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I need to diversify my savings!

January 13th, 2017 at 10:25 pm

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.

4 Responses to “I need to diversify my savings!”

  1. lirpalynn Says:

    It never hurts to have a small amount of emergency money already at home somewhere safe too. Wink

  2. MonkeyMama Says:

    Ugh! What a bummer!

    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.

  3. snafu Says:

    It sounds like a horrible situation. To protect themselves the bank freezes your ability to use your money for 10 business days seems excessive. Many years ago a train derailment in our region triggered an emergency situation which resulted in enforcement agencies totally over reacting. We were ordered to evacuate with only a few minutes notice. To make sure we left, they shut off all power and utilities. That meant no ATM machines, no CCs, no gas for cars, grab kids and something you valued and leave! Since that really scary day we have kept a decent sum of Emergency Funds in a small safe, screwed to the studs, in our home. I never return home with less than 1/2 tank of gas. I don't have a good crystal ball so I can't even imagine what kind of problem could jump out of the blue.
    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.

  4. FrugalTexan75 Says:

    Thatdoes sound like a good impetus to diversify!

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