Cover Your Assets
I had a wake-up call a couple of months ago when I realized my cumulative accounts at the local bank I've done business with for almost 40 years, was heading toward the F.D.I.C. insurance ceiling. It was time to diversify. But how?
A Google search pointed me to this article:
https://www.thebalance.com/best-ways-to-insure-excess-bank-deposits-4178055
I decided I wanted to open back up accounts at another local bank. I never even considered an online bank. I want online access, but I also want bricks and mortar and real live people I can deal with if necessary.
I began my search at the F.D.I.C. website:
https://research.fdic.gov/bankfind/
I plugged in my location and scanned the results. Living on an island limited my choices. I went to the website for a bank within walking distance of my condo. Nope. Didn't offer what I wanted. However, another bank with two locations within an easy drive had exactly what I was looking for. A fee-free checking account for seniors and a simple savings account. All F.D.I.C. insured. I gathered my identification, checkbook and drove to the nearest branch. Within an hour I had two new accounts, both with online access. In a week my new checks and my Visa debit/ATM card arrived in the mail. I set up an online transfer from my original bank to my new bank for monthly additions to my new accounts. Easy peasy.
Last night I discovered the benefit of duo-banking. My monthly utility bill was posted and ready to be paid online. However, that day I had received a new Visa debit card from my original bank which I immediately activated, but was told it would take 2-3 days before I could use it. In a holiday week it could take longer. Back up bank to the rescue! My debit card payment went through in the blink of an eye. Bill paid. Happy me.
Penny Pincher
