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I have been having this debate with her for a while... I hate to pull the I make the money trump card and just tell her she has no choice since she does the leg work and pays the bills. But I am feeling like I almost have no choice. I do not think the problem is her wanting to hide money or anything. I watch the finances so I know that is not the case. If anything she may be wanting to control my spending more.
To repeat what someone already said - if it ain't broke, don't try to fix it.
And just because "you make the money", doesn't mean you both don't get a vote on how things are done. You are equal partners.
Never, and I mean NEVER borrow from the same place you save at. If you want to know why, google "right of offset" (for banks) and "cross-collateralization" (for credit unions). They can make for nasty surprises if things get tough.
Every bank and credit union has one service that shines. If your wife has no problem with keeping track, why not use several banks and CU's and enjoy the best each offers. I would suggest finding a good ACH hub for easy free transfers though. Makes the whole "hub and spoke" banking strategy work out much smoother. My recommendations for a hub would be either Alliant CU out of Chicago, USAA or Ally Bank. All three are awesome.
Never, and I mean NEVER borrow from the same place you save at. If you want to know why, google "right of offset" (for banks) and "cross-collateralization" (for credit unions). They can make for nasty surprises if things get tough.
If you don't pay your loans it could be a problem... but otherwise what's the big deal?
I myself use 3 different banks with 5 overall Deposit Accounts...
Checking and MM with Ally (Online Bank)
Checking with Citi (Back-up to Ally)
Checking and Savings with Credit Union....
I have electronic funds transfer set up between all 5 accounts, so I can manage where money goes from what account to what account all online....If I still had to write checks to make transfers I'd shoot myself.
So I agree with having more than one bank....I've just never been a fan of having all my money in one place. I think you wife has the same line of thinking....But I do think she should upgrade her way of moving money around it would be so much more convenient for both of you if she could just do it online instead of writing checks.
You need to spend some time on BOA Portfolio section and learn how it works and you will dump all of you're other accounts. If wife is writing paper checks, she is living in the past.
You can put all of the different bank accounts in BOA Portfolio section and with that one page, you can manage all of your finances, bills, absolutely everything. One click and the page displays all of your different accounts, no need to even go to the other bank accounts, they all show up on one page and they are automatically updated every day.
It's a great system, learn how to take advantage of it's features..
Never, and I mean NEVER borrow from the same place you save at. If you want to know why, google "right of offset" (for banks) and "cross-collateralization" (for credit unions). They can make for nasty surprises if things get tough.
this is a mute point... Those vehicles were paid off years ago with no issue. So I would do it again with the CU in a heartbeat.
Bank of America also allows you to link their Bill Pay to a checking savings account at another bank so it is it possible to pay the cable bill from your credit unions joint checking using Bank of America's Bill Pay system.
And the winner is... you!
My wifed looked into this and was able to link her indy CU and the joint CU to the BOA... So once the verification is complete she will be able to use the BOA bill pay but source from the CU accounts. This solves the check writing.
I am going to get rid of my indy CU account and have my paychecks go directly to the joint CU... So I will have one less account to keep up with and save the step of transferring money from my indy to the joint. Plus the check writing stops.
It's not everything I wanted but I am cool with it this outcome.
Thank you all for the responses.
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