How do you manage your bank account in ways that will enable you to stay on top? What are the tools you need to help you manage your current account?
In this global economic meltdown, managing the little resources you have is as important as making more to keep you afloat.
In some cases, your bank’s Current Account comes with lots of smart ways to put you in control of your money.
Your bank will give you some of the tools you need to stay on top of your finances. You can get tools to keep a closer eye on your balance or juggling the dates of your standing orders to smooth out your cash flow.
Below are some smart ways you can manage your bank account with ease:
#1). Manage Your Bank Account Through Money Manager
The money manager is a free Internet Banking tool usually provided by your bank to help you keep track of your spending on your bank account and credit card accounts.
Money manager gives you the opportunity to know how much money you are spending and what you are spending the money on.
It is advisable to start using this great tool if you have not been using it already.
Unlike your bank statement that will not arrive in the post until the end of the month, money manager gives you instant and exclusive access to your account wherever and whenever. By using easy-to-read graphs, the money manager gives you a picture of where your money is going so you can organise and plan your spending.
#2). Manage Your Bank Account Through Telephone Banking
Telephone banking is another great mean of managing your bank account, especially if you do not have access to the internet.
The service allows you to perform some banking transactions over the telephone without going through the hassle of queuing up at the counter of your local branch.
Most banks offer easy to use telephone banking service to let you check your balances, pay bills and transfer money 24 hours a day, seven days a week.
Meanwhile, you should be aware of the fact that most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability.
In order to avoid security breach, the customer must first authenticate through a numeric or verbal password or through security questions asked by a live representative.
With the obvious exception of cash withdrawals and deposits, it offers virtually all the features of an automated teller machine: account balance information and list of latest transactions, electronic bill payments, funds transfers between a customer’s accounts,
#3). Manage Your Bank Account Through Mobile Banking Apps
Nowadays, you can manage your bank account straight from your mobile phone thanks to the recent advancement in mobile technology.
Most banks today are making use of the mobile technology not only to reach out to their customers but also to make life much easier for them. Speak to your bank and ask for their mobile app which you can install on your mobile phone.
Depending on your mobile phone OS (Operating System), mobile banking applications come in different formats such as Androids, iPhone, Windows and even Blackberry. It is important to make sure that you get the application directly from your bank website so as not to install malicious software that will allow fraudsters to steal your bank details and information.
With a mobile banking app, you can view your balances, make payments and transfer money. It offers the easiest way to manage your finances on the go without any delay.
#4). Manage Your Bank Account Through Balance Alerts
As a bank account holder, you can set your own high and low balance limits and your bank will send you a text to let you know when you have reached them.
For a weekly balance reminder, the account holder can opt to receive a text once a week with your balance details and a list of your last transactions. You just choose the weekday and the time you want to receive it.
#5). Manage Your Bank Account Through Limit Alerts
This is another bank account management tool that can make life a whole lot easier for a bank account holder. This service requires the account holder to set up or put a limit on the account.
By putting a limit on the account, it means that you will be able to receive a text to let you know when you are near your account limit. What this does is to ensure you are in control of your outgoings which will help you avoid any unplanned overdraft fees or charges.