6 Ways to Protect Your Money in an Uncertain Economy

These days, many Americans are concerned about how their personal finances could be impacted by the Trump administration’s tariff policies. Daily headlines warn of the ways tariffs could weaken the economy by igniting higher prices and slower economic growth. The resulting stock market volatility has investors worried about their portfolios, from day traders to long-haul retirement savers.

Aside from macroeconomic concerns, consumers have other reasons to worry about their money in today’s digital age — including the security of their personal information — due to a rise in identity theft and other financial crimes. What’s more, consumers may be less able to receive help from the now-downsized Consumer Financial Protection Bureau (CFPB) if they’ve become a victim of financial crime.

Fortunately, regardless of changes in the economic and technological landscape, there are concrete steps you can take now to help safeguard your finances. Here we’ll go over six important ones.

1. Strengthen your banking security

A high-yield savings account can be a safe place to earn a rate on your money that’s currently outpacing the rate of inflation. However, if hackers or other cybercriminals drain your bank account, it can be difficult, if not impossible, to recover your funds.

Some basic steps can help keep your account secure:

• Set up bank account alerts: Receiving mobile alerts for low balances or suspicious account activity could help you identify fraud as early as possible.
• Avoid public Wi-Fi: When you use public Wi-Fi, like in a library or coffee shop, others may be able to intercept your information. Rather, use a secure cellular network or home Wi-Fi when logging onto your bank.
• Use a password manager: Password managers generate and store complex, unique passwords for each of your accounts, making it much harder for hackers to gain access to multiple accounts if one is compromised.
• Utilize multi-factor authentication: When logging on using multi-factor authentication, you may be required to retrieve a code texted to your phone in addition to entering your password. Requiring the use of your phone for the login could help prevent hackers from accessing your account.

Related: Bankrate’s best high-yield savings accounts.

2. Understand your overdraft rules

More than 1 in 3 American workers (34 percent) say they’re living paycheck to paycheck, according to a recent Bankrate survey. Having trouble making ends meet often leads to problems such as overdrawn checking accounts.

While some banks don’t charge customers for overdrawing their accounts, others charge hefty overdraft fees. In fact, the average overdraft fee in 2024 was $27.08, and overdraft fees were charged by 94 percent of accounts surveyed in Bankrate’s latest checking and ATM fee study.

Regardless of what average balance you maintain in your checking account, it’s helpful to know your bank’s policy regarding overdrafts and overdraft fees. Ways you can ensure a positive account balance include:

• Set up low-balance alerts: Receiving a notification from your bank when your balance goes below a certain threshold can be a handy reminder to curb your spending.
• Consider using overdraft protection: Banks typically allow you to set up overdraft protection, which initiates a transfer from a linked savings account or line of credit any time a transaction happens that would otherwise overdraw your account.
• Follow a budget: By setting up a budget, you’ll designate portions of your income to both necessary and discretionary expenses. This can help keep you from overspending and ending up with a negative balance.

Read more: Understanding different types of checking accounts.

3. Be vigilant about scams

In 2024, the FTC reported consumers lost more than $10 billion to fraud during the previous year, of which $2.7 billion was attributed to impostor scams. For this type of crime, impostors may request money from consumers, claiming to be friends or relatives, their bank or even a government official. Victims may be asked to hand over money through Zelle, gift cards or cash — or even to provide access to their bank account.

With such scams, once the victim realizes what’s gone wrong, it can be difficult or impossible to recover money that’s been handed over. To help avoid falling victim to these types of scams:

• Don’t click on pop-ups or links in suspicious emails: Hackers can install malware on your device or direct you to fraudulent websites designed to steal your information..
• Be wary of anyone requesting urgent payments: Scammers often create a false sense of urgency to pressure victims into acting quickly without thinking. Government agencies like the IRS will never demand immediate payment via specific methods like gift cards or wire transfers.
• Verify any communications from a financial institution: If you receive a call, text or email claiming to be from your bank, hang up and call the official number on your card or statement to confirm the communication is legitimate.

“A cardinal rule that would prevent so much identity theft and fraud is: Don’t give out personal or financial info to anyone in response to a request you did not expect,” says the FTC’s Wei. “When you receive any type of call, email or text seemingly from your bank — if you didn’t expect it, you need to pause immediately and view that with suspicion.”

If you’ve fallen victim to identify theft, you can report it to the FTC. This will take you through a process that includes creating a personal recovery plan and determining next steps. You can also file a report with your local police.

4. Audit your subscriptions

Subscription services such as Netflix and Disney+ typically charge members’ credit cards monthly. While many consumers use such streaming services regularly, 86 percent are paying monthly for at least one subscription that goes unused, according to fintech company Self Financial.

“While the recurring payments model provides a level of convenience, it can also lead customers to be unaware of just how much they’re spending on these recurring services as they pile up,” says Matt Knise, SVP, premium + spend experiences at Capital One. “One of the best habits consumers can adopt is regularly reviewing their recurring charges.”

You can review your credit card statement periodically to identify any services you’re paying for that you’re not using. Various apps and services are available that can help automate this process. These include:

• Capital One subscription manager: Capital One cardholders have access to an in-app tool that automatically identifies subscriptions and recurring charges. Users can review the list and make decisions about which to keep or cancel.
• Cleo: Cleo is a money-management app that shows all your financial accounts in one place and provides a spending breakdown, including subscriptions for which you’re being charged.
• Subby: Available for Android users, the Subby app lists your subscriptions, the associated charges and a monthly or yearly total of all your subscription charges. Users can add an unlimited number of subscriptions to the list.

Some apps take it a step further by offering to cancel your subscriptions or try and lower the price. For instance, Cleo’s “Haggle It” tool can help you negotiate a better deal. “It’s about helping you cut the dead weight and save smarter, without having to dig through your bank statements,” says Sarah Davis, head of consumer insights at Cleo.

5. Review your bank relationship

Americans with a savings or a checking account hold onto the same account for an average of nearly two decades, a recent Bankrate survey found. In doing this, you might be missing out on better options elsewhere. These may include the following perks, which are commonly found at online-only banks:

• High rates: These days, many high-yield savings accounts are earning annual percentage yields (APYs) above 4 percent. This is around 400 times greater than the rock-bottom rates often found at large brick-and-mortar banks, and it’s seven times greater than the average savings account APY.
• No fees: Various online-only banks don’t charge monthly maintenance fees, or fees for overdrafts or out-of-network ATM use.
• Low (or no) minimum balance requirements: While various banks require a set minimum balance to open and maintain your account, online-only banks may require a low amount — or none at all.

For those not earning a high rate, it’s worth shopping around for one, says Mark Hamrick, Bankrate senior economic analyst.

“If you think about use of your time, it is absolutely worth the very modest amount of time required to nab a higher-yield savings account,” Hamrick says. “How many opportunities do we get to either save money or, as in this case, obtain a higher income stream? This is a virtual no-brainer that delivers a pay-off.”

6. Know where to seek recourse

Despite changes in consumer protection agency operations, there are still multiple avenues available to resolve issues with financial institutions. Consumers can submit complaints about financial products or services through various channels:,

1. CFPB: Consumers can still submit a complaint about a financial product or service on the agency’s website. Most companies respond to complaints within 15 days, according to the site.
2. FDIC: In addition to insuring deposit accounts, the FDIC enforces consumer protection laws when it comes to its member banks. Consumers can submit a complaint on the FDIC’s website, and the agency will work with the consumer and the bank for a resolution.
3. FTC: If you’ve been cheated out of money or a business isn’t delivering what it promised, you can file a report with the FTC. The agency will help you create a recovery plan that includes next steps. It also shares reports with its law enforcement partners to help fight unfair business practices.
4. Federal Reserve: Consumers who have experienced a problem with a bank or other financial institution can submit a complaint to the Federal Reserve, which hands it off to the appropriate federal regulator or Federal Reserve Bank. That entity will then investigate and notify you of the results.
5. Office of the Comptroller of the Currency (OCC): If consumers experience a problem with a national bank or federal savings association that’s regulated by the OCC, they can file a complaint with the OCC. The agency will then contact the bank on your behalf if the issue falls under its jurisdiction.
6. State Bank Supervisors: Each state has regulators of banks and other financial institutions. You can file a complaint regarding a bank on the website of your state’s regulator. The Conference of State Bank Supervisors offers a directory of regulators by state.

Bottom line

In times of economic uncertainty and rapid changes in technology, these simple steps can help you find the best bank accounts for your needs, as well as to ensure you bank securely and cut back on unnecessary spending. With deregulation impacting the financial services industry, it also helps to stay on top of where you can seek recourse regarding problems you may experience with your banking institution.