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Spencer Tierney is a consumer banking writer at NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.
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If a bank account is a house for your money, then mobile alerts are your alarm system. These email or text alerts can help you keep track of when your money enters and exits your accounts — and make sure there’s no breaking-and-entering either.
“As fraudulent behavior has become more public with major retailers being breached, consumers have realized the importance of being involved in identifying fraud and not solely relying on their banks and credit unions to prevent it,” says Chris Hill, senior manager of digital channels at Alliant Credit Union.
Log in to your bank’s app and set up alerts to go off in these five situations:
1. When big purchases happen
You should know every transaction going in and out, but pay more attention to the ones with extra zeros. If any don’t ring a bell, review the transaction details in your account history and talk with any family members who have access to your account.
4.60%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
5.50%*Base annual percentage yield (variable) is 4.75% as of 7/31/23. 5.50% APY reflects a .75% boost available as a special offer with qualifying deposit. Terms apply. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
5.60%All Bread Savings APYs are accurate as of 10/26/2023. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time.
0.50%SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
If your personal information on your bank’s website or app changes without your authorization, especially passwords, that's typically a sign of identity theft.
3. When an ATM withdrawal exceeds a certain amount
If you only use ATMs to get a few twenties at a time, set up this alert so you’ll know of any big withdrawals you didn’t authorize.
4. When your account drops below a specific amount
Normally this can help you avoid overspending. But if you set up this alert on a checking or savings account you rarely use, you can catch any sign of the balance dropping due to unauthorized purchases or even bank fees.
5. When any debit card purchase occurs
This alert might be annoying for some, but consider setting it up if you want to see a real-time list of your purchases either as emails or text messages. When purchases occur at odd hours, you’ll know right away.
If any alerts lead you to believe that you are a victim of identity theft, contact your bank immediately. Check the back of your debit card or the bank’s website for the number. The sooner you report fraud, the faster your bank can help and the less likely you’ll be responsible for unauthorized transactions.
