Comments on: The Importance of Back-ups http://www.bloggingawaydebt.com/2008/09/the-importance-of-back-ups/ Our Journey to a Debt-Free Life Thu, 18 Mar 2010 19:16:19 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Sherri http://www.bloggingawaydebt.com/2008/09/the-importance-of-back-ups/comment-page-1/#comment-517644 Sherri Thu, 25 Sep 2008 20:30:09 +0000 http://www.bloggingawaydebt.com/?p=1578#comment-517644 Yep, I've decided to increase the amount I keep in my brick-and-mortar bank account to $2K (up from $1500). I may slowly increase this to 3K or more in the future. Transfers from ING just take too long to count on it in a pinch! I've also applied for an additional credit card, although with the financial crisis, I'm afraid I might get declined even with a good credit rating...we'll see. Yep, I’ve decided to increase the amount I keep in my brick-and-mortar bank account to $2K (up from $1500). I may slowly increase this to 3K or more in the future. Transfers from ING just take too long to count on it in a pinch! I’ve also applied for an additional credit card, although with the financial crisis, I’m afraid I might get declined even with a good credit rating…we’ll see.

]]> By: indebt http://www.bloggingawaydebt.com/2008/09/the-importance-of-back-ups/comment-page-1/#comment-517513 indebt Thu, 25 Sep 2008 02:13:12 +0000 http://www.bloggingawaydebt.com/?p=1578#comment-517513 Agreed! It's important not to have all your eggs in one basket. I use that a lot for my work in backing up files. Agreed! It’s important not to have all your eggs in one basket. I use that a lot for my work in backing up files.

]]> By: CanadianKate http://www.bloggingawaydebt.com/2008/09/the-importance-of-back-ups/comment-page-1/#comment-517433 CanadianKate Wed, 24 Sep 2008 14:52:26 +0000 http://www.bloggingawaydebt.com/?p=1578#comment-517433 In Canada we have a virtual bank, PC Bank, which offers regular savings accounts that pay and investment savings accounts that pay . It takes 1 day to transfer money from deep savings to regular account (over midnight will do!) My daughter puts her salary into her PC investment account at just over 3% (the same as ING pays in Canada) but she can transfer money using the internet so it allows her to keep debit card accessible account very low and max out her interest. She figures she can always wait one day for money. One thing we discovered is that we need to have bank accounts at two banks in case one bank card gets compromised. While we were on a 30 day trip to Europe, our son's card was compromised. He caught it immediately, because he was online checking his account and saw fraudulent activity from an hour before, called and canceled the card. But it was a joint account with me, so my accounts (including the joint accounts with my husband) were all locked as well. Luckily it was the end of the trip and we were able to get the accounts reactivated once we were home. Had it been at the beginning of the trip, I would have had no access to my online accounts (therefore no way to pay the bills that were coming due) and no access to money in those accounts from foreign bank machines (we don't travel with cash, we withdraw money when we get to each country.) We do have accounts at two banks and so have some backup but it has us rethinking our joint accounts with the kids since it exposes us to our accounts being frozen even when it had nothing to do with our debit cards. In Canada we have a virtual bank, PC Bank, which offers regular savings accounts that pay and investment savings accounts that pay . It takes 1 day to transfer money from deep savings to regular account (over midnight will do!)

My daughter puts her salary into her PC investment account at just over 3% (the same as ING pays in Canada) but she can transfer money using the internet so it allows her to keep debit card accessible account very low and max out her interest. She figures she can always wait one day for money.

One thing we discovered is that we need to have bank accounts at two banks in case one bank card gets compromised. While we were on a 30 day trip to Europe, our son’s card was compromised. He caught it immediately, because he was online checking his account and saw fraudulent activity from an hour before, called and canceled the card. But it was a joint account with me, so my accounts (including the joint accounts with my husband) were all locked as well.

Luckily it was the end of the trip and we were able to get the accounts reactivated once we were home. Had it been at the beginning of the trip, I would have had no access to my online accounts (therefore no way to pay the bills that were coming due) and no access to money in those accounts from foreign bank machines (we don’t travel with cash, we withdraw money when we get to each country.)

We do have accounts at two banks and so have some backup but it has us rethinking our joint accounts with the kids since it exposes us to our accounts being frozen even when it had nothing to do with our debit cards.

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