<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Compromising money for convenience

Compromising money for convenience

February 16th, 2009 at 01:54 am

Ever since I decided to change banks I have been wondering if I made the right decision. After thinking for a few days, I decided that I did make the right decision.

The interest rates at Wellsfargo are slightly lower than at my bank, but the alternative I came up with (keeping my savings at my bank and checking at Wellsfargo) would cost me more money.

The two banks in question are about a 10 minute drive from each other. If I were to keep my savings at my current bank, every payday I would have to drive to two banks to deposit my paycheck (I tried DD and didn't like it). And since my bank does not do telephone/online transfers to other banks, every time I wanted to move money around, I would have to go to two separate banks.

The difference in the interest rates is small. It translates to about 50 or 60 cents a month. I will easily eat up that money by having to drive to two different banks, even if I do that only once a month.

Another bonus that I didn't realize is that Wellsfargo has many more branches than my current bank, and a few of them are within walking distance.

On a different note, my boyfriend is really toying with me. I am saving for a purse and I currently have about half the cost of the purse. My boyfriend just told me that I should go and buy the purse as a treat to myself. And he knows that I don't have all the money.

I am torn because while I really, really want the purse, but I also don't feel right buying it when I don't have all the money. I could take the money out of savings, but I know I shouldn't do that. And my boyfriend even offered to pay for the rest of the purse, but I can't have him do that.

So I will wait to buy the purse until I have all the money. I have waited this long and I can easily wait for however long it will take.

Damn responsibility. But I know I am doing the right thing.

Posted in Banking, Shopping | 6 Comments »

6 Responses to “Compromising money for convenience”

  1. NJDebbie Says:
    February 16th, 2009 at 02:17 am 1234750679
    1234750679

    I'd say wait 'till you have all the money for your purchase. Remember it's just a want not a need. My two cents

  2. cassandra Says:
    February 16th, 2009 at 02:45 am 1234752317
    1234752317

    That is one of the points I was thinking of NJDebbie. Having the purse would be nice, but I know that it is not vital. I am happy to wait until I have all the money. I would feel much better about purchasing it after I have all the money.

  3. whitestripe Says:
    February 16th, 2009 at 05:33 am 1234762400
    1234762400

    i have never been with a bank that doesnt do internet or phone banking! that is odd. can i ask why you didnt like direct deposit? i know its different over there but no one here uses cheques that much anymore. i've never had a job where i was paid by cheque.

  4. cassandra Says:
    February 16th, 2009 at 06:33 am 1234765988
    1234765988

    I like to vary the amount I deposit or cash each paycheck depending on certain needs. And depending on the paycheck, I would want to put money into my IRA. So I usually ended up going to the bank in the end.

    As for telephone/online banking, my current bank is very small and is only in my city, not the surrounding suburbs. I can call and transfer money between accounts I have there, but not to other banks (I am not sure why I can't do that). They have online banking but it is a very bare bones website and only recently started (I think within the past year).

  5. whitestripe Says:
    February 16th, 2009 at 10:42 pm 1234824164
    1234824164

    that would explain it then Smile i have only ever been with bigger corporation banks. i like the idea of being with a smaller bank to give them a go, but in reality i like the reassurance of being with a bank thats been open since forever. (literally: the bank i am with now was one of the first australian banks to open - and the one we are moving to is another of the first...)

  6. cassandra Says:
    February 17th, 2009 at 12:44 am 1234831468
    1234831468

    I agree. I like the more personal attention I get at my small bank, but there are a lot of extras that I miss out on that I would like.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]