I like to save money—in fact, since the economy has taken a downturn, I have made it a goal of mine—to see how much money I can save (on things I thought I could NEVER do without—- like the latest suede boots) and deposit into a Roth IRA or other retirement account. Last year I fully contributed to my Roth IRA without making anymore money than the year before! Success! Always up for a challenge, I was stoked.
I wrote this blog post about how to cut corners and save money, and it has some great painless ways to do so—-if it’s not painless, then count me out.
I recently decided to move my money from a big bank to San Diego County Credit Union. No need to say which big bank, but it was a moral choice as well as a financial decision.
Internet Bill Pay: I have been paying my bills online for 14+ years. I love this feature and it saves me time and makes paying bills a snap. However, with the big banks, when you pay a bill and it is a “paper check”— not an EFT (electronic funds transfer) your funds are withdrawn on the day you pay. There is a 5 day lag time with paper checks to account for mailing. Thus if you used Bill Pay to pay a bill of $200 on 1/5 that was due on 1/10 and it was in the form of a paper check, the funds would be withdrawn on 1/5. At SDCCU, funds are not withdrawn until the day you want the vendor to receive payment . So this $200 would stay in your account for another 5 days.
Why should I let the big banks float my money for 5 days, when indeed that extra 5 days will give me some breathing room and flexibility -sometimes the rents in my Property Management business are received a few days after the 1st.
This is not the only benefit. I have found SDCCU customer service to far outweigh the big banks, and check deposits are available immediately, instead of waiting 2 business days for them to clear.
Look into moving your money to take advantage of other benefits San Diego County Credit Union offers you!