Introduction
All about personal checks
Why you should be careful cashing, and writing checks.
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Cashing Checks
When you cash a check, it is a myth that it clears in 3 days.
In the event that you receive a suspicious check, it is better to not cash it. If thats' not possible, then it's better to wait a week, until the suspicious check REALLY clears.
Banks are just waiting to pounce on you like a 150 pound tiger, and give you an overdraft.
Writing Checks
Always keep some type of written total, or mental total of how many checks you have floating around. You could easily overlook them and end up with overdraft fees, and thats no fun!
Also beware of automatic withdrawls. They can lead you to multiple overdrafts if your paycheck comes late or some other unfortunate situation arrises.
Your best bet is to keep a cushion. Multiply your total automatic withdrawl and your total amount of checks you have floating out, by 1.5 and that should be your minimum cushion to keep in your account.
So if you have $1,000 in automatic withdrawls and checks floating around per month, it's best to keep at least 1500 in your account to prevent any overdrafts.
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Comments
Heck of a job there, it
Heck of a job there, it abosltuley helps me out.