Instant Merchant Account Approval Can Lead to Overdrawing Your Account

While having instant merchant account approval is great for purchasing items immediately, having instant access to your money may not be the best way to secure and safe guard your money. Additionally, having access to the account through ATM or debit card transactions, as well has physical blank checks, it is very easy to lose track of where the money was spent. This leaves you at risk for over drafting your account.

A Senior Financial Analysis from Bankrate stated, “Overdrawing your account is the financial equivalent of not being able to walk and chew gum at the same time.” He continued, “Anybody can overdraft once in a while, but sloppy habits are a one-way ticket to the poorhouse.” While this is an easy mistake, it can get costly. Therefore if you are opting to make payments in this fashion, keep a good eye on your spending.