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Do you have a ‘smart’ checking account?

8/15/2018

9 Comments

 
​Authored by Misty Blakeway, 8 years total with ECU Credit Union and 17+ years in the financial industry. “Credit Unions Put People First”- this philosophy is why I love working for ECU!
Bill Gates once said ‘the advance of technology is based on making it fit in so that you don’t really notice it, so it’s part of everyday life’. This statement rings true today, especially when considering the next generation of tech-savvy adults who are eager to experience that thrilling feeling of independence. The catch is.…..with this freedom comes great financial responsibility. Keeping a favorable account balance can be challenging with a busy lifestyle. Moving away from home can bring about new concerns on how to successfully maintain a checking account while getting the most out of today’s technology.
Graduates, what are some ways to ensure you have a ‘smart’ checking account? With numerous expenses popping up, overdraft fees are not an option, and flexibility with account handling is vital. Features like online banking, a mobile app, surcharge free ATM’s, and branch access should all be on your radar. ECU offers these features with little to no cost; and we enthusiastically promote these helpful tools to keep you at the top of your game! An ECU checking account is free with your payroll direct deposit; or with just a low $25 daily minimum balance. Having the ability to quickly check your balance, transfer funds, or make payments are all benefits for an on-the go generation. In addition, various services are offered to keep your account on the positive side! Ask ECU to assist in making favorable account behaviors second nature!

Parents, are you certain you have prepared your young adult with a solid account management plan for those day to day expenses?

What advice would you give a recent graduate to promote financial awareness?  
Click on comments to join the conversation.
9 Comments
Susan Langley
8/20/2018 05:10:43 pm

Balancing your checking account on a regular basis is a way to maintain a "SMART" checking account. Mistakes are made and go undetected for months and years simply because people do not balance their bank accounts.

Reply
Samantha Class
8/22/2018 03:55:08 pm

As a recent grad (c/o Fall 2017), I’ll be the first to admit I’m pretty awful with my money! I’m a very impulsive buyer and if I like something, I want it instantly. With my new job though, I luckily haven’t been able to do that these past couple of months. For those who are still working hourly positions, I would highly suggest paying your bills “twice” a month. As in, paying a portion every time you get paid. Meal prepping for the week also helps because it keeps you from spending those $8-10 at the drive through everyday and instead can go toward snacks for the week! If any of you are paid monthly (which is my situation now), get those bills paid the SECOND your check hits your account! There is no better feeling than having a due date pass for a bill and you not having to worry about it, because you already took care of it. :)

Reply
Misty Blakeway
8/29/2018 11:42:34 am

Excellent advice on getting the priority bills paid as soon as the paycheck funds are available! Using online banking is a great way to monitor those deposits and payments.

Joy Myer
8/22/2018 07:10:50 pm

Using your credit card for necessities only, work if you pay yourself an “allowance” on payday. Having “fun money” makes it less painful to budget. Learning to save the “fun money” for bigger ticket luxuries helps reduce or eliminate adding to credit card debt.

Reply
Kathy H
8/25/2018 10:26:53 am

I'm a firm believer in paying credit card debt in full, but unfortunately my car needed major repairs 3 years in a row and I am unable to pay in full. Any suggestions on what offers are available such as transfer to another credit card, no interest due if paid by certain date?

Reply
Misty Blakeway
8/29/2018 12:38:55 pm

Life is full of financial surprises! Some credit cards, such as the ECU Visa, offer a low introductory rate for a period of time with no balance transfer fee. This can be a smart way to pay off debt faster!

Reply
Felicia Miles
10/3/2018 12:57:35 pm

My advice for new graduates would be to make a list of things you want and things you actually need. Also prepare a list of all bill's that need to be paid and the dates they need to be paid. Attempt to pay bill's before the actual due date. Often individuals want to wait to pay bill's they have the money for, thus, not paying them at that time, often leads to situations arising which cause you to miss those payments. Organize your bill pay to the way it coincides with your funds.

Reply
Yvonne link
11/2/2018 12:18:19 pm

I was in debt but I am paying it down, and I have seen my score go up.

Reply
Jeaneki Lee
12/20/2018 05:49:13 am

It took me a long time to learn financial responsibility. This was something that was NEVER taught to me as a child. I individuals should take a class to stay educated on what it takes to be responsible

Reply



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    This Blog is written by various ECU Credit Union associates.  With 30+ years in the financial industry helping our members achieve financial health.

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