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Short term money
Old 06-04-2005, 06:01 AM   #1
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Short term money

Currently I have my short term cash (what little there is)
in a 9 month CD and a bank MM account. The CD pays 2.75%
and matures in Oct. The MM pays 3.25% which still ain't bad, but they have some odd rules.

You have to stay over 10K to get that rate (guaranteed until next spring)]
or you drop to 1.25%. You are only allowed one (1) "in lobby"
transaction (no check writing) per quarter or you get a $25 penalty.
However, you can close the account "early" and the penalty is only $15.
You are allowed 6 "other transactions" per month. For example, you can
trasfer to other bank accounts on line, or you can pay bills
electronically, or you can link to a debit or ATM card. I don't want to do any of this, so I guess I will just let the cash sit until I can get a better rate,
then move and take the $15 hit. I rarely pay electronically and have not
held an ATM or debit card in my life.

JG
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Re: Short term money
Old 06-04-2005, 06:30 AM   #2
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Re: Short term money

Don't have an ATM card either. I just know I would use it too much. But then again, my bank is in the same building that I work and I like chatting with the bankers and tellers.
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Re: Short term money
Old 06-04-2005, 06:38 AM   #3
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Re: Short term money

Quote:
Originally Posted by Martha
Don't have an ATM card either.* I just know I would use it too much.* But then again, my bank is in the same building that I work and I like chatting with the bankers and tellers.
I can see the appeal, but I have never been in a position where I really needed
it and my wallet is so fat (not with money) that it makes my butt tired sitting on it.
Why add another card?

JG
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Re: Short term money
Old 06-04-2005, 06:46 AM   #4
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Re: Short term money

Isn't there a disorder called something like wallet butt? Guys who sit on their big wallets end up sitting lopsided so their backs hurt?
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Re: Short term money
Old 06-04-2005, 06:55 AM   #5
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Re: Short term money

Quote:
Originally Posted by Martha
Isn't there a disorder called something like wallet butt?* Guys who sit on their big wallets end up sitting lopsided so their backs hurt?
No kidding! And the seats of their jeans wear funny, like those guys who carry
snuff in their hip pockets.........."I'm a Skoal man!". Damn, now I've got that
old "Sam and Dave" tune in my head......."Coming to you, on a dirt road"....
Good memories though

JG
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Re: Short term money
Old 06-04-2005, 07:02 AM   #6
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Re: Short term money

Quote:
Originally Posted by Martha
Isn't there a disorder called something like wallet butt?* Guys who sit on their big wallets end up sitting lopsided so their backs hurt?
There is also one called "Walmart butt". Check the snack aisle at any
Walmart store in America

JG
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Re: Short term money
Old 06-04-2005, 08:03 AM   #7
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Re: Short term money

Wal-Mart
I avoid it all all costs.

Debit Cards
It's weird to think that we are moving towards a no paper money system yet banks charge us to get cash out in many instances. Shouldn't they reward me for not stopping by
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Re: Short term money
Old 06-04-2005, 09:55 AM   #8
 
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Re: Short term money

On a related topic, I'd like to figure out a way to keep less in my business/personal checking account.

I have to keep a balance above $2,500. My royalty check comes in around the 11th of the month, and I want the balance to stay above 2500 even if the royalty check is late.

So, figuring that monthly bills could total $5,000, that means I need to have a balance of $7,500 in that account.

I guess it's no big deal, actually. I'm only wasting about $30 a year by not having this in a MM. Enough for one trip to the Walmart snack aisle.

But any simple ideas on how to keep less in this .75% interest account?
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Re: Short term money
Old 06-04-2005, 10:54 AM   #9
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Re: Short term money

Quote:
Originally Posted by TromboneAl
But any simple ideas on how to keep less in this .75% interest account?
Transfer from MM if bills are due and royalty check is late? Rob Peter to pay Paul.
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Re: Short term money
Old 06-04-2005, 11:10 AM   #10
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Re: Short term money

Get an ing direct or emigrant direct account. Costs nothing, you can transfer money between your checking and the MM account electronically in a couple of business days. Pay 3 and 3.25% respectively last time I looked. You can setup automatic periodic transfers in either direction. And they can be linked to multiple checking accounts so they're a nice free way to move money between checking accounts at different institutions if those places dont allow a direct EFT.

I like walmart. Closest retailer to me and they're building a super walmart about a block closer...that'd be about 1/2 mile away.
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Re: Short term money
Old 06-04-2005, 11:25 AM   #11
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Re: Short term money

Quote:
I like walmart. Closest retailer to me and they're building a super walmart about a block closer...that'd be about 1/2 mile away.
How do you put up with the crowds and long lines? Go at some crazy hour?
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Re: Short term money
Old 06-04-2005, 11:31 AM   #12
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Re: Short term money

Hardly ever any crowds or long lines. And we have self checkouts that nobody knows how to use, except me...apparently.
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Re: Short term money
Old 06-04-2005, 11:33 AM   #13
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Re: Short term money

Quote:
Hardly ever any crowds or long lines
That's a first for me
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Re: Short term money
Old 06-04-2005, 11:38 AM   #14
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Re: Short term money

The old Wal-Mart building is 3 blocks from me. The current Wal-Mart is 5 blocks from me. They're building a new super Wal-Mart 1 block from me. It's kind of funny to drive by 3 Wal-Mart buildings in 4 blocks everyday.

I don't go there much. Too crowded, and whenever I go late at night they either have all the registers closed for some accounting cutover or have an insane floor buffer who chases me all over the store.
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Re: Short term money
Old 06-04-2005, 11:42 AM   #15
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Re: Short term money

Quote:
Originally Posted by MRGALT2U
Currently I have my short term cash (what little there is)
in a 9 month CD and a bank MM account. The CD pays 2.75%
and matures in Oct. The MM pays 3.25% which still ain't bad, but they have some odd rules.
JG,
Open an EmigrantDirect MM account earning 3.25%. It only has a 6 monthly withdrawal limit. Transfer between upto 2 checking account.
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Re: Short term money
Old 06-04-2005, 11:58 AM   #16
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Re: Short term money

Quote:
Originally Posted by TromboneAl
On a related topic, I'd like to figure out a way to keep less in my business/personal checking account.

I have to keep a balance above $2,500. My royalty check comes in around the 11th of the month, and I want the balance to stay above 2500 even if the royalty check is late.

So, figuring that monthly bills could total $5,000, that means I need to have a balance of $7,500 in that account.

I guess it's no big deal, actually. I'm only wasting about $30 a year by not having this in a MM. Enough for one trip to the Walmart snack aisle.

But any simple ideas on how to keep less in this .75% interest account?
Slideman,

Bank of Internet offers several free checking accounts paying 3%. I have the senior checking account with free checks. The minimum balance is .01. Any checks you deposit are available immediately. You have to be 50. They also have a Boomers checking account for 40 and up. It appears to offer similar options.

Off the subject, I was a classically trained trumpet player. I recently just dusted off my horn and will try to begin practicing regularly.
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Re: Short term money
Old 06-04-2005, 12:35 PM   #17
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Re: Short term money

Quote:
Originally Posted by wildcat
How do you put up with the crowds and long lines?* Go at some crazy hour?
Yeah-- just about any weekday around 9:30! No crowds, no lines, and the sales clerks actually have the time & motivation to chat.
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Re: Short term money
Old 06-04-2005, 12:47 PM   #18
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Re: Short term money

Plus mine has a sams club right next door, so I can kill two shopping birds with one stone. Whatever sams club doesnt have thats on my list or only has in a 5 gallon drum, I go next door to walmart and get.
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Re: Short term money
Old 06-05-2005, 10:27 AM   #19
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Re: Short term money

Quote:
Off the subject, I was a classically trained trumpet player. I recently just dusted off my horn and will try to begin practicing regularly.
MJ,

Can this be a new revenue stream?

Spanky
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Re: Short term money
Old 06-05-2005, 12:06 PM   #20
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Re: Short term money

Just noticed that my Vanguard Ohio Tax Free Money Market Fund (VOHXX) is paying at a yearly rate over 2.75% based on the May dividend.* No long term committment and checking privileges!

Watch the MMs as they rise!

JohnP
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