If there is one bad financial management habit that I have itâ€™s that I tend to not have any urgency in depositing small cheques such as $50 ones. I have had this habit since I was a teenager for some reason too. For example, when I worked at my first job each payment was say about $300 to $500.
For some reason that didnâ€™t feel big enough for me to go out of the way and deposit it in the bank and so I would wait until I accumulated say about $1000 before making a trip to the bank. I know one reason that fostered that as the bank had transaction fees if you use the banking services over a specific amount of times. Therefore, I only wanted to use it when it really seemed worth.
Just today I went to the bank and deposited all of these small cheques from various sources such as those quarterly tax credit cheques and thought it was kind of much. Not only that, but I appeared to have misplaced one of them. One way to make sure you wonâ€™t develop the habit of leaving small cheques lying around is to do direct deposits. That way it has to go into the bank right away. For most things nowadays you do have the option to use a direct deposit account.
The main thing I would stay away from in terms of direct deposits are foreign cheques as I noticed many banks usually have these weird fees associated with them unless the account is specifically for a certain currency.