Banking Auto-magically

by Stephanie Barbre

April 1, 2014

Few things are more stressful than being in the dark about your finances. Once you miss a payment or become overdrawn, it can snowball from there. With all you do in the field, things like making a deposit, paying a bill, checking your balance or reviewing bank transactions are sometimes not your immediate priority. What if these things just happened Auto-magically?

ECCU and many other financial institutions, offer automated options so you don’t have to remember some of your banking tasks. Here are some examples of the available options to help you gain a little more time for ministry.

Direct Deposit

Instead of depositing paper checks by mail or in person, Direct Deposit helps you receive money faster and can even build savings more efficiently. You may already use this feature for regular deposits like a paycheck or monthly donation from your mission sending agency. Consider also setting up Direct Deposit with other organizations or people that support you. In most cases the deposit clears your account before a paper check would even be received. Take the convenience to the next level by splitting the deposit into multiple accounts for easier and effortless saving! Check with those that regularly support you to see if they can set up Direct Deposit. Be sure to have your bank’s routing number (or ABA) and your account number handy for all the accounts you want the funds to go into.

Automatic Transfers

Automatic transfers allow you to schedule your money to move automatically from one account to another. Most people use this feature for a recurring deposit from a checking account to a savings account, or vice versa, so they don’t have to initiate the transaction manually every month. Once this is in place, you won’t need to worry—your money will move for you. This can often be set up through your bank’s online banking system, by filling out a form or calling your bank.

Bill Payments

Automatic bill payment options are offered not only by most financial institutions but also many of the companies or vendors you do business with. Recurring payments can usually be set up for a specific dollar amount or the amount of a specific bill. Check with your financial institution or log onto the website for the company you want to pay, and search for automatic or electronic payments. If you want to know when the bill was paid, consider setting up alerts.

Alerts

Alerts are short messages sent to you via email or text to help you monitor a variety of transactions or financial information. Some of the more common alerts are: balance alerts that let you know when your account balance is below (or above) the amount you have specified; deposit received, withdrawals made, checks cleared, bill reminders, and bill paid. Alerts not only make banking more convenient, but can protect you from unauthorized activity on your account.

Using electronic options has many advantages; these are just a few. If you haven’t done so already, consider gaining a few minutes of time for ministry each day by putting some Auto-magic into place.

Category: Missionary Minded