If you don’t have mobile banking alerts set up on your smartphone, there are a few of them that can really help you manage your money.
Read more: 7 fees you should never pay
Set up these mobile banking alerts
A recent Bank of America survey found that 87% of people use mobile banking alerts and notifications.
And as a result of those alerts, most consumers take some sort of action, such as contacting their bank, transferring money or adjusting their spending.
While not all alerts may be right for you, here are four of the most popular ones:
LOW BALANCE
This alert sends you a text message or email when your balance falls below a certain amount, which you can usually customize with your bank.
This can prevent your account from going in the red, leading to steep fees.
By the way, the Center for Responsible Lending says banks collect $14 billion a year in overdraft fees — and another $3 billion for insufficient funds.
Clarks recommends refusing your bank’s overdraft protection.
DEPOSIT MADE
While a low deposit alert is one you never want to get, here’s one you’ll look forward to receiving! This is a great way to know when your direct deposit hits your account every two weeks!
You can also get similar alerts when other deposits are made and funds are available to use.
PAYMENT DUE
If you have a credit card with your bank, many providers will offer you email or text message reminders a few days before your payment is due.
With banks charging late fees of $25 or more, this can be a money-saving reminder.
SUSPICIOUS ACTIVITY
Finally, the most important of these alerts to sign up for.
If there’s something going on with your account that’s out of the ordinary – like a very expensive charge – you might receive an alert about suspicious activity.
With ATM skimming on the rise, an instant notification can help you react quickly.
Read more: Protect yourself from ATM skimmer scams
