Forums
New posts
Search forums
What's new
New posts
New profile posts
Latest activity
Internet Search
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Forums
General Discussions
The Watercooler
Angry with my bank policies... rant
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="emotionallybankrupt" data-source="post: 330732" data-attributes="member: 8226"><p>A strategy I started using several months ago is to use my HELOC as my primary checking account. I'd heard this worked to the customer's advantage, and the response when I called the bank to inquire was very interesting.... </p><p> </p><p>"Wouldn't that lower my monthly interest accrued on that account since it would lower the average daily debt?".... "Well, yes ma'am, but not by that much."</p><p> </p><p>"Well wouldn't my savings be more than the few cents I'm earning a month on my checking account?" ... "Well, yes ma'am, but you have the convenience of the checks with your checking account."</p><p> </p><p>"But sir, the bank has already sent me a supply of checks for the HELOC. Don't they work just the same?".... [pause] "Well, yes, but then there's your debit/atm card..."</p><p> </p><p>"Can't you send me one for the HELOC?" ... [longer pause] "Yes, I guess that would work." </p><p> </p><p>"So is there anything my checking account does for me that the HELOC can't do?" ... "Well, I guess not, but you have an excellent interest rate, and you won't save much from month to month."</p><p> </p><p>"Ok, thanks," I replied, finally satisfied there seemed to be no holes in my plan.</p><p> </p><p>For about the past six months, I have immediately transfered every paycheck from my checking account to my HELOC, and then I pay bills from there (usually with online bill pay--also available from the HELOC just like from any checking account)--lowering my net monthly interest paid while at the same time giving me built-in, FREE overdraft protection. I also like not having to worry about messing up and forgetting a HELOC payment. I've had no trouble with scheduled online payments from the HELOC, same as other accounts. The ONLY inconvenience at all that I've found is that most bank tellers are initially confused when I go in to make a deposit to the HELOC, if some entity has paid me with a check that I want to deposit. Traditional deposit forms don't work, since it is technically a payment to a credit account. They get help from a more experienced employee and get it done, though.</p><p> </p><p>I've kept my checking account active as the landing point for my auto deposit paychecks, so that I keep both doors open, but so far I've found no glitch in the system. I've been consistently transferring the money online to the HELOC within 24-48 hours after it hits the checking account.</p><p> </p><p>The guy was right that I'm not saving much more than would pay for a happy meal, but it sure is more than the 2-11 cents I'd been earning on the checking account!</p><p> </p><p>Anybody else ever done this? Or...does anybody see a disadvantage I've not found yet?</p></blockquote><p></p>
[QUOTE="emotionallybankrupt, post: 330732, member: 8226"] A strategy I started using several months ago is to use my HELOC as my primary checking account. I'd heard this worked to the customer's advantage, and the response when I called the bank to inquire was very interesting.... "Wouldn't that lower my monthly interest accrued on that account since it would lower the average daily debt?".... "Well, yes ma'am, but not by that much." "Well wouldn't my savings be more than the few cents I'm earning a month on my checking account?" ... "Well, yes ma'am, but you have the convenience of the checks with your checking account." "But sir, the bank has already sent me a supply of checks for the HELOC. Don't they work just the same?".... [pause] "Well, yes, but then there's your debit/atm card..." "Can't you send me one for the HELOC?" ... [longer pause] "Yes, I guess that would work." "So is there anything my checking account does for me that the HELOC can't do?" ... "Well, I guess not, but you have an excellent interest rate, and you won't save much from month to month." "Ok, thanks," I replied, finally satisfied there seemed to be no holes in my plan. For about the past six months, I have immediately transfered every paycheck from my checking account to my HELOC, and then I pay bills from there (usually with online bill pay--also available from the HELOC just like from any checking account)--lowering my net monthly interest paid while at the same time giving me built-in, FREE overdraft protection. I also like not having to worry about messing up and forgetting a HELOC payment. I've had no trouble with scheduled online payments from the HELOC, same as other accounts. The ONLY inconvenience at all that I've found is that most bank tellers are initially confused when I go in to make a deposit to the HELOC, if some entity has paid me with a check that I want to deposit. Traditional deposit forms don't work, since it is technically a payment to a credit account. They get help from a more experienced employee and get it done, though. I've kept my checking account active as the landing point for my auto deposit paychecks, so that I keep both doors open, but so far I've found no glitch in the system. I've been consistently transferring the money online to the HELOC within 24-48 hours after it hits the checking account. The guy was right that I'm not saving much more than would pay for a happy meal, but it sure is more than the 2-11 cents I'd been earning on the checking account! Anybody else ever done this? Or...does anybody see a disadvantage I've not found yet? [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
General Discussions
The Watercooler
Angry with my bank policies... rant
Top