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Advice

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Avoid Costly Checking Account Fees

One of the most common mistakes people make with their checking accounts, involves getting hit with costly account fees. Many people aren’t aware of the ways they’re incurring fees, or how much it may be costing them. Here’s how you can avoid running into this issue…

Know your minimum balance requirements

Maintenance fees can add up quickly. To avoid them, be sure to keep an eye on any minimum monthly balance requirements, and make sure your balance stays above it.

Use direct deposit and automatic transfers

An easy way to make sure you’re meeting that minimum balance requirement and avoiding those fees, is to have your paycheck automatically deposited into your checking account.

Want to make sure you’re not over-spending? Schedule automatic transfers into a savings account, so that a portion of your pay is always set aside. Or opt into Easy Save, our new rollover account that rounds up each debit card purchase you make, for a savings deposit.

Link your savings and checking accounts together

At Horizon Bank, you can get around some fees just by having multiple accounts. And if you link your accounts, it will be even easier to ensure you don’t incur costly overdraft fees. With Overdraft Protection, in the event your checking account becomes overdrawn, the money for your purchase will be automatically transferred in from your savings account. Since these fees typically approach $40 per incident, you’ll save substantially even when this is a rare occurrence.

Remember, though: There is a federal limit of six withdrawals from your savings account each statement cycle, no matter the bank.

Monitor using ATMs and your debit card

Use ATMs within our network as much as possible to avoid extra ATM fees. Find the ATM closest to you here.

Take advantage of special account features

  • eStatements let you track your transactions, print statement copies if needed, reduce your environmental impact, and protect your identity by reducing your financial paper trail — all while saving money each month on the cost of receiving printed statements in the mail.
  • With CardSwap, you can update payments for your favorite digital services — like Netflix, Amazon, and others — all in one convenient place. So whenever you get a new card or account, many of your recurring payments can be handled quickly and conveniently to avoid late fees or service shutdowns.
  • Biller Direct offers an additional option for viewing and managing Horizon Bank Debit Card payments. Just log into your account, and look for it in your Online Banking menu.
  • Opt into account alerts so you’ll know right away, if your balance falls below a certain amount, or if other alert-triggering events occur.

 

Questions or concerns about account fees? Give us a call and we’ll help you find the best tools for saving with your Horizon Bank accounts. 

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