How Often do you Check your Bank Account?

Working at the bank provides many benefits, and one of them is that it’s really easy to keep an eye on my bank accounts.  I can just pull up our checking accounts, credit card, and mortgage all with the click of a button.  We keep our savings account at ING so I have to log on to another site to be able to check our savings accounts.  I noticed that I check our bank accounts with our main bank a lot more than I do our savings accounts because it’s much more convenient.  After I checked our checking accounts for the sixth time today, I realized that maybe that was a little obsessive. 🙂

When I didn’t work at the bank, I checked our checking account about once a day.  I would check off the transactions that posted to the account and then check the balance.  It worked very well for me!  Now I check our checking accounts at least a few times a day.  I think I probably could cut that down to once a day!

With our savings accounts, I check them roughly once a week.  We have a few different accounts at ING with different purposes, so some of the accounts don’t change as much (emergency fund) as some of the others (car insurance fund).  I think that checking the savings accounts once a week is reasonable.

With our mortgage, I check that online about once a month to make sure that the payments have been posted correctly.  Of course, the mortgage doesn’t change as frequently as the other accounts so it’s nice to not have to keep close tabs on that account.

When you have more bank accounts it’s more to keep track of.  I think as long as you work out a system that works for you, that’s the most important part.

How often do you check your bank accounts?

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Overdraft Fees- Opt In or Opt Out

There’s a new law going into effect on August 15, 2010.  It’s called Regulation E (Reg E), and deals specifically with overdrafts.  Basically now you have to choose to Opt In or Opt Out of overdraft protection.

Currently many banks will approve your debit card even though there is not enough money in your account.  Effective August 15, every banking client will be opted out of overdraft protection unless they choose to opt in. Should you opt in or opt out?

Opt In for Overdraft

If you choose to opt in for overdrafts, your card may get approved even though the funds are not available in your checking account.  This may be good in the event of an emergency where you are stuck with absolutely no cash and your car has broken down, or even to avoid embarrassment when you’re out to dinner with a date and your card would normally be declined.  On the other hand, opting in to overdraft protection would not be a good idea for someone who doesn’t balance their checkbook.  I definitely wouldn’t recommend opting in if you don’t keep up with your balance.  There’s no sense in risking overdraft fees!

Opt Out of Overdrafts

Opting out is just what it sounds like: no overdrawing your checking account with the debit card.  Don’t be overly confident, though: recurring debit card transactions are an exception. If you’ve let your car insurance company charge your debit card, the transaction may be approved even though the funds are not available.  Otherwise, if you don’t have the money in your account, your card won’t get approved to cover the transaction. This is definitely helpful in the fact that you’re less likely to get overdraft fees.

If you don’t do anything, you’ll automatically be opted out of overdraft protection.

Are you going to opt in or opt out of overdraft protection?  Why?

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EverBank Review

I’m always looking for new high yield savings accounts as part of my job working at the bank. I think it’s always good to know where the competition stands. I’ve decided I’m going to start sharing some of my findings here, in hopes that someone can benefit from my research. 🙂 Here’s my EverBank Review:

EverBank Review

EverBank is a bank that I hadn’t heard of, but decided I’d like to check out. EverBank is headquartered in Jacksonville, Florida and is FDIC insured, and carries a wide array of financial products, from checking accounts, money market accounts, high yield savings accounts, and even certificates of deposit.

If you’ve got a decent emergency fund build, you want to look into EverBank.  In 2007, EverBank was named “Best of the Breed” by Money Magazine.  They continue to thrive even in today’s volatile market.

Yield Pledge Money Market Account

EverBank does have a $1,500 minimum opening requirement and if you don’t keep $5,000 in the account, you may be assessed a fee (around $9).  You could use this account to stash your emergency fund or even saving for a house or car.

EverBank does have a three month introductory rate on its money market account, and it’s higher than almost any other high yield savings account I’ve seen currently.

You can direct deposit into an EverBank account.  EverBank’s routing number is 063092110.

You can learn more or open an Everbank account.

That’s my EverBank Review!

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