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Mrs. Micah took the first step in October’s goal of combining finances

I opened a checking account with Wachovia. They offer free checking, they have branches near us, and even ATMs on the way to my work.

Because I did it online, it’s in my name, but Mr. Micah and I are going to our branch on Saturday morning to add him as an equal user. We’ll want both of our names on the checks and such.

Then, on Tuesday, I’m going to fax this info to my temping company and have them change my direct deposit info ASAP (I plan to keep the old checking account open at least through this month). If he gets smoothly on the account, Mr. Micah will probably do the same.

Once we have debit cards, we can transfer most of our old checking accounts into this new one. (I plan to close my old one since it charges a fee…if I want my own, I’ll do it through Wachovia) Leave some in there to cover any purchases which haven’t processed yet. I’ll double check outstanding checks as well. There should only be the rent one and it’ll process by the end of the month. I guess we’ll transfer our savings into the Wachovia checking account as well to set up for the next step.

After we get this sorted out, we’ll open a linked savings account with ING. They don’t have the highest interest, but they’re easier to use. I’m not looking for high interest in my savings, just enough to beat average inflation. I’ll use CDs and money markets for higher-interest stuff. My old savings was at .20%. Eeesh. 4.3% looks like heaven.

So it’s only the 5th and I’m already on my way to finishing a goal for the month. A lot is still just outlined steps, but I like to know where I’m going. Fortunately, I only have one automatic billing. I’ll leave enough in my account to cover it for this month and then call them with my new account info after the 13th, when they charge me.


Swamproot October 5, 2007 at 6:42 pm

I’ve just went a similar route, I have always had my checking account in my hometown bank about 50 miles away. I kind of liked it that way so I wouldn’t just be stopping in and getting withdrawals.

I also resisted getting a debit card for that account because in my hands it could cause some chaos on the money that I use to pay my bills.

So I decided to tryout ING’s Electric Orange checking just for the use of the debit card. I’m still in the middle of getting it set up (I opened it up on the 2nd, still don’t have my initial deposit put in by the 5th).

One caveat that I discovered a little late in the game, is that the linked account has to be a checking account. I had hoped to use my more local money market accounts to fund the ING account once a month but they say it can’t be an MMA. However I set it up before noticing that and I’m well into the process of verifying my linked account. Maybe nobody will notice.

I hope they don’t because I would also link my actual checking account and could then use the ING account to move money between it and where I live.

If it doesn’t I guess my wife will have to march me down to the bank and put me on HER local checking account. (That’s another part of Dave’s Koolaid I don’t drink. We think about OUR money, but to us checking accounts are like billfolds, we both just need our own.)

Hilda October 5, 2007 at 9:10 pm

Wow, the first week of the month is not over yet and you’re almost done with one of your goals. Good job!

Swamproot October 5, 2007 at 10:07 pm

To answer your question from my blog here, You can go online and fill it in and they will mail a check to whoever you write it to (provided you have their address). But you actually have to have another checking account anyway to link from anyway. It can’t be a savings or supposedly a Money Market Account.

But as it turns out, it looks like my money market account link does work just fine. Now I feel like I’m getting away with something. 🙂

It probably depends on the bank where it is though.

Thanks for the comments and the new skin looks a lot better.

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