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I must probably be the only one left who has the option to join but hasn't yet.
Anyway, I'm getting ready to do so.
Just debating on wether I should have it sent into my savings or checking.
If I send it into my checking, could I write myself a check each month or whatever and deposit it into savings?

What do you guys do and recommend?
 

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B5sport said:
I must probably be the only one left who has the option to join but hasn't yet.
Anyway, I'm getting ready to do so.
Just debating on wether I should have it sent into my savings or checking.
If I send it into my checking, could I write myself a check each month or whatever and deposit it into savings?

What do you guys do and recommend?
Pay yourself FIRST - words to live by! I put a set amount each week (with direct deposit) into my savings account and the rest goes into my checking account. Some (not all) DD's let you split your money into multiple accounts, my workplace has a limit of two accounts, my wife's has a limit of one account. I've been using direct deposit for over 10 years without a flaw yet (knock on wood!) ;)

Cheers,

Sullie
 

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I put mine into the checking account since that is where my bills are paid from. But I also do an electronic transfer to my savings -- if not just write a check to yourself as you recommend. DD is great, get on the bandwagon :)
 

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Sullie said:
Some (not all) DD's let you split your money into multiple accounts
And if yours doesn't, yes, you can write yourself a check from one account and deposit it into the other account. All you have to do is write the check to yourself and then sign on the back like you normally do when depositing a check, and add the account number of the destination account (you can also add the phrase "for deposit only"). Perhaps your bank allows you to do this online (most banks do these days). Most likely, you can do this all at an ATM too, just by selecting "transfer".

The main issue with depositing the Direct Deposit in your Savings account is that banks can only allow a limited number of withdrawals from Savings accounts in a certain time period (it actually helps the Federal Reserve maintain its control over the Economy). Bank customers are usually advised of something like 5 times a month, depending on how conservatively each bank chooses to follow regulations.
 

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B5sport said:
I must probably be the only one left who has the option to join but hasn't yet.
Anyway, I'm getting ready to do so.
Just debating on wether I should have it sent into my savings or checking.
If I send it into my checking, could I write myself a check each month or whatever and deposit it into savings?

What do you guys do and recommend?
Do what I do; I can do a split deposit. That means that I can deposit my check into as many as 3 different accounts. I send part of my check into a savings account to "escrow" my property tax.

If your employer allows split deposits, that is what I would recommend.
 

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I do a direct depost into my checking. Then I have my checking setup with automatic payments to ALL my bills. Each month I receive statements from everyone showing a ZERO balance. I never have to pick up a pen to write a check. I also have it set up to automatically transfer money into my Savings and Investment account. How about that huh?
 

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OneGuyInCA said:
I do a direct depost into my checking. Then I have my checking setup with automatic payments to ALL my bills. Each month I receive statements from everyone showing a ZERO balance. I never have to pick up a pen to write a check. I also have it set up to automatically transfer money into my Savings and Investment account. How about that huh?
Dude your my idol. :poke: :lol: :wink:
 
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