We have 3 accounts with them, all of them are checking. Bank of America let's you give the accounts nicknames so I've set them up as like this:
Accounts Payable: This is account is free with direct deposit. My paycheck and company reimbursements are deposited in to this account. The goal is to pay all bills and liabilities from this account. This is the only account that we use checks and all Bill Pay is handled from this account. This account is also linked to outside savings accounts like Discover Bank and stuff like Paypal. The name according to Wikipedia fits perfectly:
"In households, accounts payable are ordinarily bills from the electric company, telephone company, cable television or satellite dish service, newspaper subscription, and other such regular services. Householders usually track and pay on a monthly basis by hand using cheques or credit cards".
Savings Accounts: This account is free with my wife's direct deposit. This is our main savings account but I also keep our emergency fund here. This account always has $1,000 in it in case anything crazy comes up. My wife's paycheck is also the money we live on so I regularly transfer money to our checking account.
Checking Account: This is our daily spending account. This is the only account that has check cards but no checks. Stuff like gas and groceries comes out of here. I always keep a very low balance to prevent fraud and I also order new check cards every six months. This account is free with Bank of America online only checking. I have to do all our banking like deposits and withdrawals from the ATM machine.
Here is what it looks like online:
My Portfolio links all my other accounts in to one place. When I click that link all my balances from 401k, 403b, Vanguard, Scottrade etc are displayed on the screen- also free!
What do you think? is there a perfect way to bank?
HS
5 comments:
Of course even the Bank can be hacked...
http://www.thehackernews.com/2011/03/thousands-of-bank-of-america-accounts.html
HS
I have a hate hate relationship with bank of America. They would constantly hold transactions to where I was always overdraft. I paid more 35 dollar overdraft fees to 3 dollar purchases than I could count. I finally closed it.
It looks like you have quite a handle on your money situation. We just dump everything in one account and try to account for all of our spending.
Hey Girl! I know exactly what you're talking about LOL
http://www.ourdebtblog.com/2010/06/i-hate-bank-of-america.html
I like your approach. It keeps it simple. I too have B of A, here in California, but I have an okay relationship with them.
I use a teacher's credit union, and I love it! I have a checking and savings. My car loan is through them and my only credit card (which I never use, but keep just in case), so I see all of those accounts when I login. They are also my car and renter's insurance broker. I really like them and it's nice to have all that in one place.
I think accounts are a "whatever works for you" kind of thing. If it works, keep doing it!
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