​Try these 6 tips to avoid overdraft fees

Posted on February 06, 2018


Nobody’s perfect. Even a minor miscalculation when balancing your account can leave you short on the funds you need to cover your transactions. Checks and debit cards give you easy access to the money in your account when making purchases, but they also make it easy to spend more money than you actually have available. If you make a purchase that exceeds your account balance, you’re likely to incur an Insufficient Funds Fee, also referred to as an Overdraft Fee. Fortunately, there are steps you can take to help prevent overdrawing your account.

Online and Mobile Banking
Stay up-to-date with your accounts 24/7 using Online and Mobile Banking. Log in regularly to check your balances, view your transaction history, and transfer funds between your accounts. No data plan? No problem. You can also check balances and make transfers using text banking, or by calling the 24-hour automated teller line at 615-743-3777 or 800-242-2686.

Text Alerts
Set up text alerts in Online Banking to receive notifications on your account status and activity. Options include weekly balance updates, high and low balance notifications, payment due date alerts, and more. You can even create custom alerts!

Automatic Payments
Setting up automatic payments on your recurring bills is a great way to keep track of how much money you have available to spend. You might consider opening a separate checking account for these payments to keep discretionary funds separate from the money you need for fixed expenses.

Avoid Miscellaneous Fees
An ATM fee here and a paper statement fee there – small fees like these add up quickly and can wreak havoc on your account if you forget to record them. Fortunately, there are ways to avoid miscellaneous fees like these. To cut out unnecessary ATM fees, use your debit card to get cash back at the register while you shop, or visit one of the ATMs in our surcharge-free network. Locations are available at southeastfinancial.org and in the Mobile Banking app. You can also save $3.00 each month by making the switch to eStatements. Log in to Online Banking to sign up for eStatements today and say goodbye to the Paper Statement Fee for good!

Linked Savings Account
This one’s easy – It’s a standard feature of every Southeast Financial checking account. When the funds in your checking account are insufficient to cover ACH or check transactions, funds from your savings account, if available, are automatically transferred into your checking account to cover the overage. Per-transfer fees still apply, but you may be able to avoid Overdraft Fees, which are typically higher.*

Linked Line of Credit
Linking a line of credit as your primary source of funds in case of overdraft is a way to avoid both overdraft and transfer fees. Interest will accrue on the balance borrowed from your line of credit until it’s repaid.**

If you’re still unsure about which of these options are right for you, stop by any branch or call us at 615-743-3700 (800-521-9653). We’re here to help!

*Refer to the Schedule of Products and Fees for current fee information.
**Credit approval required. Some restrictions may apply.