something out, as the body of electrolytes. your account quickly, not to mention ruin your credit. How to Avoid It: Keep good records and/or get overdraft A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference to the condition that exists when vouchers protection on your account. You can also call the institutions you owe and explain that you don't have the funds immediately available. Post-dating checks is another option. Mistake No. 3: Making mathematical errors Why it's a Mistake: "It's surprising how often people add the checks to the balance instead of subtracting them," says the Tax Mama, Eva Rosenberg, who publishes a weekly e-zine at www.taxmama.com. How to Avoid It: Balance your checkbook carefully. "Look closely at your check register. If your balance grows after you write a check, you're doing it backwards," says Rosenberg. Mistake No. 4: Making automatic withdrawals Why it's a Mistake: You may forget to keep enough money in your account to cover these payments and/or transfers. This can rack up a pretty penny in fees, too. How to Avoid It: You could cancel all automatic payments and write checks instead. "Or get an electronic banking software program like Quicken A popular financial management program for PCs and Macs from Intuit, Inc., Mountain View, CA (www.intuit.com). It is used to write checks, organize investments and produce a variety of reports for personal finance and small business. or QuickBooks and enter your automatic payments for a whole year. This way, every time you look at your electronic balance, you'll be able to see what money is coming out and when." says Rosenberg. Mistake No. 5: Throwing away bank receipts Why it's a Mistake: Banks are prone to make mistakes. How to Avoid It: Save your bank receipts and compare them with your bank statements. You may also need your bank receipts for tax purposes. By avoiding these costly mistakes, you'll save hard-earned cash, allowing your business to boom. Here are banks that offer services for teens: Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. www.bankofamerica.com Chase Manhattan www.chase.com Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. www.wamu.com |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion