U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-17-2016, 12:09 PM
 
89 posts, read 72,914 times
Reputation: 270

Advertisements

This may be a very rudimentary question and especially in this era of technology, but for those of you who have multiple investment accounts (stock trade, money market, etc) are you very comfortable setting up automatic drafts between financial institutions? Anything to beware of? Anyone leave it on 'auto-pilot'? Or do you check behind every transaction?

I can see spreadsheet management going forward...
Reply With Quote Quick reply to this message

 
Old 03-17-2016, 12:20 PM
 
Location: Houston/Brenham
4,121 posts, read 4,727,878 times
Reputation: 7586
Quote:
Originally Posted by joni78 View Post
This may be a very rudimentary question and especially in this era of technology, but for those of you who have multiple investment accounts (stock trade, money market, etc) are you very comfortable setting up automatic drafts between financial institutions? Anything to beware of? Anyone leave it on 'auto-pilot'? Or do you check behind every transaction?

I can see spreadsheet management going forward...
I use both manual and automatic transfers. Never had an issue with any of them, and this is going back years, maybe decades. For example, I have Vanguard set up so I can go online, and wire money from them, to my bank. It shows up 2-3 days later. Or have Schwab draw money from the bank, for an auto-purchase plan (no longer active, but it worked for years).

Only way to travel!
Reply With Quote Quick reply to this message
 
Old 03-17-2016, 12:26 PM
 
Location: Backwoods of Maine
7,126 posts, read 8,191,661 times
Reputation: 18808
I do check out the transactions monthly, but that's just the way I am (!). So far, no problems.

We travel from north to south and back again a few times a year. We never carry cash beyond what we need for the trip, to avoid chance of robbery. Once we get there, we go to an ATM for cash. If we need more, we just transfer online between accounts. It's always been accurate.

I think that leaving all your eggs in one basket is far more dangerous. Spread it out!
Reply With Quote Quick reply to this message
 
Old 03-17-2016, 12:30 PM
 
29,913 posts, read 34,981,661 times
Reputation: 11812
Quote:
Originally Posted by joni78 View Post
This may be a very rudimentary question and especially in this era of technology, but for those of you who have multiple investment accounts (stock trade, money market, etc) are you very comfortable setting up automatic drafts between financial institutions? Anything to beware of? Anyone leave it on 'auto-pilot'? Or do you check behind every transaction?

I can see spreadsheet management going forward...
auto pilot and check. I check banking balances almost daily and when I get notification of a investment deposit verify checking my bank etc. I am always on the lookout for fraud.
Reply With Quote Quick reply to this message
 
Old 03-17-2016, 02:06 PM
 
1,228 posts, read 1,267,799 times
Reputation: 4320
I have a special checking account in my main brick and mortar bank with just enough money.... like $10... in it to keep it open. I use that account for transferring money between all of my other accounts. I figure this way if something goes wrong, there isn't much money in that account at any given time to be stolen. That $10 checking account is the only link for all of my accounts.
Reply With Quote Quick reply to this message
 
Old 03-17-2016, 02:29 PM
 
2,994 posts, read 2,723,439 times
Reputation: 5699
Quote:
Originally Posted by LookingatFL View Post
I have a special checking account in my main brick and mortar bank with just enough money.... like $10... in it to keep it open. I use that account for transferring money between all of my other accounts. I figure this way if something goes wrong, there isn't much money in that account at any given time to be stolen. That $10 checking account is the only link for all of my accounts.
So you transfer money into that $10 checking account only as needed? That is a good plan.

I also do not keep much money in a checking account in case something goes wrong, but I keep more than $10. I think my bank has a $100 minimum for my checking account.

I don't do automatic transfers. All of my accounts are online and I do everything either manually online, or in person at a branch office, or by mail (occasional deposits). I no longer transfer between accounts using telephone transfer after recently giving the lady at the other end of the phone the name on the account, my full name, my date of birth, my address, my former address, the branch I opened the account at, my phone number, and my e-mail and she could not perform a transaction because it just wasn't enough information.
Reply With Quote Quick reply to this message
 
Old 03-17-2016, 03:04 PM
 
Location: WA
5,399 posts, read 21,449,626 times
Reputation: 5914
I only push funds from my brokerage accounts.

I use a credit union account to allow automatic drafts and move money to it monthly.

I have been doing this for over twenty years without a problem.
Reply With Quote Quick reply to this message
 
Old 03-17-2016, 03:07 PM
 
Location: Florida
4,406 posts, read 3,743,044 times
Reputation: 4184
Automatic and manual, no problems.
Depending on the institution you might be able to have money moved when an account get to x dollars, have all income for the month moved at month end etc.
Reply With Quote Quick reply to this message
 
Old 03-17-2016, 04:34 PM
 
Location: Texas
1,976 posts, read 1,385,946 times
Reputation: 6785
Quote:
Originally Posted by LookingatFL View Post
I have a special checking account in my main brick and mortar bank with just enough money.... like $10... in it to keep it open. I use that account for transferring money between all of my other accounts. I figure this way if something goes wrong, there isn't much money in that account at any given time to be stolen. That $10 checking account is the only link for all of my accounts.
I'm just the opposite and like to keep a large amount in the checking account and the money market account. I usually buy everything using credit cards and pay off at the end of the month. I write checks for big ticket items such as cars. If my checking account gets into the six figure range I transfer 40% or 50% into the money market account. I also use only credit cards, I have never owned a debit card. I get an email notice of every transaction.
Reply With Quote Quick reply to this message
 
Old 03-17-2016, 06:42 PM
 
1,228 posts, read 1,267,799 times
Reputation: 4320
Ok, I don't think I explained this correctly. Let me give an example.

I have a joint checking account. That is the account I use to pay bills. At the beginning of each month I deposit money into it. At the end of the month theoretically it should have nothing left.

However, I also have a "special checking account for transfers only" which has $10 in it to keep it open. This is how I use the special checking account:

Suppose I want to transfer $10,000 from Vanguard to Fidelity. I will transfer $10,000 from Vanguard to the special checking account and have $10,010 in the account. Then I will go to my Fidelity account and I will transfer $10,000 from the special checking into my Fidelity account. My special checking account will be back to $10. Since every individual account only links to the special checking account, it will never have a lot of money in it at any given time as money flows through it quickly. From the Fidelity account I have no access to the Vanguard account and vise versa. The special checking account cannot originate transfers.

My thought is that if someone were able to hack into my Vanguard account and withdraw all of the money, they would be unable to access any other account except for the $10 special checking account. That would leave my other accounts safe. Since there are no ties between the accounts anyone hacking into one account would not know of any other existing accounts. If someone were to hack into my special checking account, they would only be able to withdraw $10 because it cannot initiate transfers.

Last edited by LookingatFL; 03-17-2016 at 06:51 PM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top