How to Maintain a Bank Account

Managing a bank account should be learned as early as 16 years of age.

In managing your bank account, you must be aware of bank policies that are dependent upon your geographic location. When researching a specific bank, you are usually asked to enter your zip code for this reason. Products and services that are offered at one location may not be available at another location. A bank representative will assist you with your selection of bank products and services and also demonstrate ways that you can manage your bank account. The account management advice will be specific to your individual needs.

Things You'll Need

• Checking account
• Savings account
• Deposit journal
• Checking journal

Instructions

1. Identify what your minimum monthly balance should be in your account. If you do not know, be sure to ask a bank representative. This is the amount that you must always have in your account.

2. Determine how much money you can afford to add to your savings account each pay period. This will enable you to have consistent deposits. Also, keep a log of the amount of each deposit and your balance after each. Refrain from withdrawing money that you deposit into your savings account.

3. Determine how much money you can add to your checking account each pay period. You always need enough money in your checking account to cover checks that you may write. Ask your bank representative about your bank's overdraft protection policy. Overdraft protection will enable automatic payments from your savings account to your checking account, if you do not have enough money in your checking account to cover a check that you write. You may also transfer funds from an account at another bank to cover checks if you do not have a savings account.

4. Order duplicate checks if you have a checking account, and always enter the amount of money that you pay out along with your balance in a journal or in your checkbook. It only takes a couple of minutes to make note of your check-writing. This is a bank account maintenance requirement.

5. Review your account(s) online. Use your bank's online resources to monitor your account(s) on at least a weekly basis. You can also view your bank statements online.

6. Visit your local branch if you have any questions. Bank representatives understand the needs of their customers, and they will inform you about your balance, your transactions and any other questions you may have.

7. Call your bank's customer service phone number if you need help. Keep this number in a place where you can access it quickly when it is needed. If you cannot manage your account online or go into a branch, additional help is just a phone call away.

Tips & Warnings

• Receive mobile alerts. Technology has advanced in banking to allow you to have mobile alerts delivered via email or text messages, according to bank sites like BankofAmerica.com and Chase.com. This helps detect unwanted, suspicious activity in any of your accounts.

References

• BankofAmerica: Online Bank Account Management

Resources

• Chase: Savings and Money Market