I keep my savings accounts with Capital One 360. I have separate accounts for an emergency, short term savings and my moving fund. I have a debit I don't use with them that I can transfer the money to if I were to need money immediately.
Earlier this week I had a log in message to call Capital One. They think someone tried to sign into my accounts, so they froze all of them and cancelled the debit card. As luck (or lack of) would have it, I got a slow leak in one tire and a flat on another today. I only keep an extra $100 in my regular checking, and I just paid all the mid month bills a few hours before this happened.
I will use the credit card to cover the tires and pay it off when the money is freed up. But this got me thinking about what to do with all my savings going forward. This money is frozen for up to 10 business days.
To top it off the girl I spoke to in their security department said she would try to free up one of the accounts immediately, and I could go to the ATM. I asked her what I was supposed to do because the debit got cancelled. She said I should just be able to punch in my account without a debit card. I was without words at how crazy it was she thought that could be done. She admitted after a couple of minutes it wouldn't work.
I could kick myself for getting rid of my second credit card (Long story, but I was ticked off with the company). With one card, I am limited in an emergency without access to savings. I am definitely going to start keeping more savings in my main credit union account. I am also seriously reconsidering Capital One altogether at this point.
I need to diversify my savings!
January 13th, 2017 at 10:25 pm
January 14th, 2017 at 01:00 am 1484355654
January 14th, 2017 at 03:18 am 1484363911
We keep $1,000 easily accessible, but I personally think it's kind of silly because we have absolutely never needed that money. But I guess your post is a reminder as to why we do these things. It's good to be reminded.
January 14th, 2017 at 10:06 am 1484388412
I wish I knew what words would motivate folks to have an emergency plan. Keep a backpack in the trunk of your vehicle with appropriate emergency gear/clothes/food/water. Have an agreed meeting place and someone to phone to 'check-in.' You Tube gives lots of details.
January 14th, 2017 at 11:27 pm 1484436445