Psychic Fiends

[flwyd]

So on my drive home tonight I was thinking about credit unions. Specifically, I was debating whether I should open an account at a credit union in Golden or stick with U of C. I should obviously keep an account open at U of C, in part because I just got 4.25% auto loan through them.* So is the convenience of a branch on the way to work make up for the inconvenience of banking in two places?

Among the perceived downsides of staying put is the challenge of doing any necessary in-person business -- the two nearest branches are on Table Mesa in Boulder and on the Auraria campus in downtown Denver; that branch is only open during business hours and is a 20 minute drive, plus N minutes for taking wrong turns downtown and finding a place to park. This is doable, if a bit hectic, during lunch, or I can drive to Boulder on Saturday mornings if needed. Fortunately, my paycheck is directly deposited and U of C's online system is pretty swell.

And what in-person business might I need to do? Well, my debit card's expiration date is 06/04, and I didn't think I'd changed my address (though, thought I, an ideal time was when I got a certified check as a deposit for my apartment). What does one have to do to renew a debit card? How long does it take to arrive? Does it expire at the beginning or end of the month? Will I need to withdraw enough cash to cover the intervening time? So I pulled in behind my building and picked up the mail. I got an envelope from U of C. Since it had my Golden address, I figured it was probably about my auto loan. I opened it and discovered...

my new debit card.

So I suppose I shouldn't worry too much about the challenges of banking in person when I can change my address and order new cards telepathically with instant results.


* Yes, an auto loan. I bought a car a few weeks ago, but I'll write about it more later. It's a '97 Subaru Legacy Outback Limited Wagon like every the hell body else in Colorado.

Comments

[malakim-angel.livejournal.com]

you can sign up for U of C's online banking, change your address there, and then the new debit card will be sent automatically a month before your other one expires.

Get the other bank account too, then you can online transfer UofC funds to the Golden bank, and get the cash from a Golden Local ATM, for no fee! ;)

[malakim-angel.livejournal.com]

I'd also recommend using either a Paypal card or a discover or a rewards card of some kind.... Then paying it off each month with a UofC Transfer. That way you get stuff or cashback instead of... well, not... and you're building teh credit. The Paypal account is the most hassle, but also the most moveable cash out there, and they give 1% money-market interest, and 1.5% cash back... Don't forget to memorize all your Visa Numbers and expiration dates, so you don't have to open your wallet to buy stuff on the internet. :)

Then again, using cash has it's advantages... some locally-owned stores will give a discount on Cash because it's less traceable and they don't have to pay a fee to accept it (like VISA). (Try the carpet store on Pearl St. Next to Goodtimes.)

[altamira16.livejournal.com]

uh oh. i thought there was something wrong with the subarus recently, but I think subaru knows about it now and recommends some really dumb work around. You should do more research on Subaru head gasket leaks.

[clarsa.livejournal.com]

My mum (as she is called when I have been watching English movies) is an accountant. She says you should never have your main bank account at the same place as a loan because, if you get in trouble financially, you won't have an option about prioritizing your bills; they'll take what you owe out of your account, with or without your authorization. Did you think you were going to eat until your first unemployment check came in/you get another job? Guess again! But at least your car payments will be up to date.

Then there's the "...all your eggs in one basket" bit. It's sage advice for the reason above. Also, any banking establishment is not required to keep any particular branch open, nor is any particular branch required to keep their current hours. Remember a few years back when Norwest got bought out by Wells Fargo? That was a little crazy for a while. A little diversification on your part could keep you from being screwed if changes happen.

Sorry to disappoint; replacement cards arriving automatically a month before the old one expires is the norm.

Still, I'd keep the old account if just so your credit record shows that you've had an account for a gazillion years. 'Makes you appear 'stable'. ;)

[flwyd.livejournal.com]

I'm not terribly concerned about the loan kneecapping me, since I could've paid cash for the car. I've got enough liquid to lose my job tomorrow, keep up with rent and bills until my lease expires and move in with my folks again.

The fact that it's a credit union is also a plus. They keep the number of bastardly acts low, and while branch hours could change, they'll always be in Boulder because they're tied to the University.

So opening another account is a balancing act between diversification and occasional convenience versus more things to keep track of.

Thanks for the advice, though.

[slyviolet.livejournal.com]

Awwww.... another Outback in my family circle. That's so cute!

It took me a moment of shock and gasping amazement to write this, as I had to wrap my brain around the fact that you had purchased a CAR. I mean, I'm still getting over where you live now... *grin*

[mythicsagefire.livejournal.com]

hmmmm.....
most credit unoins work with each other and thus no fees. Thor and I have several accounts at UofC credit union and we live near you. We have a Denver CU near us that we use for most things - deposits, withdrawls, etc. Thor has a different CU near his work that he uses. The cost of using these? nothing! The one thing you really have to go into the Credit union for would be to change your name which I need to to do this Friday. We had our card number stolen and got them replaced right away. The downside of that was - they could deliver it to my home where I had to sign for it but since I was at work, that was no good - so the alternative was to have it sent to one of the branches and we could pick it up on Saturday. We do use the online banking and have a debit/credit card. And a car loan. We have never had ANY problems with transfers, etc. In fact we can easily pay more towards our car loan whenever we wish than if we had to write out a seperate check. And I highly recommend paying the 4 or 5 dollar fee to have them pay your bills. Sooooooooo simple and since I have them automated, it means less work and worry for me and no late fees either.

just my 2 cents.....

[mythicsagefire.livejournal.com]

Ummm......
and congratulations on the car purchase!
what color?
And are you going to bumber-sticker it?
We magnetize ours and change them out when we desire.