Company Debit Card Dangers- A cabinet business potential downfall
There are dangers in business that can catch you off guard. One of them is having an undisciplined debit card. This became a problem with the cabinet company that I was associated with. The downfall would happen when business was booming and it seemed as though there was an endless supply of money on hand.
The money machines would get additional use as cash withdrawals from the ATMs would become more frequent.
Because business was so good and the work schedule was so demanding the manufacturing, design process, gathering materials and trying to meet a deadline would somehow become more important than keeping track of the ATM withdrawals.
Eventually bank account disaster would hit when the account would be in danger of being overdrawn and the record of the debit card transactions were in the office, in the wallet, some at home on the dresser and a few scattered throughout the shop.
Because of the lack of discipline to keep track of the bank debit card transactions oftentimes the account would get overdrawn and overdraft fees would hit the account.
Sometimes a nice banking representative will remove an overdraft or two, but if it becomes a habit of using the debit card too much and the overdrafts continue the bankers will have no mercy.
Having poor money management habits such as not keeping track of credit card purchases and ATM withdrawals can cause your cabinet company to suffer from recurring overdraft fees that can add up to a lot of money at the end of the year.
Try to keep discipline in your cabinet company finances by demonstrating good spending habits and record keeping. If you see the red flags saying that you’re entering into a danger zone by using the ATM too often, consider not using the card and cash a check at the bank. This way you will have a carbon record in the check register and you won’t have to try to remember where all the ATM debit card receipts went to when trying to balance your account.