by
Stacy Wise
| May 16, 2024
![Common Checking Account Mistakes](/images/default-source/featured-blog-images/did-you-know-checking-account-mistakes-may24-blog.jpg?sfvrsn=12ccab75_1)
Common Checking Account Mistakes
Written by Andrea Klinedinst, Executive Administrative Assistant
Checking accounts are a great financial tool that can help make managing your money easier, but are you getting the most out of your checking account and avoiding common mistakes that could cost you? Did you know MNB has a variety of checking accounts with benefits to help you avoid common checking account mistakes?
Mistake 1: Not monitoring your transactions.
With fraud on the rise, keeping an eye on your checking account is more important than ever. All of MNB’s checking accounts can be accessed through our online and mobile banking if you choose to use it. From our online/mobile banking, you can easily monitor your accounts or set up alerts to monitor your accounts and be notified of activity. You can even sign up for eStatements to view your account statements online. If you don’t opt to use online banking, all of our checking accounts can be accessed with Text Banking or Bank-by-Phone. A few of our checking accounts offer paper statements. Whatever avenue you choose, it is always a good idea to monitor your transactions and catch any fraud early.
Mistake 2: Treating your checking and savings accounts interchangeably.
Checking accounts are geared toward making your life easier – making bill payments, receiving deposits, using a debit card to pay for daily necessities, etc. While savings accounts are more geared toward helping you save up toward bigger purchases, building an emergency fund, or saving for big milestones in life. Using a checking account as your savings account makes it so your savings are available for your everyday use, making it harder to actually build up a savings. Keeping a separate checking and savings account makes it easier to save. If both your checking and savings are at MNB, you can easily transfer between the accounts if a situation arises where you need to pull from your savings.
Mistake 3: Not choosing the right checking account to match your needs.
Not all of MNB’s checking accounts are the same across the board in terms of benefits and requirements. Some of our checking accounts require that you keep a minimum balance, and some do not. Some of them are interest bearing and others are not. Our M-Club accounts are for people age 50 and better and include perks like merchant discounts, half-price money orders and cashier’s checks, and discounted M-Club trips. Our Great Start Checking accounts are available for college students with benefits geared toward their college lifestyles. There is a chart on our website that provides a comparison of our checking accounts and all their many benefits.
If you are interested in learning more about the features of our checking accounts or having a discussion with one of our bankers about which checking account may be the right fit for you, give us a call today at 877-647-5050, schedule an appointment online, or stop by one of our banking centers, and we will be happy to assist you!