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Automatic scheduled transfers between bank accounts

Old_JoeOld_Joe
in Other Investing
In another thread I detailed a number of reasons why we want to minimize our dealings with JPMorgan Chase bank. A major problem though, is the fact that each month two SS deposits and two pension deposits are made automatically to our JPM checking account. We can only imagine what problems might occur trying to change all of those to another bank.

Today we met with First Republic bank, where we also have checking and savings accounts. With absolutely no problems we were able to arrange to automatically transfer, monthly, an amount equal to the total monthly SS and pension deposits at JPM. We also set up account linkages between First Republic and our Schwab bank checking account. This setup allows great flexibility in transferring funds out of JPM, and between First Republic and Schwab. At Schwab, we can easily transfer funds between their brokerage side and their bank, if desired.

We will maintain about 5k as a cushion in the JPM checking account, transfer all other funds currently at JPM to First Republic, and discontinue use of the JPM account for actually writing checks.

Comments

  • CrashCrash
    Way to go! Glad to hear, OJ. Sounds like it went rather smoothly?
  • Old_JoeOld_Joe
    Yes, no problems at all. First Republic has always been just great at helping with anything that we needed.
  • carew388carew388
    +1
  • BenWPBenWP
    @Old_Joe: if it’s one thing banks want it’s automatic monthly deposits. I think they often make it a prerequisite for free checking or other benefits. We have BOA for checking because the local bank where we opened the free-for-academics account decades ago kept being bought, renamed, and eventually part of a gigabank. Thanks BION, the account number is exactly the same, it’s still free, and I have committed it to memory along with the CapitalOne credit card we use.
  • Old_JoeOld_Joe
    edited May 2022
    @BenWP- Well, JPM has kept their automatic deposits. But now they also have an equivalent amount of automatic withdrawals. Screw them.
  • Derf
    @Old_Joe : Thanks for the work around & I hope I can remember that maneuver if needed in the future.
    Have a good weekend, Derf
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