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pull, never ever push

August 5th, 2009 at 05:44 am

Saving log - $0 tip box
Spending log - $1.64 coffee + $3 tomatoes, peaches + $1.80 coffee
Found money - $0.27 (road, 2 ft from traffic island) + $0.01 (floor of Safeway)

I learned a very important fact today.

Not that coffee costs 16 cents less in my neighborhood than it does downtown; and not that I can spot 2 pennies and a quarter on the road from my bus seat, stop at the next stop and walk to the change and pick it up. (I'm committed to coin rescue...or perhaps I should just be committed.)

Nope, I learned these days that the bigger brick & mortar banks (like JP Morgan Chased) will charge you a $3 fee for the privilege of moving money to an internet-based bank like ING. The reason why I read it and did not experience it first hand was that I, by shear luck, hit upon the right way to transfer. Always, always, always get ING to pull out the money from the brick & mortar bank. Never tell the brick & mortar bank to push it out. $3 ain't that much - or its 9 weeks of change hunting. Smile

I also learned that my secret downtown Post Office office is in danger of being shut down. The list. In Seattle, you can wait in line for a couple hours at the gigantic feedlot at 3rd and Union site, or you can go to the little, intimate, general store PO in the Old Federal Building. Which would you pick? Time to let the secret out and mail my Drp payment from there and sign the list.

8 Responses to “pull, never ever push”

  1. Apprentice Bliss Hunter Says:

    Good spot on avoiding the $3 fee !

  2. monkeymama Says:

    I noticed that reading some financial blogs lately. They claimed of all the fees and talk of transfer gymnastics done to avoid fees for transfers.

    I always initiate the transfer from where I want the money to end up. Problem solved. It's really that simple. Your advice applies to many bank transfer scenarios!

    I hadn't heard of the $3 fee though! Then again, I pretty much have always boycotted big banks. Wink

  3. MomEsq Says:

    Great tip! I haven't run into this fee myself, but I'm sure it's only a matter of time.

    I'm also a fellow coin-rescuer!

  4. Joan.of.the.Arch Says:

    The P.O. list? Strange that no zip codes are listed.

  5. baselle Says:

    Yes, isn't that odd (no zips on the PO list). You'd think it was just another field on the data pull. Smile

  6. frugaltexan75 Says:

    I didn't know about that fee, but I always set the transfer to pull from Chase to ING. I'm not even sure how I'd start a transfer from Chase.

  7. baselle Says:

    To push money out, I think it would be something like a Bill Pay option, where you would go on Chase, set up a bill pay to "push" the money to ING like you would push the money to pay a bill.

    I've done that with the bit of money from my non-Chase bank account that I use send money to sister for the farmette. Might be a great reason to set up that farmette account as an online account, so I can "pull" it rather than "push" it.

  8. Jerry Says:

    I appreciate the tip on "pulling" from the stodgy banks, rather than "pushing" that leads to fees. $3 for WHAT, I ask? Pushing a button? The more things can be managed away from these nickel-and-diming institutions, the more insurance we have that things are being streamlined. Good info, thanks!
    Jerry

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