Determine your trigger thresholds.
The first piece of this puzzle is determining what events and thresholds should trigger a notification. This notification will alert that action may be necessary in an account. Both balance and transaction thresholds should be used to monitor and manage account balances. Balance thresholds notify that a transfer may be required. Transaction thresholds notify when predicted or unusual activity has occurred in the account.
To manage account balances you need to know when an account has excess funds and when an account no longer has sufficient funds. The selection of the threshold amounts is based on a variety of factors.
- What are the regular deposit frequency(s) and amount(s)?
- What are the regular withdraw frequency(s) and amounts(s)?
- What are the minimum balances for the accounts?
- What minimum balances should be kept in the accounts?
- Are there any critical bills (mortgage payment) that auto-debit the accounts?
For the checking account we need real-time alerts when:
- A transaction takes my checking account balance below a set dollar amount.
- A deposit occurs that is larger than a set dollar amount.
- A withdraw occurs that is larger than a set dollar amount
- A transaction takes my account balance over a set dollar amount.
Most of the same alert notifications (with different dollar thresholds) are setup on both the savings and money market accounts. All these alert types are supported in Financial Center Online.
These alerts keep you informed about your balances so you can monitor and take action when necessary.