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.
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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
Its the term for the adults still caring for children at home when their own parents care needs rise. It can be complicated, messy and a little uncomfortable. We are here to help navigate.
Official documents are royal pains. The timing on getting these important documents will be critical for most. Planning and preparation is the way.