| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 120.1 | No Problem | ULTRA::KINDEL | Bill Kindel @ BXB1 | Tue Aug 30 1988 09:12 | 4 |
| I've had direct payment from my checking (-05) account to Knutson (Home
Owners' Federal Savings) for a year now. Thus far, there have been no
problems and the payment amount magically disappears shortly after the
first of the month.
|
| 120.2 | Do it yourself and get a prize | COOKIE::WITHERS | | Tue Aug 30 1988 10:07 | 17 |
| I wouldn't bother with direct payments...I use just about the same
thing to the same effect:
I took my mortgage payment and divided it by 4
I direct-deposit 1/4 of the mortgage payment each week out of
my paycheck into -5
When I get the fourth paystub of the month, I write a check
and drop it in an envelope.
In 5 paycheck months, such as September, I take the fifth quarter
of my mortgage payment and do something nice for my wife.
Its simple and effective that way...and 4-times a year, you don't
lose a mortgage portion to the mortgage company or other artifacts
of automatic payment.
BobW
|
| 120.3 | The same, only different | ULTRA::KINDEL | Bill Kindel @ BXB1 | Tue Aug 30 1988 11:11 | 13 |
| Re .2:
Your technique isn't much different from mine; I just don't have to
remember to write the mortgage check. My DCU checking account is ONLY
used for budgeted items. The mortgage, insurance, taxes, electricity,
and oil bills are paid from it. A fixed amount is sent there out of
each paycheck to cover such things. I do shift funds between the
checking and RSVP accounts in order to maximize interest.
All other bills and frills come out of our BayBank checking account,
which is where my net paycheck goes. (The management of THAT account
is yet another story.)
|
| 120.4 | Why use a stamp, check, envelope, your time, etc.? | BAGELS::LEVY | Living life at the margin | Tue Aug 30 1988 17:23 | 10 |
| re: < Note 120.2 by COOKIE::WITHERS >
> Its simple and effective that way...and 4-times a year, you don't
> lose a mortgage portion to the mortgage company or other artifacts
> of automatic payment.
Can you elaborate? What does an automatic monthly payment of a *fixed*
amount have to do with 5-paycheck months?
|
| 120.5 | | GIANTS::KEANE | Brian Keane | Mon Sep 12 1988 11:27 | 26 |
| This note has been dormant for a few weeks, but here's my
experience anyway....
When I got my last mortgage, I went to DCU to arrange automatic
payment of my mortgage. No problem (they said).
However, I added a small twist: Since I use my DCU -05 account
as my everyday checking account, I wanted to open a new checking (-51)
account to handle the automatic monthly transfers.
This doesn't work. The automatic transfers can only come from the
05 account. I spent quite a bit of time on the phone to
DCU looking for an explanation why. I was never given a satisfactory
answer.
The part that really steamed me was that DCU was paying my mortgage
company from the 05 account *without my authorization*. This was in
spite of the fact that the mortgage company's draft specified
the account number of the 51 sharedraft account. When I mentioned
to DCU that this practice was highly questionable, and perhaps
even illegal, I received a very frosty response.
This has been my only problem with DCU in 6+ years. It's been 9-12
months since I last checked into this issue. Perhaps it's changed?
Any additional information appreciated.
Brian Keane
|