Hello all you amazing fellow community members! I am super excited to introduce to you “Fun with Finances!” This column will address all things finance. You know…the things that you need to know, but were never taught unless you chose to learn about them in a college setting, or you had a parent like me who insisted you be taught the financial ways of the world?

My family & I have lived in Three Rivers for 28 years. When we settled in Three Rivers it was because we longed for the small town, friendly, community experience — after all, we did grow up in Detroit. This friendly community life is AWESOME.       

Since I was a small child, I always had a fascination towards numbers & math. I like to count things, double check things, and make sure things always balance. I think I am the only person on the planet who totals up the groceries as I put them in my cart. I need to know what that cash register is going to charge me — to the penny!

I started out in my adult job world as a payroll clerk for a group of architects, then as an assistant comptroller for an upscale real estate broker, then I took time off to raise our family, and control the family household budget. Later it was back to the wonderful world of banking for me. I aspired to be the bank president someday, but soon learned I had passion for all the bank’s home lending products. I learned I had a passion for the folks in my community and helping them get the funds they needed to buy their family a home.

I am currently a mortgage loan originator, licensed in Michigan & Indiana, and work for a mortgage broker that allows me to search out many different lenders to get the best products & rates for my clients.

In this column I hope to help y’all understand how to make good financial decisions that will help you reach your financial goals. Knowledge is power! If you have questions about anything to do with finance, please let me know. I will address all your questions in this column. Names & faces will be changed to protect the innocent. 😊

The first thing I want to tell y’all is how to never, ever be charged an overdraft fee. It’s called knowing your funds balance. Originally it was all about keeping a balanced check register. Nowadays, with online banking, and the use of debit cards, check registers are no longer a thing, so we’re going to go with “knowing your funds balance.” Here is one experience I can share with you that will help you tremendously.

So, I had this bank customer call me all in a tizzy over an overdraft fee he received on his account. I told him I could see the OD fee on his account, but it was a legit fee, “could you tell me your story so I can better understand?” I asked him. He proceeded to tell me he had purchased a small flat screen TV at the local big box store about a week ago, and he used his debit card. He checked his online banking app and had seen the funds had been deducted from his account immediately. Several days later he checked his online account balance and had more funds in his account then he thought, so he spent it. “If I had enough funds in my account, then why am I getting an OD fee?”

I explained to him this thing called “batching,” and how debit card purchases work. When you use your debit card to make a purchase the funds will immediately be taken out of your account and placed in the pending lane. The bank is legally only allowed to hold up those funds for 72 hours, therefore if the retailer does not come for the funds the bank has to return them to your account. But when the retailer does their “batching” the bank takes the funds from your account, and gives it to the retailer. The retailer could do their batching within the 72 hours your funds were in the pending lane or it could be much later — it’s up to them. You do not have the right to tell anyone or any store when to take the funds you paid them from your account. You spent the money, so forget about it!

Fortunately, this is a very rare occurrence but it can happen as it did in the case of my client at the bank. I did give him his fee back as he was patient enough to listen to me explain how things work with debit card purchases, and he was happy to know the info. Note: All banks may choose to do things a different way, so make sure you know how your bank handles debit card transactions.

So, bottom line, know the exact amount of available funds you always have in your account. If all of a sudden you have more than you thought you should have then investigate as to why, do not just go and spend it.

Knowledge is power! 😊

Dawn Elkins is a mortgage loan originator and has called Three Rivers home for nearly three decades.