Comments on: The $5 Timing Error http://www.consumerismcommentary.com/2005/07/06/the-5-timing-error/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: mbhunter http://www.consumerismcommentary.com/2005/07/06/the-5-timing-error/#comment-610 mbhunter Sat, 23 Jul 2005 21:35:46 +0000 http://wp.consumerismcommentary.com/?p=380#comment-610 Nickel, it's enlightening that it looks like you don't have an additional service fee when you tie your checking to your HELOC, but if it's tied only to a savings account, there's a charge. I guess they want to make it easy on you because then you're amortizing your overdrafts. I had a similar "bad-timing" incident happen about a year and a half ago. I had four $5 charges right in a row, and I found out about it only after they MAILED me the notice of the first one. Well, it costs the credit union or bank to have savings accounts, so I guess they pounce on every indiscretion and get their money from us when they can :) Nickel, it’s enlightening that it looks like you don’t have an additional service fee when you tie your checking to your HELOC, but if it’s tied only to a savings account, there’s a charge. I guess they want to make it easy on you because then you’re amortizing your overdrafts.

I had a similar “bad-timing” incident happen about a year and a half ago. I had four $5 charges right in a row, and I found out about it only after they MAILED me the notice of the first one. Well, it costs the credit union or bank to have savings accounts, so I guess they pounce on every indiscretion and get their money from us when they can :)

]]> By: monocrat http://www.consumerismcommentary.com/2005/07/06/the-5-timing-error/#comment-609 monocrat Thu, 07 Jul 2005 19:25:21 +0000 http://wp.consumerismcommentary.com/?p=380#comment-609 I'm facing the prospect of a similar timing error, so here's hoping it works out. Regardless, I suppose to provide some cushion, I should move a little cash back to checking from my nascent emergency fund. I’m facing the prospect of a similar timing error, so here’s hoping it works out. Regardless, I suppose to provide some cushion, I should move a little cash back to checking from my nascent emergency fund.

]]> By: nickel http://www.consumerismcommentary.com/2005/07/06/the-5-timing-error/#comment-608 nickel Thu, 07 Jul 2005 07:14:57 +0000 http://wp.consumerismcommentary.com/?p=380#comment-608 We have our checking account hooked to our HELOC. In case of an inadvertent overdraft (is there any other kind?), it automatically advances the money to cover it. That way we only have to pay the pennies in interest that accrue before I can rectify the problem. I do sometimes worry, however, that hooking an equity line to a checking account exposes you to a lot of risk if your account is ever compromised. -- <a href="http://www.fivecentnickel.com/" rel="nofollow">fivecentnickel.com</a> We have our checking account hooked to our HELOC. In case of an inadvertent overdraft (is there any other kind?), it automatically advances the money to cover it. That way we only have to pay the pennies in interest that accrue before I can rectify the problem. I do sometimes worry, however, that hooking an equity line to a checking account exposes you to a lot of risk if your account is ever compromised.
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fivecentnickel.com

]]> By: jim http://www.consumerismcommentary.com/2005/07/06/the-5-timing-error/#comment-607 jim Thu, 07 Jul 2005 02:57:39 +0000 http://wp.consumerismcommentary.com/?p=380#comment-607 Try asking them if they'd waive it, chances are they probably will. Try asking them if they’d waive it, chances are they probably will.

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