Did you get a check in the mail you weren't expecting?, Maybe even one you were expecting, but it looks a little funny? There are ways to verify it to make sure you're not depositing a counterfeit check – and, it all starts with the source. , Checks from a business, First things first: look up the business online. A quick scan of their website should let you know if the company is legitimate. Then, use the phone number on their site to call and verify if they wrote the check. They will typically ask for the check number, account number, and dollar amount. If they can't find it in their system, it's most likely counterfeit. Go ahead and shred the check. , Checks from an individual, Before you cash an unexpected check, ask yourself a few questions. If you answer "yes" to any of these, it's most likely a counterfeit check and you should destroy it: Is this a person I don't know? Is this person from out of state? Did they purchase something from me and send too much money? The last point is a common counterfeit pitfall, and you may experience this on Craigslist, Facebook…, Official checks and cashier's checks, If you're confronted with a check from a financial institution, look it up online and call the number listed on their website. Since it's a cashier's or official check, they have to verify it for you. Most of the time, the institution already knows about the counterfeit checks and will provide you a description, but this quick phone call can save you a headache. If they can't find it, you should…, Still have questions?, Remember, if you're ever unsure about a check, just ask. Bring it to your local office along with any accompanying letter and our representatives will help you verify the check. It's the best way to protect yourself and your account.
Cash Income: Dos and Don'ts of Cash Management, My first jobs were in cafes and restaurants. Depending on the gig and the season, income was inconsistent week to week and month to month, generally less in payroll and more in tips. At times, I was earning 100% cash, with printed paychecks showing $0.00 (thanks to taxes). With unreliable income and cash habits you might call "scattered," I didn't develop a good system for saving or budgeting…, Take these highlights as a few, Don'ts of Cash Management, ., For most of my teen and college years, if you asked me, I would have told you that I had a system. I thought the system worked. (Spoiler alert, it didn't.), Remember, cash management doesn't have to be complicated., , , 1. Don't store cash in a random jar or drawer. , Cash income went into my pocket, then home, where I split everything two ways. I put some tips into my sock drawer and the rest in my wallet. Then, if I needed the cash to cover a check I wrote, or if the sock drawer felt overstuffed, I'd take a trip to the bank and make a deposit. Funny story (well, maybe not that funny). While sharing an apartment in college , one of my roommates stole over $…, 2. Don't ignore your checking account. , When I received substantial paychecks, I'd deposit them in the same place I'd put my rare cash deposits – into my checking account . By depositing there specifically, I figured I was less likely to write checks I couldn't cash. The catch is, I didn't bother reviewing my accounts or balancing my checkbook. I found myself repeatedly overdrawing my account, discovering that I've maxed out my…, 3. Don't spend money without tracking it., My monthly costs were minimal, so I didn't worry about them, track them, or budget for them. They included my rent, cell phone, and fuel for my car – all paid from my checking account. Other spending was flexible, day-to-day costs like food, entertainment, and clothes. As long as I didn't feel like I was overspending, I would probably be fine. For my flexible expenses, I'd use whatever payment…, my money disappeared and savings did not exist., I eventually discovered that my money management system wasn't working for me. I had more monthly bills than before, including a new auto loan and student debt, and I kept dipping into overdraft protection due to "insufficient funds.", The issue with my money management had been simple – I wasn't managing anything! , Consider these the, Dos of Cash Management, ., During those early years, I didn't know what money I had, so I didn't know where my money was going. Then, I discovered habits that work. , 1. Keep your money secure. , When you deposit money with a financial institution, you get the peace of mind that it's secure and protected. Accounts are usually insured (like the share insurance at Visions ) and often come with support teams that can help you with theft, fraud, and financial wellness. I even make regular deposits into a share certificate, where I won't touch it for months and months – making it not only…, 2. Track your income. , If you don't know how much money you have coming in, how can you control what's going out? Be specific. Know exactly how much money you have coming in and when it fluctuates. Some seasons may be leaner than others – knowing the trends can help you plan. Pro tip: Ask about the Holiday Club, Summer Savers, and Lucky Savers to plan your savings on a seasonal/annual basis. On a more personal note, I…, 3. Build a budget. , Have a system to stay on top of bills, expenses, and savings. When you budget, you're prioritizing your necessary payments. That way, you'll know exactly what you can spend on a daily, weekly, or monthly basis on everything else. At first, when I started using a traditional budget , I realized how I was overspending on food and entertainment in December, for the holidays, then again in April and…, 4. Pay yourself first., Cash management means you are in control . As long as you have a good foundation of savings, you're likely to keep that control, even in the face of an emergency. Practice saving money for tomorrow before you spend money today. By having six months of savings set aside in a savings account, I knew I could handle the unexpected without having to fear my finances. I was suddenly on top of my bills…, Once I organized my income, I could track my expenses., It was a small step that had a huge ripple effect for my finances. If you have cash income, you may want to keep it in one place . Track it coming in, track it going out, and remember, proof of income can help you in the long run. It sure helped me! - JMS Learn about share insurance coverage at Visions.
