Cash News
Banks have many convenient features that can save customers time and money. One of those features is bank alerts, which notify you of certain types of activity in your account, from a low balance to possible fraud.
Most modern banks support email and text alerts, which you can toggle on and off. Read on for some examples of bank alerts you can set up and how they can help you better manage and protect your money.
Types of bank alerts
There are many alerts available to banking customers. They might inform you of anything from new statements to potential problems with your account. Some can be toggled on or off, while others might be automatic, depending on your bank.
Here are some of the most common types of bank alerts:
1. Balance alerts
Set an alert to notify you when your bank account balance falls below a certain amount. You can typically set the threshold to whatever amount you prefer, such as $500 or $100. If you receive an alert that your balance is too low, you’ll have time to transfer money or make a deposit and avoid overdraft fees.
Read more: How to get overdraft fees refunded
2. Large deposits
These alerts tell you when you receive a deposit above a certain amount. This can be a good way to know when your paycheck or another windfall, such as your tax refund, hits your account.
3. Payment due
Receive an alert when a payment is due or track the status of a payment so you can stay on top of your bills and avoid late fees.
4. Statement available
These alerts are sent when a new bank statement is available. It’s a good idea to regularly review your statements for surprise expenses or unauthorized charges.
Read more: How to dispute a debit card charge
5. Unusual activity
This alerts you when your account has unusual or potentially fraudulent activity. For example, if you live in California but your debit card number was recently used to make a purchase in Texas, your bank can alert you.
6. Overdraft transfers
If you have checking and savings accounts at the same bank, you may be able to set up overdraft protection. If you do, you’ll receive an alert if funds are transferred from your savings account to prevent an overdraft. You can then add additional funds to ensure your balance doesn’t go negative again.
Read more: How much money should you keep in your checking account?
7. Peer-to-peer transfers
Many banks are compatible with peer-to-peer transfer services such as Zelle and Venmo. Your bank may send you an alert if you use one of these services to transfer money to or from your account.
Read more: Is it safe to store money in apps like Venmo, PayPal, and Cash App?
How to set up bank transfers
Bank alerts can be a financial lifesaver that often take a matter of seconds to set up. The exact process for setting up alerts will depend on your bank, but generally, you will follow these steps:
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Log in to your account: You can access your account via online banking or your bank’s mobile app. Enter your username and password, or authenticate using biometrics such as a fingerprint or face ID.
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Find the alerts section: Look for a section in your mobile banking account called “alerts” or “notifications.” You can usually find this in the account settings or preferences menu.
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Select your alert: You may be able to choose from several optional alerts to enable for your account. The previous section provides examples of optional and mandatory alerts.
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Set up the alert: You can often customize what triggers optional alerts. For instance, you can receive an alert when you receive a deposit of over $1,000.
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Choose your alert method: You can choose how to receive alerts, such as account notifications, text, or email.
Maximizing the benefits of bank alerts
Bank alerts can have several benefits, but you must take the right approach to maximize their usefulness. For instance, you should regularly review any bank alerts you have received. Some are less critical than others, but you may not catch the important ones if you don’t review them regularly.
You should also combine bank alerts with other security measures. Using a strong password and setting up two-factor authentication (2FA) can help keep your account secure. You can also use a password manager to help you maintain strong passwords for all your accounts.
If you receive any bank alerts, it’s important to be proactive. Suppose you receive an alert about potentially fraudulent activity. Even if you don’t believe fraud has occurred, take a few minutes to review the alert. It could save you a lot of time and money in the long run.
Read more: 6 important security features to look for in a bank