Morning @manch ,
As the creator of this wonderful place, it was eye opening (if true) when you indicated on one of our threads yesterday that you literally are still sending out bill payments via snail mail. Writing hard checks, licking stamps and sending them off ahead of time, hoping they get there in time to be posted on or before the due date. Then waiting for confirmation from your old school bank statements I guess that yes the payment was received (thank you). Since you have certainly helped many of us with invaluable information, we should return the favor by advising you in this regard.
Here it is from me at least: online banking is safe. (Now, I suppose a disclaimer ought to be mentioned that yes there can be potentially an issue, sure.) Anything is possible. I never thought OJ Simpson would go from hurdling airport seats for Hertz to being accused of murder. But I digress…
I have been online banking for probably pretty much since it came out. Yes, skeptical at first of course but honestly needed ways to be more efficient. This is key. As an owner of multiple properties, you want to be efficient with your time and in managing finances. You want time to buy more properties or blog on here, right? What better way to do this than via online banking where you dispense and get confirmation of payments as you need it, pretty much yesterday. At tax time, easy to download payment history as you need it. I believe like your credit cards, any fraudulent transactions that you did not make online would be covered by your bank.
The San Tung chicken wings may not have been a big hit (for you) but I will go to bat wholeheartedly for online banking especially for use with your rental property activities. I am sure others here use it without fear for many years.
Do this: set up a separate account either with a completely different bank if you are worried about that big ol’ pile of cash you have (but the one problem with that of course is that you can’t transfer funds to it when needed from other accounts at the same branch). Whatever works for you. Now, I do a separate account from a separate bank only because both banks I use primarily are so near my home so it is easy to go to either branches in person. Hey, you don’t work a normal job so you have time too presumably. Certainly have time to write checks, lick stamps send off…
You will love it. As George used to say, “I Guarantee it!”
Come on, Folks, let’s get Manch to at least to the 20th Century for god’s sake!!!
It is nightmare for me to send checks in case automatic or online transfer is blocked !
I have appx 50+ accounts,like HOA, PGE, Telephone, CAR, multiple properties, multiple lender, multiple investment portfolios and just using three credit cards !
Gardener alone gets a single check every month. Everything else by automated electronic transfers.
All I need to do is keep the one main checking account with sufficient cash ! By doing electronic payments, esp for mortgage, I can clearly spread the date, with 2-3 days gap each, between 1st and 15th every month.
Regarding security, I keep stronger password, more than 12 chars, using password generator. I use only my computer and my cell phone for logging. Past 20 years, none hacked my account, not even once.
Being IT person, sufficiently safe guarded my computers, routers strongly.
I have used online banking for 8 years and only had one problem, and that was not the bank’s fault. When I signed up for the affordable care act, Kaiser was overwhelmed with new clients and could not process the applications fast enough. They did not show me with coverage. I printed out confirmation that it had been paid from the bank’s website and they accepted that and gave my wife and I temporary ID cards.
Every once in a while you get someone who doesn’t accept dealing with the bank. When that happens the bank prints out a paper check and mails it free of charge to the payee. Most bills are paid overnight.
For one thing I have 4 different banking accounts to juggle around, plus one healthcare flex spending account to pay some occasional doctor bills. I pay some bills online, like PG&E and garbage, but all the others I still like writing them a check.
How do you tag on extra principal to your mortgage if you pay online? Do they automatically treat it as extra principal? Or will they apply the extra to next month’s payment?
Today’s stamps don’t need licking. Self adhesive FTW.
It depends on lender. My lenders allow extra prin. payment. I use it on two accounts almost 18 months, just $100 and $250 additional by auto setup.
Well, at my last refinance, I had to set up the auto electronic draw from my bank to the new lender or mortgage holder and their form typically allows one to pay more than principal (separate lines) so the gross total amount is just withdrawn.
Ok, so if you are already doing some online payments why wouldn’t you do the rest? I mean, you are seeing the benefits of it no? Yes, some like property taxes I pay the old way instead of doing it electronically and perhaps incurring some processing fee which I refuse to pay.
Just the idea that you are sending out upwards of 15 payments the old way each month is ridiculous. Seriously…
My mortgage lender gives extra line “additional principal” in auto draft payment.
I was about to say the same thing.
And what I like most about the stamps is that you can choose which ones to send to people. For example when the bats series came out, the IRS got a couple, and a couple of other people I didn’t like got some too.
But if you want to send some love, Snoopy and Mother Teresa stamps are the way to go.
I actually write a lot of checks, but don’t mail many. I write checks for church because people, including your kids, watch as you drop the envelope in. I also will send checks in with my kid for school. One of the most important reasons to do this is that donation vs. payment makes a difference on tax deductions, so I want to be able to note what the check is for on the memo.
Again, why spend more than you need to on ANY freaking stamps? Electronic payment is SAFER, FASTER, and CHEAPER!!!
It’s the difference between counting hundred dollar bills vs looking at some numbers on screen. It’s just more real.
That glue from the stamps you are licking every day is finally warping your brain. Did your parents not warn you, sniffing glue or doing drugs is a no-no…
If you’re so anti electronic payments you can actually have your bank send checks via mail - at least Wells Fargo does this - they write check and mail it for you…I still prefer electronic but if you wanna be old school at least you don’t have to buy stamps that way
Just so you know, sent out another 4 letters today.
I don’t suppose if I send you my address you’ll send me a check too
I realize you have money spilling out of your pockets, but didn’t your mom and dad teach you to not waste money? Always respect your mom and dad. Always.
Our fearless leader paying the bills is a good image. Good for you, manch.
Just don’t let us find out you are paying house visits to tenants to collect the rent in cash…
Well, I am not that fearless.
At least for me, I actually naively want this place to be THE de facto place to find or offer sound advice pertaining to all matters real estate or of the culinary nature. The image of our creator paying bills via snail mail just set us back a few years on my vision…
Now did I tell you I always stand in line inside a bank to deposit my checks? Don’t know why but I can never trust ATM’s with my checks.
Well,we are to demonstrate a respect for freedom of choice here,no?
However, I cannot help my disbelief that these outdated practices are being carried out by our fearless (and clearly smart, technologically knowledgeable and with-it) leader !!