Do You Have Overdraft Protection for your Business Checking Account?

One of the areas I look at during my financial fitness tests for clients is that known as "bank service charges".

By looking here, a wealth of information can be picked up quickly, and usually, most of it is bad news.

$35 A SHOT?

I recently discovered a client that had a squeaky cash flow period where the inflows were just a bit short of the outflows.

During that time, they racked up over $350 in NSF charges (@ $35 a shot) from their bank because they didn't time the release of their checks properly.

A BETTER WAY

No matter how accurate you are, bad days like those felt by this business are bound to happen. Maybe even to you!

Why not talk to your bank today about setting up overdraft protection on your accounts? Most banks don't levy any charges for these unless they are actually used. In addition, the rate for these products is usually far less than the per check NSF fees levied in an overdraft situation.

RELATED ARTICLE: Overdraft protection plans discussed on About.com

Talk to your bank today about how they can help protect you in the event of an unplanned overdraft situation. You'll be very glad you did!

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Scott Gregory provides CFO and controller services to service, manufacturing and distribution businesses in Northeastern Ohio.

He is very fluent in the following dialects often heard yet rarely understood by business owners:

• "Accounting-speak"
• "IT jargon"
• "Inventory gobbledygook"
• "Banking banter"
• "Internet and e-commerce cyberbabble"

Put his twenty-five years of experience to work in your business. Contact Scott today.

Comments

[CFO Consultant]

thanks for the advice. Overdraft is a necessity for cfo or any other businesses.

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