Banking » Guides » 8 Tips to Manage Your Checking Account

8 Tips to Manage Your Checking Account

Managing your checking account can make your life easier - from quick money deposits to higher interest on your balance. Here's our guide.

Article update: February 1, 2024

Article update:February 1, 2024

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A checking account makes it simple to access your money for daily transactions while keeping it safe. Typically, customers can pay their bills or make purchases using a debit card or a cheque.

Effective account management lets you keep track of your account and prevents extra charges. If you have difficulties maintaining enough funds in your account to cover your payments and withdrawals, it may affect your credit if the bank closes your account.

Here are the eight tips for managing your checking account:

1. Avoid Monthly Fees

Monthly management fees or service fees are one of the most common banking fees in the past. However, during the last couple of years, we have seen more and more banks eliminate this fee.

It's mainly relevant for online banks since they don't need to operate branches and extra stuff. On the other hand, many banks charge monthly maintenance fees for checking accounts, which can be avoided if certain conditions are met

The monthly maintenance fees can be waived if you maintain the minimum monthly balance necessary. Here are examples of some of the largest banks in the US:

As we can see, traditional banks such as Bank of America, Chase, and Citi still charge a monthly maintenance fee. As discussed, one of the main benefits of online banks such as Capital One 380 and Discover is the low fees they can offer to the customers

Bank/institution	Monthly Fee	Bank Type
Bank of America Advantage Plus Checking	$12 can be waived by maintaining an account balance of $1,500, qualifying deposit of $250+ per month or enrol in Preferred Rewards	Traditional
Chase Total Checking®	$12 Can be waived if you maintain a $1,500 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $5,000 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account	Traditional
Citi Checking Account	$12 Can be waived if you make one qualifying direct deposit and one qualifying bill payment per statement period, maintain a combined balance of $1,500 per month across your eligible accounts or if you’re aged 62	Traditional
PNC Standard Checking	$7 – $25 per month can be waived if you maintain $500+/$2,000/$5,000 direct deposit per month, $500+/$2,000/$5,000 monthly balance in savings or age 62+/$10,000 in all PNC consumer deposit accounts/$25,000 in all PNC consumer deposit accounts/	Traditional
U.S. Bank Checking	$6.95 Can be waived by maintaining an average account balance of $1,500, have $1,000+ in direct deposits per month or be aged 65+	Traditional
Wells Fargo Everyday Checking	$10 Related to Wells Fargo Everyday Checking. The fee can be waived if you maintain a minimum daily balance of $500 or receive at least $500 in qualifying direct deposits per month. The fee is also waived if you’re 17 to 24 and have a linked Wells Fargo Campus Debit Card or Campus ATM card linked to the checking account	Traditional
Capital One 360 Checking	$0	Online Only
Amex Rewards Checking	$0	Online Only
SoFi Bank	$0	Online Only

2. Leverage Mobile Banking

A mobile banking app is a convenient, safe option with many sophisticated features. If you use mobile banking, you may effortlessly monitor your bank account whenever and wherever you like. In addition, you may quickly pay bills, deposit checks, create notifications, and move money across accounts with just a few clicks.

The benefits of using the mobile app are:

All-time access: You can always access your bank with internet banking or a mobile banking app, unlike a bank branch. Without any complications, you can transfer money at any time and from any location. It helps you save a tonne of time and work.
Account history: You can see your bank account history in addition to carrying out financial activities using a mobile banking app. It can help you track your spending.

Locate nearby ATM: Your mobile banking app can find the nearest ATM and branch. This feature can be extremely helpful if you need to get cash quickly, especially if you are in a neighborhood or city you don't know.

3. Use Automation to Avoid Fees & Save Money

Automating your finances is one of the fastest ways to keep track of your checking account. Setting up direct deposit with your employer, signing up for automatic transfers, and setting up bill-pay are all great ways to save time and stress.

Automatic transfers make it easier to save money instead of spending it, and bill-paying is a great way to know where your money is going. This gives you peace of mind since your bills will always be paid on time and accounted for.

For example: If you set up direct deposit, you will be eligible for various benefits, such as saving time, avoiding the hassle of dealing with your paychecks, enhancing the safety of your payments, and many more.

4. Monitor Your Balance

Keeping a constant eye on your balance is an excellent method to manage your checking account and a good strategy to secure your account.

This can assist you with activities such as budgeting for infrequent and unexpected costs. Monitoring your account might help you avoid additional penalties by keeping your balance from falling below zero.

Here are some ways to track your balance:

Check online: You can check your bank balance on your mobile phone, online, or through your bank's app. You can quickly check your bank balance before writing a check or making a large payment.
Alerts: Signing up for text or email transaction alerts will help you keep track of your transactions. Low balance warning alerts will assist you in avoiding additional fees.
Physically visit: You can ask a bank teller at your bank to tell you your account balance. You can also check your account balance at an ATM nearby.

If your account balance suddenly drops or you notice any other unusual activity, it may be a sign of fraud. Alerting the bank immediately of any suspicious activity can reduce your potential loss and prevent further theft from occurring.