Got my mind on my money, and my money on my mind

APRIL said:
You shouldn't need to go TO a bank. Why you so old fashioned? Go to an online bank, it's free and not the devil.
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I get paper checks every month that I need to deposit. It's easiest to just go to the bank and do this. It's my only income so it's money that I actually need every month.

shamwow said:
They bought out my old bank, nations bank, years ago and just never switched. There's a boa diagonal across the street from my condo too so you can't beat the convenience.
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This is why we still use them too.

Domon said:
my atm is free everywhere. Any atm, anywhere.
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Who do you bank with?

Domon said:
also, undocumented.
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Which is a plus.



Also, a 30+10 loan sounds like a terrible idea. Doesn't this mean after 10 years your payments go up a ton? Also doesn't that mean you are ultimately paying a lot more for the house? I friggin love a 15 year note.
 
MapleySyrup said:
I get paper checks every month that I need to deposit. It's easiest to just go to the bank and do this. It's my only income so it's money that I actually need every month.



This is why we still use them too.



Who do you bank with?



Which is a plus.



Also, a 30+10 loan sounds like a terrible idea. Doesn't this mean after 10 years your payments go up a ton? Also doesn't that mean you are ultimately paying a lot more for the house? I friggin love a 15 year note.
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what used to be danversbank. At the height of the recession they were still giving 4% interest up to 20k. Then they got bought by peoplesbank and went to shit :(

As long as you do 12 transactions a month on the debit card, free ATMs everywhere.
 
Syrup Beaver said:
Only drink tap water, from a well, screw paying for a "water department".

Same with sewer, poop in the woods.

Turn of lights when not in the room.

Turn the heat down/off, best yet - heat with a renewable resource that doesn't require electricity.

Try to limit yourself to 16 pounds of shortening a day.
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I miss wood stove heat. seems warmer than most other types of heat
 
Syrup Beaver said:
Only drink tap water, from a well, screw paying for a "water department".

Same with sewer, poop in the woods.

Turn of lights when not in the room.

Turn the heat down/off, best yet - heat with a renewable resource that doesn't require electricity.

Try to limit yourself to 16 pounds of shortening a day.
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I didn't know you were on a diet.
 
Re: The long-term investment and money management thread

shamwow said:
They bought out my old bank, nations bank, years ago and just never switched. There's a boa diagonal across the street from my condo too so you can't beat the convenience.
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that's the same reason I kept a boa account for so long. my first bank account was with nations and they had a branch on the island a few blocks from my place. once I moved to illinois it made less sense to keep them
 
Domon said:
also, you kind of missed the most important thing.. interest rate. unless that is that 30+10 confusing ass thing
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Twas a good rate at the time, now not so much. 5.8% :( I should be getting my interest rate reduction offer in the mail soon tho.
Domon said:
that seems.... a poor choice. You want to be paying down your principal, not your interest.
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Yeah, 10 years interest only and then a 30 year fixed. However, we've been paying (more than) the 30 year rate the entire time. If something horrible were to happen, it's nice to know we could get away with paying a lot less.
 
fly said:
Twas a good rate at the time, now not so much. 5.8% :( I should be getting my interest rate reduction offer in the mail soon tho.

Yeah, 10 years interest only and then a 30 year fixed. However, we've been paying (more than) the 30 year rate the entire time. If something horrible were to happen, it's nice to know we could get away with paying a lot less.
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how many years are you in.... seriously. You're the financial dude, unless you're 10-15 years in, you should have refinanced that shit. seriously, 15 year fixed rates are at sub 3% and sometimes as low as 2.65.
 
fly said:
Twas a good rate at the time, now not so much. 5.8% :( I should be getting my interest rate reduction offer in the mail soon tho.

Yeah, 10 years interest only and then a 30 year fixed. However, we've been paying (more than) the 30 year rate the entire time. If something horrible were to happen, it's nice to know we could get away with paying a lot less.
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Refinancing to a 30 year traditional should be about the same amount you're paying now for the 30+10.
 
Domon said:
how many years are you in.... seriously. You're the financial dude, unless you're 10-15 years in, you should have refinanced that shit. seriously, 15 year fixed rates are at sub 3% and sometimes as low as 2.65.
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Hahaha. If we wanted to refinance, we'd have to bring about an extra 100,000 to the table.
 
Re: The long-term investment and money management thread

Sarcasmo said:
From the annals of sneaky/creative banking...

Bank of America recently enrolled me in something called Keep the Change. I never asked them to, but I'm sure I silently acquiesced somehow by not responding to an email somewhere, or a footnote on a bill. That seems to be the sort of business practice they'd favor.

If you're unfamiliar with this program, it's a savings account which Bank of America creates on your behalf. After setting it up, the bank then rounds up every Visa debit card purchase you make to the next dollar and deposits the difference into that account. So if, for example, you order a $2.50 drink with your debit card at a gas station, the charge reflected on your statement will be $3.00 with the extra $.50 going into your shiny new savings account.

The average person probably doesn't keep very much money in their Keep the Change account. It trickles in pretty slowly unless you make dozens of separate purchases each day. As the extra "saved" cents trickle in at the end of each business day, I imagine most people probably just transfer their two or three bucks back to their checking accounts, or maybe apply them to their credit card balances.

The kicker, though, is that this little account has a $5 monthly maintenance fee. So BoA goes ahead and rounds up all of my debit card purchases for me, places the extra money into an account they made just to hold it, and then scrapes a little off the top for having done so. Amazing.

Talk about a circus sideshow for the express purpose of collecting some more money from people.

And then I spent 25 minutes on the phone trying to cancel it before I was finally able to do so. What a waste of $5.
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You can avoid the fee if you put automatic savings in place. I have 25 go to that savings account on the 16th of every month.

The fun thing about the program is that at the end of three months they double my savings. I've been enrolled in it for 1.5 months and already saving $60ish.
 
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