Comments on: Diversify Your Online Bank Accounts

By: Madeline

Madeline — Wed, 15 Jul 2009 15:06:49 +0000

I decided to test out the phone banking at USAA after reading this article.

Over the phone, it listed all of the accounts (including the external ones) I had linked to my checking account.

I don’t think it would be a problem!

By: Darin

Darin — Wed, 15 Jul 2009 14:24:06 +0000

That’s the comment I was going to make as well. ING also lets you do your banking through the phone. PIN # is the same as online. I haven’t used the phone option myself, but I’m assuming that you would be able to transfer money to your linked account.

By: eric

eric — Wed, 15 Jul 2009 01:23:02 +0000

Never had a problem but thanks for the heads up!

By: Patty

Patty — Mon, 13 Jul 2009 20:33:18 +0000

It is definitely ACH and not wire transfers.
I am able to ACH out of wachovia for free by pulling from another account, but would be so much simpler if Wachovia had free ACH both ways.

Oh well, for several reasons,they went from holding a lot of money to direct deposit of a small part of income that goes right out to pay bills. Basically maintaining it to have a close B&M, next day fund availability,
and a close, free safe deposit box.

By: Julio

Julio — Mon, 13 Jul 2009 16:19:10 +0000

Some banks do charge for ACH transfers. Bank of America charges $3 for outbound ACH transfers and Chase (who took over WaMu) will be charging us for outbound ACH transfers as starting this month, which is not fair because I was able to transfer in both directions for free from WaMu before they were swallowed by Chase.

By: MoneyNing

MoneyNing — Mon, 13 Jul 2009 15:57:40 +0000

ACH transfers requiring a fee does sound a little surprising. Make sure you are setup for ACH and not wire transfers.

Just a brief explanation, wire transfers are processed through the Federal Reserve
Wire Network and money is sent very quickly (I’ve seen them being processed the next business day every time I do it) while ACH stands for Automated Clearing House where the transfer act like electronics checks and it takes a few business days to settle.

By: Julio

Julio — Mon, 13 Jul 2009 15:14:32 +0000

I have multiple online accounts, but I always link them both ways, meaning that my Ally bank is linked by my WaMu (Chase) account and my WaMu is linked to my Ally. That way I can ‘push’ or ‘pull’ funds from either side. In addition to that, I usually link my online accounts to each other, so My Ally is linked to my FNBO and vice-versa, so when rates change, I can transfer funds laterally, instead of down to my checking and then back up to the other account. In all I have about 6 online accounts, because I use different accounts for different savings goals, but that is off topic.

By: Andrew

Andrew — Mon, 13 Jul 2009 14:13:17 +0000

No computer system has 100% uptime. If I need my savings that fast, I must be saving too much and reserving too little for current consumption.

By: Wizard Prang

Wizard Prang — Mon, 13 Jul 2009 12:35:16 +0000

Because a few hours’ delay may translate into a day late and a dollar short…

The whole _point_ of a web-based bank is 24/7 availability.

By: Wizard Prang

Wizard Prang — Mon, 13 Jul 2009 12:33:16 +0000

Perhaps that’s the reason that I have heard them referred to as “Walk-all-over-ya”

By: DDFD at DivorcedDadFrugalDad

DDFD at DivorcedDadFrugalDad — Mon, 13 Jul 2009 02:47:32 +0000

I am a firm believer in multiple bank accounts in multiple banks– on-line or bricks and mortar . . . just the smart thing to do.

By: Matt Jabs

Matt Jabs — Mon, 13 Jul 2009 00:31:14 +0000

I’ll be going with a local credit union to diversify my accounts. Having ING is GREAT, but the limitation on deposits and the lack of diversification is leading me toward opening the CU account. Now I just have to settle on a good CU!!

By: Patrick

Patrick — Mon, 13 Jul 2009 00:10:17 +0000

This is a great idea. I currently only have my money in one online baking account and that does become a problem sometime. There was an instance in which I needed the money out of the account, but my account got frozen as a result of their stupidity and couldn’t get me the money fast enough. It would have been nice to have at least another account.

By: Andrew

Andrew — Sun, 12 Jul 2009 18:49:35 +0000

If you’re sure nothing is wrong, what difference does it make if you can’t transfer money for a few hours?

By: Madeline

Madeline — Sun, 12 Jul 2009 02:07:04 +0000

The other thing to remember is that many of these banks also have options for phone banking in case their website goes down.

I bank with USAA & Ally online, and I could get the money I need transfered to my “unaware” brick & mortar checking account if there were a problem.

Those banking numbers are always good to have on hand.