Andrew: Empire State of Decline (or Why I Finally Registered for Online Banking)

Editor's note: We challenged all of our finalists to "Write a financial related post"

‪‪Picture this: You’ve just spent an entire week in New York City.  This is the first time you’ve traveled by yourself without any parents, just you and your friends living it up in the Big Apple.  You’ve experienced as much as anyone could during your week in the city, from being in TV show audiences to hanging out at Coney Island.  But all good things must come to an end.  On the morning before your flight home, you’re wrapping up your souvenir shopping when you hear the sales associate say the two words every shopper dreads most.‬
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‪            “It’s declined.”‬
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‪While this may sound like something out of a Sophie Kinsella novel, I think of it as my first trip to New York City.  I’m not proud of it, but I did indeed drain my account to the point where I had to dip into emergency funds to pay for the toy WALL-E I was buying my youngest brother at the Toys “R” Us in Times Square.  In retrospect, the whole situation could have been avoided if I had done one simple thing… monitor my finances online.‬
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‪Almost every financial institution has now implemented ways to keep up with your accounts online and I cannot stress enough how important it is to do so regularly.  Not only are you able to watch paychecks go directly into your account, but you also have the ability to monitor your spending, as well as keep an eye out for fraud.  And most institutions continue to evolve with technology, creating apps so you can get your money information while on the go!‬
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‪To find one of the best examples of online banking systems, look no further than Vantage Credit Union right here in St. Louis!  The Not Your Mama’s Account was designed specifically with our generation in mind to help us keep up with our money.  One particularly useful feature gives you the ability to tag your transactions and then sort them into groups (such as “Bills”, “Entertainment”, and “Gas/Vehicle Costs”), allowing you to see just where your money is going.  This is also a great way to develop and implement a plan to save money and keep you within a budget.‬
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‪The account also allows you to link your Facebook and Twitter to your home page so you can keep up with your social life while monitoring the finances that fuel said social life.  For a rundown of the other features available with the Not Your Mama’s Account, from special coupons to bill pay services, check out the online guided tour at www.screencast.com/t/OTBjY2Y5Y.    ‬
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‪My first trip to New York was an unforgettable experience, and not just for the adventure I had in the city.  Was it jarring to have my card declined?  Yes, very much so.  But I was able to rebound with my emergency funds, learn a lesson and move forward.  When I got home, I took care of the situation and quickly registered for online account access.  And through frequent monitoring of my accounts, I’ve learned firsthand just how useful the internet is as a financial tool and have been able to avoid hearing every shopper’s least favorite words since.‬

Andrew

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