Question

how do i chart this on a checking account chartAvery has $2,473.86 in his checking account. He notices he needs to put fuel in his car, so he uses his debit card at Fuel Station. It costs $46.22 to fill up his car. When Avery gets home, he realizes that his sink is clogged. He doesn’t know how to repair it, so he calls a plumber. Once the plumber has unclogged the sink, Avery writes check number 1234 to No Problems Plumbers for $234.44. It’s payday! Avery deposits his $1,592.39 paycheck. After work, Avery stops by the ATM to withdraw $60 from his account so he can go to dinner with a friend. When Avery gets home, he sees that his electricity bill has come in. He writes check number 1235 to Electricity Suppliers for $185.98. The next day, Avery sees that he is out of milk. It is time to go grocery shopping. Avery drives to Foodie and uses his debit card to purchase $308.67 in groceries.

Answer 1

Be careful about overdraft and insufficient funds (NSF) fees

Automatic payments can help you avoid late fees on your bills. But if you forget to track your account balance and it’s too low when an automatic (or other) payment is due, you might have to pay overdraft or NSF fees. Both the bank and the company might charge you a fee if there is not enough in your account. These fees can add up quickly. Pay close attention to your bank account balance and upcoming automatic payments to make sure there will be enough money in your account when the payment is scheduled.

Review the terms of your agreement

The company must give you a copy of the terms of your payment authorization. The payment authorization is your agreement to allow the company to debit your bank account for payment. The terms of your authorization must be laid out in a clear and understandable way. It’s important to review the copy of your authorization and keep a copy for your records. Make sure you understand how much and how often money will be taken out of your account. Monitor your account to make sure the amount and timing of the transfers are what you agreed to.