The other bank, Chase, is for business. I know my goal in life is to simplify things, but there are very good reasons we use Chase. Years ago we opened three HELOCs on our rentals with Washington Mutual – the only bank willing to do HELOCs on income properties at the time. Maybe that’s why they got in so much trouble!! Anyway, WaMu was taken over by Chase. We’ve since gotten virtually all our credit cards with Chase, because of their affiliation with United.
You’d think we might want to close out our old bank account, but I prefer their bill pay application to Chase’s (which is NOT user friendly). Plus, we still have that HELOC. Maybe once it’s gone we’ll reconsider.
Anyway – yesterday our new renters, who bank with Chase, called to set up Chase’s QuickPay function so they could automatically transfer their rental payments to our bank account. It got me thinking that it would be convenient for me to be able to transfer money from our Chase account into our account at the other bank. Just last week I had to go to Chase, withdraw money and drive across the street to deposit it into our household account. (I know I can have Chase send a check to our home, but time was of the essence in this case.)
I got it all set up this morning. I’m not sure how often I’ll use it – but I know I will. And I’ll be able to do it from home on the spur of the moment. Until our accounts are all consolidated and our HELOCs are all paid down, I’m happy to make even small improvements to our banking situation. Not having to drive to two banks is actually pretty nice!
Plus, I’m sure I’ll find ways to use it via my iPhone. I already use my iPhone to deposit checks with Chase. My other bank charges a fee to do so, and I’m not willing to pay a fee. So, I could deposit checks into my Chase account and then use QuickPay to send the money to my other bank.