Predictive Overdraft Alerts
By
Staten Island, NY Posted: 6/10/2015 1:00:00 AM
Most banks can send you an alert when you have an overdraft, but they don't send you an alert BEFORE you have an overdraft.
Before online banking came along, it was pretty easy to maintain a traditional checkbook, and prevent overdrafts. As long as you recorded every deposit, and withdrawal, you knew exactly how much was in the account at any given time, so it was easy making sure you never bounced a check.
Today, more people pay their bills through automatic bill payments than ever before, so balancing your checkbook is a lot harder. Even when you write down every deposit or withdrawal, your balance can be a moving target as your scheduled automatic payments hit the account, so you need to constantly check the account to see what payments were posted.
Since some payments are weekly, monthly, quarterly, or even annually, it's easy to forget when a payment is scheduled to hit your account.
While it may be hard for you to remember when every single automatic payment is scheduled to hit your account, it's easy for the bank to keep track of.
Since the bank knows exactly when each automatic payment is scheduled, it should be super easy for them to predict your future balances, so they can send you an alert, and potentially warn you of an overdraft before it comes.
My guess is they like earning $35 or more when your account is overdrawn.
Joe Crescenzi, Founder
Related Media:
(Reply N/A) (Edit Topic N/A)
(Like Topic N/A) [0 ] 6598 Views
Related Posts
Banking(20)Finance(21)Overdrafts(2)Rants(99)
Top 25 Posts
* Note: The ideas on "Idea of the Day" were posted without any formal research into existing inventions.
In some cases, patents may already exist for these ideas, in other cases, there may not be any existing patents and you are free to develop and explore the viability of developing and patenting the ideas.
The authors make no claim that any of the ideas are safe, practical, or suitable for any particular purpose. You are responsible for the results of trying, developing, patenting or using any of the ideas on this site.
For some people, our ideas are just an interesting read, but our goal is to encourage you to take action. If you see an idea that you like, do something with it... Take action.
- Joe
Idea of the Day!
on...