If you make purchases or write checks that send your checking account into a negative balance, you can be charged an overdraft or insufficient funds fee by your financial institution — and not just once, but several times if you keep making purchases. This costly scenario can be avoided if you follow some of these simple and FREE strategies.

Setup Text and Email Alerts:
Mechanics Cooperative Bank’s Online and Mobile Banking products offer text and email alerts for all types of account activity including “Low Balance” alerts.  Signing up for “Low Balance” alerts and other account activity notifications can help you keep better track of your expenses.  Knowledge is power – so stay informed! Click HERE to enroll today!

Watch Your Account Balances Regularly:
Check your accounts weekly or even more frequently to make sure your balances aren’t too low. Research shows that most overdraft fees come from debit cards with transactions of $24 or less. The overdraft fee alone can be more than that!  Balances can be checked online, in our mobile app, at an ATM or via Telephone Banking by calling 1-866-599-6324. 

Link to Another Account:
Mechanics Cooperative Bank also offers a “Sweep” program to help avoid overdraft fees. “Sweeps” Overdraft Protection is available for all checking accounts and allows you to use an existing savings account (with available funds) to cover overdrafts from your checking account. Please ask any Mechanics Cooperative Bank representative for details!

Sign Up for Direct Deposit:
Get your money faster with direct deposit and avoid the hassle of waiting in lines just to cash your paycheck! It is a secure, and convenient way to receive paychecks, deposit distributions, or even make your loan payment. Direct deposit can be set up through your employer, retirement plan administrator, or the Social Security Administration.

Want to learn more or need assistance setting up these free account features? Contact us today!