Managing Your Checking Account

There are a few basic rules everyone should follow with their checking account. It gives you better control over your day-to-day finances and can lead to greater stability in the rest of your overall financial plan.

The Golden Rule

Never spend more money than you have in your account. Remember, the account balance you receive from an ATM or Internet Banking doesn't show all pending transactions. Be sure to always keep a careful record so you won't accidentally overdraw your account. And don't float checks. This is the delay that may occur from the time the transaction takes place to the time the money is withdrawn from your account.

Balancing your checkbook

Your check register is designed to allow you to record all your transactions. Keep it current and you'll always know your account balance. When you receive your monthly statement, compare it to your register. We recommend receiving E-Statements instead of paper statements. E-Statements are electronic copies of your statements you can view online through Internet Banking. They're faster, safer, and greener. And we'll store your E-Statements online for seven years. Use the reconciliation tab located on your E-Statement. A sortable, searchable, and customizable check register is available within Internet Banking to easily monitor spending habits and quickly reconcile your checking account.

Overdraft protection

Consider overdraft protection. It's a safeguard that automatically transfers available funds from your savings account or line of credit into your checking account to cover the amount of an overdraft. A Lake Trust representative would be happy to sign you up for this service.

Courtesy Pay

At Lake Trust Credit Union, we understand that unplanned events happen and mistakes occur while balancing your checkbook. We're working to provide you with ways to manage your finances and ensure your financial success. As part of our commitment to you, we offer Courtesy Pay. This adds an additional measure of protection to your personal checking account and provides a cushion for the unexpected or honest mistakes.

As a courtesy, we may cover your insufficient fund items by paying the items into overdraft up to your approved overdraft limit. The overdrawn limit is the total amount we allow your account to be overdrawn. It is established by the credit union based upon your relationship. A fee of $29 is charged for each item paid into overdraft. (The same $29 fee is charged if the insufficient funds item is returned unpaid.) For qualified members, Courtesy Pay:

• Protects you from late charges and merchant returned check fees
• Protects you from embarrassment having checks returned for insufficient funds
• Protects you from denial of debit card purchases or ACH transactions
• Protects you from collection agency fees
• Protects your good credit

Courtesy Pay frequently asked questions