Most banks will let you set up a recurring automatic payment in the same amount every month. This feature is helpful for an expense like a car payment or insurance policy that doesn’t change from month to month. Alternatively, you can authorize a payee, such as an electric utility or mortgage provider, to automatically debit the amount of money you owe from your account. You can set up the automatic debit by first going to the company’s website and creating an online log-in if you haven’t already done so. You will then need to go to the billing or payments part of the website and click on a link that mentions automatic payments. You will have to provide the number of the checking account you want the money to be debited from, as well as your bank’s routing number. Many banks will show you your pending transactions. These are transactions that were initiated on the current business day or after the close of business on the previous business day and so have not yet been completed. If you are transferring money between different types of accounts at the same bank, the transfer should go through on the same day. If you’re transferring money to an account at a different bank, it may take up to three days. When you have more than one savings goal—say, for the down payment on a home and for the cost of a wedding—you might consider opening multiple savings accounts and easily transfer money from your checking account into them. Savings accounts tend to have lower minimum balance requirements than checking accounts—and some banks don’t require one at all—so you won’t have to start out with a lot of money. Banking apps typically let you deposit checks by using the camera on your phone to take photos of the front and the endorsed back of the check. You usually have to write something like “For mobile deposit only at [name of bank]” on the back of the check as well. If you have a spouse or partner you share bank and credit card accounts with, you might want to look for an app that enables you to easily sync your info with each other. Better Haves, HomeBudget, and Honeydue, for example, are budgeting apps designed specifically for couples or households.
