credit-vs-debit-2While shopping this holiday season, remember that the Federal Reserve is closed on the holidays. Why does this matter, you may ask yourself. Well, here is why it matters:

  1. Signing for your purchases (choosing credit): When the Federal Reserve is closed, your transactions are not posted to your bank account or credit card in real-time. Basically it’s delayed until the next business day. So the money in your account from Friday isn’t the money you will have after Monday. You must deduct all of your receipts from your shopping adventure BEFORE you spend another penny to be sure that there is enough money to cover those gifts. If you have already done this- great, you should be set.
  2. When using debit (entering your PIN), the money is deducted immediately (real-time) and shows as pending on your account activity. This is the best option in my opinion; however, that choice is yours’ to make. So, if you choose to use method number (1), just follow the instructions provided.
  3. Balance your register (checkbook)- this will determine if you’re on point with your spending from the start and after the bank has updated their systems with all your holiday shopping. In this instance, on Tuesday night.

The most important thing about this post is to prevent insufficient fund fees from hitting your account. Being mindful of your spending habits/triggers will help to relieve anxiety before, during and after the holidays. Trust me, your friendly customer service representatives at the bank will thank you. winkingsmiley

My years of customer service training is definitely serving its purpose and I appreciate the opportunity to share with you some of my experiences in finance. Thanks for reading, remember to like, share, and/or comment!

Happy Holidays! See you next year. Until then..

Wishing you and yours peace, love, and prosperity

ET

*featured image credit to rightful owner

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