Believe it or not, the day you withdraw cash could be quietly working against you.
Most of us don’t think twice about when we hit the ATM or transfer money from our checking accounts, but timing can play a bigger role than you’d expect when it comes to spending habits.
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There’s one particular day of the week that tends to trigger issues and you might want to steer clear of.
Avoid Big Withdrawals on Fridays
Dennis Shirshikov, professor of finance at City University of New York and head of growth and Engineering at GrowthLimit, said you should try to avoid taking big withdrawals on Fridays because some banks run their batch of transactions overnight and do not actually make transactions until Monday.
This locks the available balance on your account through the weekend and raises the chances of an overdraft for debits that are posted on the weekend.
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Also Skip Withdrawals on the First Business Day After a Holiday
Apart from Fridays, Shirshikov also suggested forgoing taking a withdrawal on the first business day after a holiday as well as banks often artificially extend processing times on or around federal holidays without notifying customers, and your account could end up temporarily underfunded.
“A non-standard system I’ve had CEOs in our financial coaching program implement with their businesses is to establish what we call ‘buffer accounts,'” said Shirshikov.
Use a small, separate checking account, which is made an added cushion every Wednesday morning, so that if you do need cash on a Friday, it’s drawn from the buffer — not from your primary account — and you don’t get held up in glitches related to holds.
Don’t Forget About Mobile Deposits
And for those who heavily rely on mobile deposit, Shirshikov advised refraining from making withdrawals or transfers right after depositing a check by mobile on Fridays, as banks often put extended holds on funds deposited shortly before the weekend.
These delays can be frustrating — and even lead to overdraft fees if you assume the money is available before it actually clears.
Instead, try to clear deposits by the middle of the week, when processing times are quicker and you’re less likely to run into delays. Then, schedule any withdrawals or transfers at least two business days after, just to be safe. It’s a small adjustment that can save you from unexpected hiccups in your account balance.
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This article originally appeared on GOBankingRates.com: Don’t Withdraw From Your Checking Account on This Day of the Week
