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Financial Literacy

Top 5 Ways To Prevent Insufficient Funds on your Debit Card

We’ve all been there. Ready to buy a huge pile of groceries which have already been bagged, when the cashier quietly informs you that your debit card was declined. It’s a little depressing and downright embarrassing, but throughout life it seems to happen to the best of us. In fact, the insufficient funds decline occurs so frequently that we have decided to compile a list of the best ways to prevent it from happening to you – or happening to you again.

  1. Link your Checking and Savings Accounts – Are your accounts linked? Setting up connected checking and savings accounts can help ensure that when you try to purchase something you don’t have the money for in your checking account, additional money can be automatically pulled over from your savings. While this can tempt you to chip away at your savings over time, if you are careful, it can help protect you from debit card declines.
  2. Acquire a Visa – Visa cards have very high approval ratings and are a great option for emergencies where money is needed because they provide a line to access. In addition, customers are able to receive a cash advance on their Visa credit cards with the same low interest rate as is provided for purchases – a very rare find.
  3. Stash Extra Cash – Even if you add just a small cushion of cash to your account, you are adding additional protection. Add an affordable amount from each paycheck or each month of earnings to your checking or savings. You might be surprised by how quickly the excess cash adds up.
  4. Review Your Bank Statements Monthly – Do you know your current account balance? Take a little time to sit down and see where you stand financially each month. You’ll be glad you did! This can allow for additional financial planning and goal setting.
  5. Add an Overdraft Credit Line – Is overdrafting a constant worry? Help to ease it by adding an overdraft line of credit to your checking account. With this protection in place, funds can be pulled and moved to allow checking account payments to go through when funds are not enough. This option has no annual fee and can help save you a bunch in the long run.

By following these simple steps and paying closer attention to your account, you can help ensure that your declined debit card days are a thing of the past. Welcome to the world of smart spending!