C.Y.A.

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