Funny about Money

The only thing necessary for the triumph of evil is for good men to do nothing. ―Edmund Burke

De-Banking and Re-Banking

Possibly the term is de-credit-unioning…but that’s a little clumsier than de-banking, for a title. 😉

The plan under way just now is to abandon the Arizona State Credit Union, now annoyingly called “OneAZ,” and move my vast wealth over to the Desert Schools Credit Union. Probably I should have done this a long time ago, but out of inertia I’ve remained with the state employees’ credit union. Closing out a personal account and a corporate account represents a substantial amount of hassle, especially since a LOT of direct deposits come in and even MORE automated direct payments go out. Canceling each of these and re-establishing them at a new institution presents a lengthy series of headaches.

However, OneAZ (isn’t that cutesiness enough to  just gag you?) has gone too far in its latest manifestation of customer disservice. They’ve decided that we no longer will be allowed to deposit checks by scanning to a computer and uploading to an account. All electronic deposits now must be made by smartphone.

Well. I don’t have a smartphone and I don’t want one and even if I did want one, believe me, there’s no way in Hell I could afford one. I’ve tried an Android smartphone and after several expensive months of wrestling I simply could NOT learn how to work it. We’re told the iPhone is more OldBat-friendly. Yeah: for a thousand bucks.

Jayzus. A thousand dollars for a telephone!

At any rate, what this means is that every time a check comes in, I have to traipse across the city to hand the damn thing to a teller, in person. The nearest branch is at the ASU West campus, a 15- or 20-minute drive through a depressing slum — so, 30 minutes to deposit one check, with no other errands to do on that side of town.

I get a constant flow of little nuisance checks. Medicare and Medigap do not accrue all the eligible payments for any given Adventure in Medical Science. They send you a tiny little check here and a tiny little check there and an even tinier check again. Most recently, they sent me a goddamn check for $3.17! The gasoline to drive to the credit union and back would cost more than that!

Desert Schools is located in the North Central corridor, putting it reasonably close to the Funny Farm. And, more to the point, putting it in the general direction of other errand destinations where I go several times a week: two grocery stores, an Ace Hardware, drugstores, a Costco…. And several more or less acceptable restaurants;. It’s halfway to a Sprouts; a Nordstrom’s Rack; the FedEx guys, an upscale Fry’s and a downscale Fry’s (the local name for Kroger’s); and the now much-discombulated Biltmore Fashion Square, home to a Macy’s, a Saks, a Williams-Sonoma, a Pottery Barn. L’Occitane, a Cost Plus, a Pier One, and on and on.

So as a practical matter, Desert Schools is much more convenient, now that I’m not working at the West campus. I’ve stuck with them for a good 20 years, because their service has been primo, and for many years they had a banker stationed in the lobby who was about the best thing that ever came along. But recently they promoted the guy, and they replaced him with one of the dumbest cows I’ve ever seen. She is just stump stupid, and when you have a question or a problem, she not only is no help, she’s actually…shall we say, counterproductive.

This leaves as the only reason to drive out there the depositing of checks, which one really should not have to do at all because in any reasonable system one would be able to upload a jpeg or two and be done with it.

LOL! Desert Schools has also changed its name, but at least not in an annoying way: they now call themselves simply “Desert Credit Union,” presumably signalling that potential customers no longer need be educators to qualify for membership.

One must admit, the products they offer are significantly better than OneAZ’s. They can take wire transfers, although only to personal accounts. Since we recently de-incorporated The Copyeditor’s Desk and turned it into a sole proprietorship, that won’t matter: clients can simply wire direct to me as a human being rather than as a business entity. This, oh hallelujah, would revive my China trade!

WonderAccountant wants me to keep a separate business account, though I fail to see why I couldn’t simply segregate CE Desk transactions into a savings account within the personal account. You can make electronic payments directly out of a credit-union savings account; besides, I charge business expenses to the corporate AMEX card, so you’d think that would maintain enough of a corporate veil. As it were. Why do you need a corporate veil for a sole proprietorship, anyway? All its assets belong to the proprietor…

At any rate, this little  transfer scheme looks to me like a long, sticky mess.

BECAUSE…I have quite a few automated direct deposits and quite a few automatic payments, not the least of which are the utility bills, which are engrossed by each utility provider from their direction. This means I’ll have to call the city water department, the power company, and the gas company to give them new account information…and as you know, anything that sounds as simple as that invariably turns into a headache-breeding tangle. And I have Metlife ripping off $128 a month for long-term care, which I need to cancel anyway.

So that will be a hassle. Nay, a series of hassles.

Vaguely, I recall that we were told, when we signed up for long-term care insurance originally through TIAA-CREF, that paying into it created a kind of fund that would be paid back to us if we decided to stop paying premiums. However, TIAA-CREF abandoned the long-term care insurance business and transferred their customers to Metlife, which subsequently also abandoned LTC insuring. They kept their existing customers, but we’re told customer service is execrable and they do everything they can to get out of delivering the coverage you paid for half your life. So even if they don’t return some of the money I’ve poured into their coffers, at least I won’t be wasting any more money there.

Getting through to Social Security to have those monthly payments moved over surely will mean a major bureaucratic runaround, and probably a trip to a Social Security office and several hours wasted sitting around a waiting room.

And heaven only knows how long it will take to move all those automated deposits and payments around and make them work properly.

So. My plan is to leave about a thousand dollars in the OneAZ personal account and maybe about $500 in the business account. That should (…i hope…) be enough to cover about a month’s worth of auto-payments until such time as I can make SS change its records, but it also should put enough in the new accounts to cover the credit card bills and the auto-payments that get changed with minimal argument or foot-dragging.

It’s going to be a project, probably extending over several weeks…maybe even a couple of months. But I expect the result will represent an improvement.

Author: funny

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5 Comments

  1. Under Regulation D savings accounts are limited to 6 transactions per month. I would consider the number of transactions that could hit the CE account each month before setting it up as a savings account rather than a checking or money market account.

    • Ah hah!! That would explain WonderAccountant’s unhappiness with this scheme.

      On the other hand, I doubt if more than six transactions take place per month.

      But okay… I like this explanation and so am not gonna argue: open a separate account for the bidness.

      Thanks!

  2. My 92 year-old mother has switched her bank account from one bank to another several times because they give her various amounts of money to switch. It is always a big hassle which somehow she manages to do herself.
    I tell her wouldn’t be worth my time to switch unless another bank was better for some reason.

    • Well, we’ll find out soon. First I have to get this busted hand treated and be seen for yet another respiratory infection. But as soon as I can shake free of the docs, I’m going to do this.

      No doubt it will be a hassle, although I expect with credit unions it will be somewhat less of a hassle. Credit unions are in theory owned collectively by their members, and so these institutions are far less rapacious than banks. The difference is as night and day. You couldn’t get me in a regular bank again!

  3. Changing banks can be annoyingly but I am lucky because I use USAA and have been satisfied (but I also love phone banking).

    Speaking of smartphones a) most libraries and some community colleges offer free or affordable classes targeted to people like yourself on how to operate and use a smart phone. Always a judgement-free type experience too. I help out my mom with tech stuff but if your kid hates doing that stuff for you I recommend researching those classes as smartphones really help out those in aging as they are needed for car sharing apps and Google maps, plus all sorts of store coupon apps.

    Also, if you want to go the Apple route, it’s still not pocket change but Mint Mobile sells an iPhone 7 plus for $500. It’s brand new and their cell service is cheap because you pay in advance. Plus I imagine you could go to an Apple store once you receive everything to get help from an employee with setting it up. And the employee probably would happily show you how to do basic things. 🙂