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How to avoid overspending
It is always important for you to know your available balance before you make a payment or purchase. When you look at your account information online, you will see your account’s current available balance. This is the bank’s most current record of the money that is available for you to withdraw from your account. However, the bank’s available balance doesn’t include transactions that you have made that are not yet known to us, for example checks you have just written or the car payment you just authorized.
That is why the best tool to help you avoid overspending is your own personal transaction register. Use your transaction register to record every deposit and withdrawal you make whether it is by check, ATM, debit card, or automatic payment (e.g., your car payment or gym membership). Only you know all the transactions that will affect the balance you have available for making that next payment.
What happens when you spend more than you have in your checking account? There are several possibilities.
- Your next ATM or debit card transaction may be declined when you are attempting to withdraw money or make a purchase. There is no fee associated with a declined ATM or debit card transaction.
- If you have overdraft protection, funds will be automatically transferred from a savings or credit account that is linked to your checking account. A transfer fee will apply.
- Your transaction may be paid into overdraft. If so, you will need to repay the overdraft and an overdraft fee will be charged.
- Your transaction may be returned unpaid due to insufficient funds and a returned item (non-sufficient funds/NSF) fee will apply. Keep in mind that if this returned transaction is for payment of a bill (e.g., credit card, car payment or insurance premium) you could be responsible for late bill payment fees.
Tip
Keeping an accurate record of your transactions is the best way to avoid spending more money than you have in your account.
Wells Fargo offers services, such as online and mobile banking and text alerts that help you monitor account activity and the current available balance. But remember – you will always be in the best position to know exactly how much money you have to spend when you keep an accurate and current record of every transaction you have made or that may be automatically paid from your account on a future date.
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This balance may not reflect all of your transactions, such as checks you have written or debit card transactions that have been approved but not yet submitted for payment by the merchant.
Wells Fargo Bank, N.A. Member FDIC.
The amount of money in your account that you can use or withdraw. Your available balance may not reflect all transactions that you have made, for example checks you have written that have not yet been paid from your account.
A personal record of your checking account.
Overdraft protection is a service that automatically transfers money from a linked account that you select, such as a savings or credit account, when you don’t have enough money in your checking account to pay your transactions.
When there is not enough money in an account to cover a transaction and the bank pays it on your behalf, creating a negative balance in the account that you need to repay.
