Money Management Tools

Learn about our overdraft protection services and ways to stay on top of your finances.

 

Money Management Tools

Learn about our overdraft protection services and ways to stay on top of your finances.

Automatic Overdraft Protection.

An overdraft occurs when you do not have enough money in your account to cover a transaction. Overdraft protection ensures that transactions are covered even if you have insufficient funds in your account.

In most cases, your Bank of the Sierra checking account includes automatic overdraft protection for certain types of transactions, like checks and bill payments. Please note that overdraft fees apply. Learn more about our standard overdraft practices.

ATM and Debit Overdraft.

If you want Bank of the Sierra to authorize and pay overdrafts on your ATM and everyday (nonrecurring) debit card transactions, call our Customer Service Center at 1-888-454-BANK, visit a branch, or send us a secure message via online banking. You can also revoke this authorization by contacting us via the same methods.

ATM and Debit Overdraft.

Overdraft Protection FAQs.

Here’s what you need to know about overdrafts as a Bank of the Sierra customer.

We do authorize and pay overdrafts for the following types of transactions:
  • Checks and other transactions made using your checking account number
  • Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
  • ATM transactions
  • Everyday debit card transactions (one-time purchase or payment)
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

Yes. If you would like us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 1-888-454-BANK, visit a branch, or send us a secure message via online banking.

You can also revoke your authorization for Bank of the Sierra to pay these overdrafts at any time by any of the above methods.

Optional Overdraft Protection Plans.

Linking your checking account to a savings account or a line of credit can help you avoid overdraft fees. Reach out to learn about your options.

Linking your checking account to a savings account or a line of credit can help you avoid overdraft fees. Reach out to learn about your options.

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Money Management Tips.

Learn strategies to manage debt, save more, and strengthen your finances.

These tips are designed to help you reduce your debt quickly and economically.
  1. Create a Budget and Stick With It: Your budget should include all your current expenses. Bank of the Sierra’s online Money Manager tool can help you build a personal budget and easily track your spending.

  2. Don’t Borrow Additional Money: Avoid taking on additional debt to pay off existing debts and bills.

  3. Cut Expenses: Scale back your monthly spending by analyzing your budget and determining where reductions can be made (e.g., eating out, buying snacks and lunch at work, going to the movies). Once you have determined how much you plan to cut, use this “found” money to pay down the balances on your debts.

  4. Optimize Your Monthly Payment: Pay the maximum amount toward your highest interest rate debts. Pay the minimum amount on all other debts.

  5. Ask for Reduced Interest Rates: Some creditors, especially credit card companies, may reduce your interest rates if you just call and ask. If you receive offers for other credit cards with lower interest rates in the mail, use those offers as leverage when you are renegotiating your rates with your current creditors.

  6. Set Goals and Priorities: Determine what’s important. When you prepare to buy something, ask yourself if this purchase is in line with the priorities you have set and whether it will help you reach your goal or delay it.

  7. Check Out This Debt Snowball Calculator: This site provides a free, downloadable debt reduction calculator that allows you to determine the amounts you should be paying toward each of your debts and calculates the money you will save by paying your debts in the recommended order. Additionally, the program tells you when each of your debts will be paid off.

Need Help? You’re Not Alone. Visit the National Foundation for Credit Counseling for free resources, including links and information about debt management plans, student loan counseling, foreclosure prevention, and more.

These tips are designed to help you manage your money more effectively.
  1. Calculate Your Net Income: Know all your sources of income after deductions, like income taxes and 401(k) contributions, are removed. This number ultimately determines what you can spend each month.

  2. Create a Personal Budget: A budget is your roadmap for spending and a tool to help you achieve your financial goals. Save your receipts and take the time to add up all of your expenses for a month. Subtract your expenses from your net income, calculated in Step 1. If the result is a positive number, then you are living within the limits of your income. If the result is a negative number, your expenses are exceeding your income. Look for nonessential expenses that you can reduce and recalculate. Ask yourself if each expense is a “want” or a “need,” and try to minimize spending on the “wants.” Most importantly, once you create a budget, stick with it. Make adjustments, as necessary. Having a budget will allow you to control your money rather than allowing your money to control you.

  3. Balance Your Checkbook: The balance in your checkbook is a critical number in money management because it allows you to know exactly how much money you have to save or spend. Keeping an accurate checkbook register also allows you to review where you spend your money. Be sure to record all transactions, including ATM/check card transactions, checks, and deposits.

  4. Minimize Use of Credit Cards: If you like the convenience of a credit card, but don’t want to accrue extra credit card balances, consider getting a debit card instead. Debit cards are accepted at most places that accept credit cards. The difference is that the expense is automatically deducted from your checking account balance. This way, you’re less likely to spend money you don’t have. Be sure to monitor your debit card spending to protect your account balance.

  5. Pay Down Your Debt: If you have credit card debt or other debts, pay the maximum to your highest interest rate debts first and the minimum on lower interest debts to pay debts off faster.

  6. Establish Savings: Pay yourself first. When you pay your monthly bills, write a check to yourself (or transfer the amount) to your savings account. If you get your paycheck deposited automatically, ask your employer about having a portion of your paycheck deposited directly to your savings account.

  7. Know Your Credit History: Credit reporting agencies collect data regarding your credit repayment history and sell this information to lending agencies. If your report shows that you are late paying bills, have maximized lines of credit, or have bankruptcies or other collection activities, this will negatively impact your ability to get credit.

Visit AnnualCreditReport.com to request your free credit report from the following credit reporting agencies:
  • Equifax
  • TransUnion
  • Experian

If you find incorrect information in your credit report, contact the credit reporting agency. They are required to investigate the information within 30 days and delete the information if it cannot be verified. Your rights are further described in the Fair Credit Reporting Act.