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]]> By: Myleshttp://www.pcmech.com/article/online-banking-dos-and-donts/comment-page-1/#comment-44211 Myles Thu, 20 May 2010 22:36:12 +0000 http://www.pcmech.com/article/online-banking-dos-and-donts/#comment-44211 I am an elderly gentleman and was the first kid on my block to get an ATM card, and my bank an ATM machine! LOL! I use on-line banking & billpay for everything. I have a "paper" budget that shows who & how much I pay each month and at the end of the month I write into my check register all payments and then show them on my "paper" budget. It shows the amount due, balance due, and then subtracks my income to show how much is left at the end of the month for my "slush" fund. By knowing what day a payment is due and how much it is, allows you to better budget your money and also allows you to utilize your interest-bearing account to its mazimum advantage, because some payments are made electronically while others are actually made by a check (CheckFree) sent from your bank. You can also have your on-line banking center or creditor send you an electronic notice of a payment paid/due, so not to miss a bill or notation for your register. You do need to micromanage your money a bit, but if you also use transfers from your savings to checking (I do not have both linked to my ATM card, should I lose the card, I don't want to get wiped out, completely! Also, for my safety, I use my savings account as my overdraft account for both my checking and credit card, all from the same bank) whenever you need to make an odd not normal check to someone, you just log-on and have it sent out from the bank. I never write a check to anybody these days and haven't, in years. Most banks keep paper records for several years and there really isn't any reason, either, why you would want to have paper-cluter around, anyway. If you are anal about needing copies of anything, scan it and put it all on a flash-drive in folders, with a DVD copy! I do, very seldomly, need to get a check out in a hurry, so I have over-nighted it to some people. Because this is now the 21st century, I have a 2nd checking account that i use for my slush fund (and not for paying bills, as from my "primary" account), and have some people that I allow to make deposits into (for personal debts owed and rental payments to me), but not out of. If you have children, as an example, you can also transfer money into their accounts, even if they are on vacation outside the country, and it will show up at 12:01am, into their accounts (all done at home, in your underware, while sitting in front of your PC, instead of having to run around to a "bank" to do it)! As far as my experiences with late payments, here is a scenario: Be aware of when your payments are due, and change their payment dates if need be. Example: If a payment is due on a Friday, and it is a hoiliday weekend, you can bet your buns the office receiving your check will close at noon, or the people doing the processing will stop working at noon. So, your check sits unprocessed until TUESDAY, when everybody comes back from their long weekend. Problem is, that they will probably NOT get to your payment until later in the day on Tuesday, and it still might not show up on your account until Wednesday. So, kick back the payment arrival date a day or two for those holiday weekends! And, yes, I do firmly believe that some businesses do this on purpose. For obvious reasons, I won't mention their names. YOU need to be aware of when your payments are due to arrive and need the initiative to make sure they arrive on time. Only send money to people with Friday due dates, that you trust! I had a credit card account that I had paid off and closed, because they were always screwing up my payments that were received by them and due on Fridays. They even refused to change my due date. They came out with a new plan to take the payment from my account when due and I let them have at it, instead of me sending it to them, when it was due. The first time they posted it late, I gave them the tongue lashing of a lifetime, over the phone, for posting it late. "Afterall, it was YOU who was responsible for taking it out of my account and making the payment" and "NOT ME!" HaHa! They had nothing to say about it, fixed the problem, and was lucky I didn't sue them back to the 18th century! Yes, banks sometimes are liars and cheats. Something we've all learned recently, and of which, is my opinion (little disclaimer here). Kids, watch your money. You worked too hard for it to let someone steal it from you! Don't wait until you get a bunch of $50 late fees before you start paying attention to it. I am an elderly gentleman and was the first kid on my block to get an ATM card, and my bank an ATM machine! LOL!
I use on-line banking & billpay for everything. I have a “paper” budget that shows who & how much I pay each month and at the end of the month I write into my check register all payments and then show them on my “paper” budget. It shows the amount due, balance due, and then subtracks my income to show how much is left at the end of the month for my “slush” fund.
By knowing what day a payment is due and how much it is, allows you to better budget your money and also allows you to utilize your interest-bearing account to its mazimum advantage, because some payments are made electronically while others are actually made by a check (CheckFree) sent from your bank.
You can also have your on-line banking center or creditor send you an electronic notice of a payment paid/due, so not to miss a bill or notation for your register. You do need to micromanage your money a bit, but if you also use transfers from your savings to checking (I do not have both linked to my ATM card, should I lose the card, I don’t want to get wiped out, completely! Also, for my safety, I use my savings account as my overdraft account for both my checking and credit card, all from the same bank) whenever you need to make an odd not normal check to someone, you just log-on and have it sent out from the bank. I never write a check to anybody these days and haven’t, in years. Most banks keep paper records for several years and there really isn’t any reason, either, why you would want to have paper-cluter around, anyway. If you are anal about needing copies of anything, scan it and put it all on a flash-drive in folders, with a DVD copy! I do, very seldomly, need to get a check out in a hurry, so I have over-nighted it to some people. Because this is now the 21st century, I have a 2nd checking account that i use for my slush fund (and not for paying bills, as from my “primary” account), and have some people that I allow to make deposits into (for personal debts owed and rental payments to me), but not out of. If you have children, as an example, you can also transfer money into their accounts, even if they are on vacation outside the country, and it will show up at 12:01am, into their accounts (all done at home, in your underware, while sitting in front of your PC, instead of having to run around to a “bank” to do it)!
As far as my experiences with late payments, here is a scenario: Be aware of when your payments are due, and change their payment dates if need be.
Example: If a payment is due on a Friday, and it is a hoiliday weekend, you can bet your buns the office receiving your check will close at noon, or the people doing the processing will stop working at noon. So, your check sits unprocessed until TUESDAY, when everybody comes back from their long weekend. Problem is, that they will probably NOT get to your payment until later in the day on Tuesday, and it still might not show up on your account until Wednesday. So, kick back the payment arrival date a day or two for those holiday weekends!
And, yes, I do firmly believe that some businesses do this on purpose. For obvious reasons, I won’t mention their names. YOU need to be aware of when your payments are due to arrive and need the initiative to make sure they arrive on time. Only send money to people with Friday due dates, that you trust!
I had a credit card account that I had paid off and closed, because they were always screwing up my payments that were received by them and due on Fridays. They even refused to change my due date. They came out with a new plan to take the payment from my account when due and I let them have at it, instead of me sending it to them, when it was due. The first time they posted it late, I gave them the tongue lashing of a lifetime, over the phone, for posting it late. “Afterall, it was YOU who was responsible for taking it out of my account and making the payment” and “NOT ME!” HaHa! They had nothing to say about it, fixed the problem, and was lucky I didn’t sue them back to the 18th century!
Yes, banks sometimes are liars and cheats. Something we’ve all learned recently, and of which, is my opinion (little disclaimer here).
Kids, watch your money. You worked too hard for it to let someone steal it from you! Don’t wait until you get a bunch of $50 late fees before you start paying attention to it.

]]> By: Charles Laughlinhttp://www.pcmech.com/article/online-banking-dos-and-donts/comment-page-1/#comment-22727 Charles Laughlin Sun, 29 Mar 2009 18:01:58 +0000 http://www.pcmech.com/article/online-banking-dos-and-donts/#comment-22727 I have been doing online banking for some 5 years and have never had a problem. I never use automatic drafting as I want the control over when a payment is to be made. I also print out all statements and payment records as I have enrolled in paperless statements for all companies that offer this option. Briefly, I LOVE IT!!!!!P.S. I work for the U.S. Postal Service so I am cutting off my nose to spite my face, but do I care??........Nah!!, not on your life!! I have been doing online banking for some 5 years and have never had a problem. I never use automatic drafting as I want the control over when a payment is to be made. I also print out all statements and payment records as I have enrolled in paperless statements for all companies that offer this option. Briefly, I LOVE IT!!!!!

P.S. I work for the U.S. Postal Service so I am cutting off my nose to spite my face, but do I care??……..Nah!!, not on your life!!

]]> By: Billhttp://www.pcmech.com/article/online-banking-dos-and-donts/comment-page-1/#comment-22471 Bill Tue, 24 Mar 2009 04:38:47 +0000 http://www.pcmech.com/article/online-banking-dos-and-donts/#comment-22471 I've been doing online banking for four years (as of last week) & I love it. With the exception of my mortgage payment (which is auto-draft each month), I log on every Sunday evening & pay all bills due the following week. Altho' going paperless sounds attractive... I'm not ready for it (doubt I'll ever be). I like having paper records. I tend to avoid payments that are not electronic (if someone's going to lick the stamp, I'd just as soon do it myself). For the past 3 years, all my payees accept electronic payments. One problem I can see? The fewer checks I write, the harder it is to write them. Major irritant? Four days to clear electronic payments with fee schedule to shorten delay. That... really bites me. I’ve been doing online banking for four years (as of last week) & I love it. With the exception of my mortgage payment (which is auto-draft each month), I log on every Sunday evening & pay all bills due the following week. Altho’ going paperless sounds attractive… I’m not ready for it (doubt I’ll ever be). I like having paper records. I tend to avoid payments that are not electronic (if someone’s going to lick the stamp, I’d just as soon do it myself). For the past 3 years, all my payees accept electronic payments. One problem I can see? The fewer checks I write, the harder it is to write them. Major irritant? Four days to clear electronic payments with fee schedule to shorten delay. That… really bites me.

]]> By: Rich Mengahttp://www.pcmech.com/article/online-banking-dos-and-donts/comment-page-1/#comment-22390 Rich Menga Sun, 22 Mar 2009 09:10:32 +0000 http://www.pcmech.com/article/online-banking-dos-and-donts/#comment-22390 DiscoverCard openly states it takes 5 to 7 business days for any transactions to be processed. DiscoverCard openly states it takes 5 to 7 business days for any transactions to be processed.

]]> By: Tomhttp://www.pcmech.com/article/online-banking-dos-and-donts/comment-page-1/#comment-22372 Tom Sat, 21 Mar 2009 15:50:09 +0000 http://www.pcmech.com/article/online-banking-dos-and-donts/#comment-22372 I am curious if you can supply a reference on the point that some places will delay electronic payments by seven days? Granted, the sites I deal with may charge you extra to do this, but I have not seen a case where it does not meet their published time table. I am curious if you can supply a reference on the point that some places will delay electronic payments by seven days? Granted, the sites I deal with may charge you extra to do this, but I have not seen a case where it does not meet their published time table.

]]> By: Doctor Gonzohttp://www.pcmech.com/article/online-banking-dos-and-donts/comment-page-1/#comment-22331 Doctor Gonzo Fri, 20 Mar 2009 13:23:51 +0000 http://www.pcmech.com/article/online-banking-dos-and-donts/#comment-22331 I use Quicken to manage my finances and I download transactions from all of my banking and credit card accounts on a daily basis, so I do watch my accounts like a hawk. This has allowed me to go entirely paperless without problem. If I notice a discrepancy on my daily download, I take care of it immediately. I use Quicken to manage my finances and I download transactions from all of my banking and credit card accounts on a daily basis, so I do watch my accounts like a hawk. This has allowed me to go entirely paperless without problem. If I notice a discrepancy on my daily download, I take care of it immediately.

]]> By: Ronald Deminghttp://www.pcmech.com/article/online-banking-dos-and-donts/comment-page-1/#comment-22330 Ronald Deming Fri, 20 Mar 2009 13:14:22 +0000 http://www.pcmech.com/article/online-banking-dos-and-donts/#comment-22330 I use online banking exclusively! I find it very convenient.I can and do monitor my bank account everyday. I use auto drafting for my mortgage and never have had a problem. Using Microsoft Money I and can download my transactions every day!Just make sure you use a very good password!and change it from time to time. Online banking is a great tool to help keep track of your finances and pay bills!It is not a set it and forget it thing! Does require a little work on your part! I use online banking exclusively! I find it very convenient.I can and do monitor my bank account everyday. I use auto drafting for my mortgage and never have had a problem. Using Microsoft Money I and can download my transactions every day!Just make sure you use a very good password!and change it from time to time. Online banking is a great tool to help keep track of your finances and pay bills!It is not a set it and forget it thing! Does require a little work on your part!

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