Basic Banking

Leslie and Ryan talk about banking. This is not a simple as it may seem. Building relationships is important.  We touch on different types of checking, savings and mutual fund accounts.

Audio Only Version

EP-41 Basic BankingLife Admin
00:00 / 49:49

Show Notes

Unless you want to keep your cash under your mattress, you will need a bank. Best to form a relationship, for advice, head-up warnings, and loyalty perks. 

 

Setting up an account

  • Finding a bank and banker on recommendation. Get one with good online services. Some older or smaller are just behind the curve making banking inconvenient.

  • Call and set up the account. May require in person. Involves ID, signatures, applications. Details depend on the bank. 

  • Savings vs checking accounts. 

 

Using the account 

  • Read up on features and perks

  • Set up auto pays and deposits; about routing numbers, account numbers, and swift codes

  • Types of auto payments 

  • Wires - almost instant, limited clawback (confirm before sending), often a fee. ACH (auto clearing house) think electronic checks, no fee, mis-ID protections, takes a few days. Cash apps

 

If you are switching banks

  • Leave some cash in the old account to cover auto-drafts you’ve forgotten. 

  • set up the accounts for easy transfer to each other. Should be an “external account” setting at both banks

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