Ask MetaFilter questions tagged with checking

Where to hide the money?

odi.et.amo — Sat, 19 Sep 2009 07:15:22 -0800

How can I figure out the minimum amount to keep in my checking account? Basic financial stats: I pay for everything I can (including bills) with my American Express for the cash back bonus. A few utility bills are withdrawn from my checking account, as well as rent. I pay my CC bill from checking, and my paycheck is deposited there. Income > Expenses.

My only debts are student loans (at such a low rate that I have no intentions of paying it off early), and about 4k left on a car loan that I could probably pay off now if I wanted to.

I'd like to make the most out of my savings account, though, and even though I feel like this should be easy, I can't figure out how little I need to keep in checking. Is there an easy way to figure this out? I know I can move some money to savings now, but I'd love a formula to figure out how much that should be (in addition to the money that I have automagically transferred every month).

Side question - should I put this extra money towards my car loan instead so that I can start saving even more each month? The interest rate on the car loan is between 5-6% if I recall. Online savings is with INGDirect which is somewhere around 1.4%.

Not an IRA, I know that much.

EmpressCallipygos — Fri, 14 Aug 2009 09:32:20 -0800

I want to start a dedicated bank account -- but what specific kind of account? At some point in the future -- possibly this year -- I'll be getting a portion of an inheritance from my grandfather. I've already decided that since he was a MAJOR traveler -- and I'd like to be -- that I want to take a portion of however much I get and start a new account to fund all my travel for the next couple years (it'd be a sort of legacy gesture, plus...money for travel! W00t!).

The question is: what kind of account should I be starting? Ideally, I want something that gets the highest possible amount of interest, but also lets me pull out a chunk whenever I need (maybe just once a year) for plane tickets and such, without getting penalized by any "you can only withdraw money once per year/decade/whatever" fees. I'd feed it once in a while, if I have anything left over from my regular savings or get little windfalls, but that would be infrequent.

So should this be a savings account? A second checking account? A money market? Some other kind of account that I in my ignorance am not aware of?...I'm probably going to keep it all at my main bank just for convenience's sake, unless there are good reasons/better interest with some other source.

Thanks.

Most efficient balance for earning interest?

electric_counterpoint — Tue, 26 May 2009 08:46:44 -0800

Mathematically speaking, what's the optimal amount to keep in an account that earns a high rate below below a certain sum and a very low one above it? So I have an account that pays 4% APY on every dollar balance below $10,000 and 1% for every dollar beyond. To maximize the interest I earn, it seems like I should pack it up with the full $10K, right? But then my annual interest dollars are only getting 1%, so they won't compound as much.

Second question: imagine I have two such accounts, with equal terms, and $10K to distribute between them. Am I right to think the best option is to put $9615 into the first account, $385 into the second, and at the end of the year move the first account's new $385 into the second account (which then has a balance of $385+15+385, given its own interest)? Or am I missing something?

(The account is AmericaNet Bank's rewards checking offering, if you're curious. This question is mostly something I'm curious about rather than something I'd actually do, since earning the 4% on two accounts would require twenty debit card purchases a month, and who knows whether the terms will stay the same for more than a year?).

How to track two debit cards on one account effectively?

skypieces — Wed, 15 Apr 2009 04:10:20 -0800

Two debit cards + One checkbook register = Recipe for disaster. Suggestions? My wife and I have a checking account on which we can use a checkbook or either of two debit cards. I carry one, she carries the other. I usually keep the checkbook since the only thing we use it for are bills we can not pay online/with card. (I usually handle bills.)

Ideally, when paying with a debit card, we enter the transaction in our register as though it were a check purchase, usually immediately at the scene of the purchase. But, since we have two debit cards, we often are left hanging on to receipts with the intention of entering them later. In rare instances we have overdrafted due to lost receipts. But, mostly, it is that little bit of psychic drain that I get from knowing there is a hole in my system. Keeping two separate registers and reconciling them daily/weekly might prevent the receipt chase, but it would still be an extra step that would probably derail our system at some point.

I need to be able to establish a "best practice" routine for both of us that works. Between kids, grad school, etc. we really need something simple and effective. Suggestions?

Best way to get cash into my online checking account?

subclub — Fri, 20 Mar 2009 10:11:04 -0800

What is the best way to get this cash into my online checking account? After dealing with Bank of America for about 10 years I finally shut that account down and I'm doing all my banking online (Fidelity). I never really deal with cash at all so it has worked beautifully.

Well, until now. I just sold some stuff and have a few thousand dollars in cash that I'm not really sure what to do with. Fidelity won't accept cash deposits, even at their physical branches. I don't have an old school bank account to make a deposit with (and I really don't want one; this is something that might come up once every 2 or 3 years).

Is anyone else in the same boat? How do you deal with this? Will a bank write me a check for my cash if I'm not a customer? Should I just give the cash to a friend with a checking account and get a check from him? I don't necessarily want to saddle a friend with a big wad of cash.

Help me before I just head to the nearest strip club!

Pragobanky?

DLWM — Tue, 21 Oct 2008 14:48:07 -0800

Any bank recommendations in Prague? I need to open a Czech bank account so I can get direct deposit from my Czech employer. My main bank account is in the U.S., so the Czech one would be for checking only -- savings not required. Anyone have any experience and suggestions?

All I'd be using this for is simple checking... withdrawing cash at the ATM and using a check card for purchases. Being able to check my account online would be a major, major plus, though. And of course I want to keep monthly fees and ATM/check card usage fees as low as possible...

Oh, and in case it's not clear: I'm physically located in Prague. Using the account outside of the country would be nice, but isn't that high on the priority list.

Help me earn 4.5% APY in my rewards checking account!

charlesroper — Wed, 08 Oct 2008 08:40:30 -0800

In order to earn 4.5% APY in my checking account, I need to make 12 debit card purchases/month. What is the cheapest, most automatic, least time consuming way to do this? I have this rewards checking account.

This question has been asked before, but there were only a couple answers that fit my situation. The ones I liked the best were the AmazonS3 idea (@ $0.15/charge) and the Google checkout idea (@ $0.20/charge).

Let me make this very clear - I will not use my debit card for regular purchases (groceries, gas, coffee, etc.), so please refrain from suggesting that. I am simply looking for very cheap items/services to pay for online that can be setup to charge automatically every month - I probably won't even use the service - I'm just trying to earn that 4.5% APY on a sizable balance in my checking account.

What ideas do you have that are automatic and can beat ~$0.20/charge?

Wamu failure: Action items?

everichon — Mon, 15 Sep 2008 08:04:55 -0800

We have some money in a Wamu checking account, and an equity loan. Since the word is that Wamu is teetering, what should we expect to happen to the checking account money and the equity loan? Specifically:

* If they get bought up, will we lose anything?
* If they simply fail, will we lose anything?
* Does it make sense to yank our checking account?
* What happens to your loan when your lender folds? (I know you don't get off the hook, I just want to know if there are action items).

Do I need checks?

Riverine — Tue, 12 Aug 2008 19:20:06 -0800

I'm thinking of moving entirely to online bill pay. Have I thought this through? Will I regret having no way to write a paper check? I'd like to simplify my banking life by moving entirely to paperless banking, This is 80% done, but I still write checks for rent, massage, dog license and other random things. If you've moved away from checks, what expenses do you have to scramble to deal with, which I might not have thought of: deposit for a new apartment? The plumber? Help me know what might come up.

Thanks!

Word for, less hassle to comply despite legal right to refuse?

vanoakenfold — Sat, 12 Apr 2008 19:25:47 -0800

Is there a term for a situation where, despite the fact that it would be within one's legal rights to refuse, simple compliance would save more hassle than arguing the point? I'm currently in an online discussion regarding my outright favor toward people showing their receipt to the receipt-checker at the exit of a retail store. Simple compliance with a hassle-free (if you have equal or greater manual dexterity than say, a manatee) request like this is far beyond any hassle that would occur than if one were to attempt establish the right as true and getting company security involved, etc., considering it is direct refusal to cooperate with a fatuously uncomplicated request (otherwise being a major red flag that you're being dishonest, despite whether you are completely innocent). It's like outrightly refusing to breathe in deeply when a doctor asks you to -- you don't legally have to, but umm.. hello. I digress.

Is there perhaps also a term to therefore describe a person who believes compliance to such an incalculably insignificant hassle is far simpler than to stir up trouble by refusing, demanding to speak to management, etc, despite the perfectly (but lesser known) legal right to refuse?

Always looking for a better bank...

infinityjinx — Tue, 15 Jan 2008 12:50:12 -0800

I used to consider Commerce the 'poor man's bank' because virtually everything was free. Not so anymore, since I just noticed I'm paying $15/month for a checking account. So, hive mind, where am I opening my new checking account? Requirements within... The reason I am paying a monthly fee for my Commerce account these days is because it often dips below the minimum of $100, and apparently they don't offer 'totally free checking' anymore like they used to. Although I am not a student right now, I live paycheck to paycheck, and sometimes I only have 50 cents in my account. I need this to not be a problem. I am somewhat charmed by Washington Mutual, because there is no minimum for free checking - however, I hear they charge an extra $2 when you use non-wamu ATMs, on top of the ATM fee. That is ridiculous...

To reiterate, what I need is:
No monthly fee, no minimum balance
No extra charges on top of regular ATM fees
Online banking
ATMs/branches in NYC

Is there hope here??
Thanks!

Why am I being bribed to use direct deposit?

TheOnlyCoolTim — Thu, 27 Sep 2007 21:03:25 -0800

Why is my bank bribing me for using direct deposit? So I moved & got a new checking account. When I'm setting up my account they tell me that I will eventually receive $200 or so total of bribes in actual money in my account if I keep having direct deposits put in. I have no choice but to be paid by direct deposit, so I'm getting this bribe, but I can't figure out the cui bono of it all. I know, for example, that they give me stupid useless kickbacks ($3,750 = a movie ticket) for going to the hassle of using my debit card in Credit rather than Debit mode because they make, say, $0.30 + x% per Credit transaction rather than just $0.30, but I can't figure that they're saving $200 by not having to process a couple checks each month even if I had this account for decades, unless they have some grand scheme to eliminate the paper-check-cashing machinery entirely, which seems unlikely.

The best I can figure is that they're trying to keep me on since I won't want to change all my direct deposits but it seems like a lot of money for that and I feel like there's probably some more direct benefit to them. I didn't find that they were making big money off each ACH transaction, for example.

It's not me the ID thieves are killing. It's poor Mr. Quicken down the street.

rileyray3000 — Tue, 15 May 2007 18:58:12 -0800

Lots of closed accounts. A few ID thefts. And hell on the checkbook balancing. Here's the magic question: how will it affect my Quicken? I've been a victim of ID theft a few times. Largely on the part of my bank, who seems to keep handing out my info to random homeless people when it's drunk. I find out when I get a notice and a new card in the mail that says "sorry" and "cut up your card and open a new account.'

It's amazing how many times I'll come back for hot bank cashier girls.

But here's where it gets tricky. I've just started using quicken. I needed to get the info from several closed accounts. It was tough but I did it. Now I've got several dead accounts in my list and it seems to take forever to get online info from them.

How does one clear the money corpses but still hold onto their reciepts?

Also, whomever answers this the best should expect several quicken followup questions in the future, as I'm just learning how to move past the 100 reciepts in an envelope field of my life.

Okay, now give me something that doesn't flap its ears

Skyanth — Fri, 16 Feb 2007 01:24:02 -0800

How do I get notified of new email without a computer? I used to have my PC on all the time. After a set time it would put its harddisk and monitor to sleep and just sit there humming (loudly) and giving me a ding dong if I had new mail.

Now I have a MacBook. It is awesome, it is beautiful, it's silent, but of course when I close the lid it goes to sleep completely. This is fine, mostly; I don't want to use InsomniaX or anything, I like that it goes to sleep. But I miss my ding dong. Yes, I'm a mail junkie.

I think the solution is some kind of standalone mail checker that sits on my desk and taps into my wireless network and does "something" to notify me of new mail, but the only thing I can find is Nabaztag, which, while cute in a disturbingly absurd way, is just a bit too much, both as a concept and financially. Are there alternatives?

Where can i find interest rate listings of banks in NYC?

TwilightKid — Thu, 24 Aug 2006 08:01:12 -0800

Rather easy question with a long explanation behind it. What is the website where I can look up what different banks are offering as interest rates? I'm in NYC and considering switching banks because of a potential problem I see developing...More inside.... I currently have my checking account with 'WaMu'. My savings is in the mid-five figures, and I am currently getting a pretty decent 3.92% interest rate, which is alot better from random advertisements I see from other bank ads.

I am also currently set up with their free bill pay service. Where I simply log onto my account, and tell them to pay the bills, and 'WaMu' will print out a check, deduct from my account, and send it off.

About 2 months ago, I go in and pay 3 bills, all with plenty of time for the checks to arrive to their destination. Starting last month, I started to get my new bills in the mail, and I realize that the three bills from the previous month are deliquent.

I check with each account, and they inform me that payment was never recieved. I check with 'Wamu', and find out that due to some sort of heat wave or fire in their West Coast headquarters, that some of their computers were damaged and the bill pay stuff got screwed up.... (to date, it is still not functional)..

'Wamu' credits my accounts with the funds that were taken out to pay the original bills. I then proceeded to write out checks to clear up all the old balances....

Now the problem: With two of these accounts, I was given late fee penalties totalling $85 dollars.

I spoke with a 'Wamu' representative and asked her if I would be credited the $85 dollars because the whole ordeal was not my fault. I dont remember the full explanation she gave me, but she tried to tell me, that it was not directly their fault either, and it was one of those 'act of god' situations, and they wouldbnt be able to credit me for the late fee's. She also mentioned all the terms of service, yadda yadda, stuff i agreed to when i signed up... I call B.S...

Granted, the heat wave or whatever knocked their computers offline wasn't directly their fault, it certainly wasn't mine either. I followed the correct procedure to pay my bills through their service, and 'Wamu' didnt deliver. I dont care what the terms of service say; why should i lose out on the $85 for somethign that fully wasn't because of my doing.

Attempts to speak to a higher up didn't work. 'nobody' was ever available by phone. so I am going to go into a actual branch near me, and speak to the highest up person I can...

I plan to stay civil and polite, cause I know the people I am dealing with werent at fault, but I am also going to make it clear to them, that I will be prepared to pull my mid 5 figure account out of their establishment should we nt be able to come to a mutually beneficial solution. I'd be even willing to split it with them.

So, I'd like other options to put my $$ into, in case iI need to walk.

thanks for reading.

What happens if I write a check with disappearing ink?

whoda — Fri, 25 Mar 2005 09:45:09 -0800

If I go to a store, and 'inadvertently' write out a check, useing a pen that has disappearing ink, what will happen when the check can't be processed? I know that with the new 'Check 21' program, the actual checks aren't sent to my bank, but if the ink disappears before the check gets scanned by the stores' bank, what happens?

Where to Store a Suitcase in NYC?

4easypayments — Sun, 31 Oct 2004 15:31:42 -0800

Checking a suitcase in New York City: is it possible? I'd like to leave my suitcase somewhere for the day. Many moons ago, I checked my bag at Grand Central Terminal, but I've heard that the luggage room was discontinued after 9/11. Does anyone know if it's back (or have other suggestions)?