Do you have Account Deficit Disorder, also called ABDD?
Have you had two or more problems with your checking account being overdrawn? Do you have trouble keeping track of your checkbook balance? Do you often bounce checks or overdraw on your ATM card? Well let me tell you that overdrawing your account likely means one of two things. One, you are not focusing attention on your account, and this is called Account Balance Deficit Disorder (ABDD). Two you are living beyond your means, and you need to manage your finances correctly.
Here are a few tips on how to avoid ABDD:
Make sure you log every single transaction into your checkbook register. Include dates, check numbers, debit card purchases, deposits, automatic withdrawals or deposits and of course ATM withdrawal. It is also important to keep a running total of the balance of your available funds.You should try to keep a cushion of at least $500 if possible, that is not recorded in your checking account register, when your balance gets low you will still have a safety net.In this day and age most banks, offer overdraft protection, usually they prefer you have online banking, so research first.Most banks also can provide you with daily alerts to your email. This will alert you of your account balance and whenever a check card purchase is made online or at a store.
When signing up for alerts you also are sure that you are the one who made the purchase. They do offer many type of alerts to inform you of a low balance threshold which you set and the alert will notify you of your low balance. Check your particular online banking and see what type of alerts available including privacy assist. If you do not have one, research thoroughly before choosing a bank. Most importantly, if you do not have enough money in your account, do not write a check. Do not use your debit card and do not withdraw money that does not exist from your account. This is actually illegal and you could be charged with writing false checks.
If you have suffered overdrawn accounts and were put on the Chexsystems and unable to open any bank accounts, you will be left with the choice of money orders or prepaid credit cards to pay your bills. There are some prepaid credit cards such as Account Now that can assist you in improving your credit for a small monthly fee. It is a good idea to contact Chexsystems in order to determine the damage done from overdrawn accounts.
After you have determined what your balances are and what you owe you, then need to pay the balances. Keep in mind you will be kept on Chexsystems record system for five years, however if you can show you paid the balances, and have been paying other bills consistently you may be able to go into a bank and talk to the bank manager by being upfront with what occurred. This way before they run a report you can prove you are trustworthy and they may just open an account for you.
If you utilize these tips, you should see that your bank account and your bills are kept in order and you will no longer be suffering from ABDD.