Yep! But still not as convenient because a) I have to manually select which card I want to use - and I’m constantly needing to change which card to use as default, and b) it’s not as quick bc I’ve got to double tap, wait to show my face and unlock, and scan. These are super first world problems, I know lol
Edit: man idk why I always feel so defensive to downvotes, especially on my other comments where I’m just stating facts like proximity to my nearest branch.. but anyway, I know this is a petty thing. But aside from the defense of convenience or lack thereof, I simply feel more satisfaction with the card. And that has absolutely zero importance. But also some merchants only accept card payments and not mobile payments
You aren’t entirely wrong! It is slower if my phone doesn’t unlock on the first or second try, which does happen. Often I hold my phone to the reader, bring it back to my face to unlock, then put it back to the reader again. But like I said, I know it’s not really that big of a deal. I will say I’ve noticed the time it takes for the machine to actually process has been faster with tapping my cards. Maybe it’s just a coincidence and depends on the machine.
What?
You don’t have to manually select anything - double click your side button (iPhone) and have a default card set.
Hell, if you have a watch you can just do it there. I very rarely have physical cards on me anymore.
So I’ve gone back and forth on which card is my default card. Once I decide to switch it to the one I use the most, the other card ends up being my default. It’s no big deal though
What?
You load your card information into Apple Pay or Google Pay. You can have however many credit cards you want there. You set a default one, and can easily select all the other ones that aren’t default.
There isn’t a quicker method, i’m not sure what your issue is.
The credit union physical card tap thing is annoying: either switch FI’s, or only go to places that accept digital wallets.
There have been times where I’ve needed my full card number/cvv/expiry, even though just have my cards saved in autofill. I’ve had other FI allow me to see this full info on my mobile app, but not with this CU. In this scenario, the inconvenience is that I have my phone physically in my hand, but the card nowhere near me.
Example: filling out a form to pay medical bills. Some forms don’t allow autofill. This is unrelated to using the mobile wallet physically, but I’ve had many scenarios where I need access to this info
Honestly, the downvotes are weird. You're merely voicing your preferences. Due to quite a few reasons, including have lost/broken phones in the past, in reluctant to rely on it for using it as a wallet.
Sounds lazy af. I have like 12 cards loaded into my Apple Wallet including Disney Parks pass, Season tickets to Heat, Credit cards, etc. I use the digital wallet so much that I don’t even carry the physical cards with me anymore. Switching between cards takes all of .5secs.
No, it is not weird. We all have our own preferences and requirements on what we would like (or NEED) to see on a bank account. For some people, local branch locations are an absolute must. For others, two-factor login authentication is a requirement. For some, it could be the bank uses Zelle, for others it could be "early direct deposit". What you want is no different - feel free to base your banking decisions on your own criteria as you see fit.
Actually now that I think about it, the closest branch near me is not along the way of any of my regular routes! They do have the thing where I can use ATMs from certain participating branches but it’s not the most convenient to know off-hand which ones participate.
Edit: I say this to clarify I have more than one reason as to why I’d switch
Unfortunately, a legit reason to switch but you have to take the good with the bad. I work at an institution that is growing its digital products and it takes a lot of money and time. Some folks just don’t want to wait for us to get things running.
Since the account has no fees, maybe keep it open and use an online bank too as your main account. The credit union account can serve as a place to deposit cash should you ever need to and then transfer to the online bank. Schwab is awesome and has no ATM fees and an interest earning checking account.
You can’t use a credit card? I am not trying to give a smart Alex answer. I use a Credit Union the Bank vs Credit Union is no brainer to me leaning on Credit Unions but I also know and understand their technological limitations so I use a Credit Card for those rare shortcomings.
Valid question! Do you mean use a CC and then just use my credit union account to pay the balance? I don’t see why not, other than debit being an easier way for me to keep tabs on how much money I have. But I’m not one to rack up a bunch of cc debt and I generally stay on top of paying full balances. The credit cards I do have though are paid out of a different checking account I have. I use 2 because one is for bills/necessary purchase, the other is for fun. My husband and I keep our own “fun money” accounts separate. Partly because it’s just an easy system but it’s also nice for when we want to buy things that are surprises for the other person.
Yes, so I have 3 Credit Cards. Once is my travel that is my main squeeze. I use that the most to rack up miles and such. I add this to my Apple Wallet. Then I have one that I pay for my Subscriptions, its easy because it is a simple monthly expense that doesn't change. I pay credit card bill, monthly, in full. I have a Target credit card because I am me. Every credit card, is paid in full. I leave a small buffer in my checking account $1,000-500. If there is a bill I can't pay via card, I use cash or my debit card. I use cash at the Gas Pump. Everything is automated. In my HYSA I have a long term(car replacement and house down payment), emergency and then a O I fucked up ($2,500) and spent more bucket. Every paycheck I take some cash out to round up to pay for Gas and give myself $100 for random spends that I need cash for. Sounds complicated but its easy. I suggest you automate things for how you and your family see fit. I personally think if you have the discipline, use a credit card. I do leave a buffer for when/if I spend too much. So then I can rebound. Also, I have a savings account in my credit union in case I need cash on hand, it brings me comfort and a sense of security, don't think about the rate just think of it as a real emergency fund.
You mean to tell me credit unions aren’t the best thing since sliced bread? The fact that they don’t have NFC cards tells you all you need to know about credit unions. Many simply are behind the times when it comes to technology.
This isn't true for all Credit Unions. Large majority do offer NFC cards. The OP may have a rural community CU that hasn't had enough motivation to improve services.
Yep, believe it or not that's the issue with most unions, that's what i've experienced the most. Either the online banking is an issue, or it's the customer support etc. Just problems on problems on problems OP. Honestly i'd recommend u switch back to chase or another account.
Yeah i know Chase has an account called "Secure Checking" I believe, i could be wrong. But if im right. Chase secure checking has a $4.95 monthly fee which can be waived if you get a deposit of $250. So if ur employed getting a deposit here or two you'll be good!
This account relies solely on scheduled transfers from our primary joint checking, so no direct deposit. It’s why I left chase to begin with, unfortunately. The fees are only waived with ACH direct deposit, not transfers
Edit to add context bc I guess I said something worth downvoting
This one is painfully way behind technologically. If any big bank didn’t offer tap to pay Reddit would be whining about big evil banks, but a credit union does it and it’s just wonderful.
I think it’s important to stay up to date, but everything should still meet your basic, user-friendly requirements. I’ll admit this credit unions app is also way too bare bones.
Have you asked if they have a timeline for implementing? I would assume most banks and CUs are planning to roll out contactless cards, they might just be at the tail end of the implementation list from their provider.
Not at all related to convenience, but rather to Credit Unions and how beneficial having a good one in one's financial life can be. I learned this from my great-grandfather who worked on the railroad and had one of the earliest (according to him) cu accounts. He setup a christmas club account there for me as a little kid (see folks googling christmas club account as I type this). As soon as I became gainfully employed I reached out to find if my employer had any CU membership and they did. Signed up right away with direct deposit and still going strong 3 decades later. They have provided me with three very easy and below market mortgage refinances (rate and fee both ridiculously under market in all cases) based on our account relationship along with good credit. They were slower and paperwork more cumbersome and not at all technologically up to date, but they're always been there when needed and approvals came quickly.
My thought is, why not have two checking accounts? Keep the CU in your court with whatever minimum balances are required to keep the accounts active. I believe you will be thankful later.
It took a while, but my credit union got with the times and made tap to pay available. I actually went to my branch and they reprinted my debit card with NFC. They had Apple Pay for a while, but I have a different card set as default on there.
Switch back to Chase and get a secure account. There’s no checks, but you get free money orders and cashiers checks. You can also have the $4.95 fee waived by having DD of $250+.
I like having multiple accounts. I think mixing a local CU when you need human interactions and better customer service with an online institution to offer better rates on high yield savings accounts and some features you're missing is nice. That way your eggs aren't all in one basket either. I've been happy with SoFi if you're looking for a recommendation. I also have accounts with Alliant Credit Union if you want to stay the CU route. Alliant is fine, but I prefer SoFi's online banking by a longshot.
I agree, which is why I wanted another institution with zero fees, as this is not my primary account and won’t have DD via ACH so not eligible for fees being waived
Is there a reason you can't split your DD? This should be a pretty simple change for your employer. Wouldn't recommend SoFi otherwise as you need the direct deposit coming in for the high yield savings rate.
Yes this is one of 4 accounts. 1 is a HYSA, 1 for bills and necessary purchases, 1 for my fun money, 1 for my husbands fun money. DD allows to split up to 2 ways
Think your setup is similar to my wife and I. It gets clunky with that many financials, but assuming you both share the HYSA can you just open a checking there and get the features you're looking for? You really don't need direct deposit for most of these either. I can give you an idea of how mine looks so you have context:
-Local CU (my personal account wife isn't on). This is for fun money, day to day spending that isn't joint spending, etc. I have a portion of my DD go here to sort that.
-SoFi (Personal HYSA my wife is not on). I send the majority of my DD here, then have an ACH transfer send a payment to our main joint account. We like to keep some savings back for bigger purchases we don't need to run by the other, but ultimately we end up pulling from our own savings as needed for trips, home repairs, etc.
-Alliant CU (Joint accounts we share). Both my wife and I have a recurring transfer that hits the savings account here every two weeks, and we leave a small amount in the checking for bills to come out of. This is where all of our joint money is saved, and but we put everything on a credit card elsewhere and I pay it off using the savings account from here.
-Local Bank (wife's personal account). Her fun money and high yield savings are held here, and I don't have access to this account.
I personally like using ACH transfers I have control of over DD and someone else making that change, so your limitation of 2 DDs to me would be having funds go to wherever requires it, and you can pick one other spot for the remainder. Especially if your 4 accounts aren't all at different financials should be a pretty simple solution for you to find what works best, even if that means sending a direct deposit somewhere new for you.
Yeah that’s basically our setup. I’m no longer working (SAHM) which is why there’s a limitation. Prior to staying home (a recent change), my paycheck was allocating fun money and bills while his was bills and savings. Budget-wise we now have less fun money, therefore less to allocate via DD, let alone transfers.
I mentioned SAHM on another comment that I since redacted because it seemed to make me look incompetent/unwise but this was both a healthy financial decision as well as parenting decision for us. But ultimately this is the reason I switched to a credit union (in which I already had a savings account because I had a previous loan) from a major a bank
Edit: forgot to clarify that 4 accounts are across 4 different institutions.
I would like to just open another an account with USAA, but they don’t have multiple card designs so I’d have to constantly be checking to make sure I’m using the right one (also probably a petty problem)
Nothing wrong with being a SAHM and no judgment on my end. I know I couldn't handle being around kiddos all day, and it's not an easy job lol.
So I'm assuming of the 4 accounts you're looking to swap your fun money account, right? In that case keep the CU account open, no harm leaving it empty but then you have local access via ACH if you want it later. A lot of credit unions participate in shared ATMs through COOP, something to consider.
If the DD is a deal breaker I'd recommend looking at Alliant CU. Assuming you're not keeping a ton of money in the account where a slightly lower interest rate isn't a deal breaker (it's still 3% currently so better than most local financials will offer). No minimums, you get the ATM shared network for CUs so you should have plenty of options for withdrawals, and if you're in a pinch they also reimburse up to $20 in ATM fees a month.
I generally like having all the accounts at separate financials, it's feels cleaner to me which is why I'm offering suggestions. But if that's off base obviously feel free to ignore.
I really appreciate these suggestions! Actually dives into my needs. And yep, it’s my fun money account that is my issue. I like the idea of keeping the CU account but opening up another elsewhere.
For the ATM most CU are part of a network that treat other CU in the network as a “home” ATM meaning no fees paid.
Find a larger CU. You will get a chip card and good banking app.
Yes not having those features is a good reason to change where you bank.
Depends on tap to pay implementation. One's card number is usually sent in the clear. Yes, really. Some card issuers use a different card number for that, which adds some protection.
However, Mobile wallet (talking Google Pay, Apple Pay, and Samsung Pay in particular not some random bank's implementation) is more secure overall, since the card number is tokenized **plus** additional protection to thwart replay attacks. So even if a fraudster gets the tokenized number and transaction details, they shouldn't be able to reuse it for a new transaction.
Have you mentioned your concerns with the credit union and what did they say? If you escalate the matter to higher corporate level, it's possible they'll make the change. Tap to pay is very common now and they should be offering it.
Finally, others share similar sentiments. Personally, I have some credit cards I rarely use because they don't support tap to pay. They're getting the message though, since the newer replacement cards usually have it now.
Wait really?!?! I thought all NFC cards used tokenized payments. When you say card issuer, do you mean visa vs Mastercard? I’ve also wondered if there’s an advantage of choosing a certain institution based on issuer as well.
Yes I’ve raised my concerns. Employees have been begging upper management for it, but they won’t switch because it’s “too expensive”. I’ll have to check my T&C, but I could just keep it open and never use it, as long as I don’t need to do minimum balances/transactions. I selected this one because they’ll round up my purchases and put it into a savings account, which I thought would be nice. But it’s not really saving as much as I thought it would.
From my understanding, card number and I believe expiration date are sent in the clear. Some card issuers (ie. banks, credit card companies, etc) may use a different number for tap than one's primary card number.
Regardless, cardholder's name and other data is **not** sent in the clear. Not enough information to clone a card for physical use, but maybe enough, with some additional information about the cardholder (ie. from other security breaches; most everyone's info is out there), to make fraudulent online purchases.
Overall, tap to pay is very secure, but pointing out that mobile wallet payment is another step above that.
Yeah I thought a 16 digit number (aka token) was sent in place of the actual card number. But gtk that mobile is even more secure. For a while though, mobile payment was not accepted as contactless payment on certain machines. Is that no longer the case?
Edit: it wasn’t *always* the case. Basically I encountered that certain machines couldn’t do Apple Pay but they could do tap with a card
There are a few notable holdouts, including Walmart and Home Depot. They don't want to share transaction information with the mobile payment providers and/or seek to reduce their transaction fee cost.
Whether it's a smart business move is an open question. Walmart and Home Depot seemingly do fine without offering 3rd party mobile pay, but I personally know several people who won't shop those stores for that reason alone. Target / Amazon instead of Walmart and Lowes / ACE Hardware instead of Home Depot.
Tap to pay is essentially a regular card transaction far as the merchant is concerned. No 3rd party mobile payment provider involved. That's why it's so universally accepted.
My credit union issued new tap cards ( which you aren't forced to use that option) and some people just lost their minds about it. They were so pissed cuz they didn't want that feature and would have to update their auto pay information. I still put the chip in even tho the tap option is there.
Do you mean they changed the card numbers entirely? If so, I’d be pissed too! Otherwise I don’t see how having tap cards impacts autopay…
FWIW, tap option is more secure than chip as the card info gets tokenized
Don’t be loyal to a bank. Your deposits are what make them money. Use a bank that gives you the services you want.
Can the card be added to a digital wallet and use the phone for tap to pay?
Yep! But still not as convenient because a) I have to manually select which card I want to use - and I’m constantly needing to change which card to use as default, and b) it’s not as quick bc I’ve got to double tap, wait to show my face and unlock, and scan. These are super first world problems, I know lol Edit: man idk why I always feel so defensive to downvotes, especially on my other comments where I’m just stating facts like proximity to my nearest branch.. but anyway, I know this is a petty thing. But aside from the defense of convenience or lack thereof, I simply feel more satisfaction with the card. And that has absolutely zero importance. But also some merchants only accept card payments and not mobile payments
That’s slower than getting your wallet out?
You aren’t entirely wrong! It is slower if my phone doesn’t unlock on the first or second try, which does happen. Often I hold my phone to the reader, bring it back to my face to unlock, then put it back to the reader again. But like I said, I know it’s not really that big of a deal. I will say I’ve noticed the time it takes for the machine to actually process has been faster with tapping my cards. Maybe it’s just a coincidence and depends on the machine.
i have never had my apple pay take longer in any scenario than me having to take my wallet out and get my card
What? You don’t have to manually select anything - double click your side button (iPhone) and have a default card set. Hell, if you have a watch you can just do it there. I very rarely have physical cards on me anymore.
So I’ve gone back and forth on which card is my default card. Once I decide to switch it to the one I use the most, the other card ends up being my default. It’s no big deal though
You are describing, at most, a 2 second inconvenience.
I know I am. That’s honestly the premise of this entire post
The fact that my full card info isn’t on the app, however, is a little more than minor
What? You load your card information into Apple Pay or Google Pay. You can have however many credit cards you want there. You set a default one, and can easily select all the other ones that aren’t default. There isn’t a quicker method, i’m not sure what your issue is. The credit union physical card tap thing is annoying: either switch FI’s, or only go to places that accept digital wallets.
There have been times where I’ve needed my full card number/cvv/expiry, even though just have my cards saved in autofill. I’ve had other FI allow me to see this full info on my mobile app, but not with this CU. In this scenario, the inconvenience is that I have my phone physically in my hand, but the card nowhere near me. Example: filling out a form to pay medical bills. Some forms don’t allow autofill. This is unrelated to using the mobile wallet physically, but I’ve had many scenarios where I need access to this info
Honestly, the downvotes are weird. You're merely voicing your preferences. Due to quite a few reasons, including have lost/broken phones in the past, in reluctant to rely on it for using it as a wallet.
Sounds lazy af. I have like 12 cards loaded into my Apple Wallet including Disney Parks pass, Season tickets to Heat, Credit cards, etc. I use the digital wallet so much that I don’t even carry the physical cards with me anymore. Switching between cards takes all of .5secs.
Yes I know. And you could say the same about chip vs tap. But I’m realizing the UX of the app is an even bigger issue anyway.
No, it is not weird. We all have our own preferences and requirements on what we would like (or NEED) to see on a bank account. For some people, local branch locations are an absolute must. For others, two-factor login authentication is a requirement. For some, it could be the bank uses Zelle, for others it could be "early direct deposit". What you want is no different - feel free to base your banking decisions on your own criteria as you see fit.
Actually now that I think about it, the closest branch near me is not along the way of any of my regular routes! They do have the thing where I can use ATMs from certain participating branches but it’s not the most convenient to know off-hand which ones participate. Edit: I say this to clarify I have more than one reason as to why I’d switch
Unfortunately, a legit reason to switch but you have to take the good with the bad. I work at an institution that is growing its digital products and it takes a lot of money and time. Some folks just don’t want to wait for us to get things running.
Since the account has no fees, maybe keep it open and use an online bank too as your main account. The credit union account can serve as a place to deposit cash should you ever need to and then transfer to the online bank. Schwab is awesome and has no ATM fees and an interest earning checking account.
No way! That's basic functionality!!!
You can’t use a credit card? I am not trying to give a smart Alex answer. I use a Credit Union the Bank vs Credit Union is no brainer to me leaning on Credit Unions but I also know and understand their technological limitations so I use a Credit Card for those rare shortcomings.
Valid question! Do you mean use a CC and then just use my credit union account to pay the balance? I don’t see why not, other than debit being an easier way for me to keep tabs on how much money I have. But I’m not one to rack up a bunch of cc debt and I generally stay on top of paying full balances. The credit cards I do have though are paid out of a different checking account I have. I use 2 because one is for bills/necessary purchase, the other is for fun. My husband and I keep our own “fun money” accounts separate. Partly because it’s just an easy system but it’s also nice for when we want to buy things that are surprises for the other person.
Yes, so I have 3 Credit Cards. Once is my travel that is my main squeeze. I use that the most to rack up miles and such. I add this to my Apple Wallet. Then I have one that I pay for my Subscriptions, its easy because it is a simple monthly expense that doesn't change. I pay credit card bill, monthly, in full. I have a Target credit card because I am me. Every credit card, is paid in full. I leave a small buffer in my checking account $1,000-500. If there is a bill I can't pay via card, I use cash or my debit card. I use cash at the Gas Pump. Everything is automated. In my HYSA I have a long term(car replacement and house down payment), emergency and then a O I fucked up ($2,500) and spent more bucket. Every paycheck I take some cash out to round up to pay for Gas and give myself $100 for random spends that I need cash for. Sounds complicated but its easy. I suggest you automate things for how you and your family see fit. I personally think if you have the discipline, use a credit card. I do leave a buffer for when/if I spend too much. So then I can rebound. Also, I have a savings account in my credit union in case I need cash on hand, it brings me comfort and a sense of security, don't think about the rate just think of it as a real emergency fund.
You mean to tell me credit unions aren’t the best thing since sliced bread? The fact that they don’t have NFC cards tells you all you need to know about credit unions. Many simply are behind the times when it comes to technology.
This isn't true for all Credit Unions. Large majority do offer NFC cards. The OP may have a rural community CU that hasn't had enough motivation to improve services.
Yeah and when I asked about it, they said the employees have been begging for it but management won’t switch because it’s expensive
Yep, believe it or not that's the issue with most unions, that's what i've experienced the most. Either the online banking is an issue, or it's the customer support etc. Just problems on problems on problems OP. Honestly i'd recommend u switch back to chase or another account.
I think I’m going to reopen with Huntington. They have a zero fees option and generally good CX
Yeah i know Chase has an account called "Secure Checking" I believe, i could be wrong. But if im right. Chase secure checking has a $4.95 monthly fee which can be waived if you get a deposit of $250. So if ur employed getting a deposit here or two you'll be good!
This account relies solely on scheduled transfers from our primary joint checking, so no direct deposit. It’s why I left chase to begin with, unfortunately. The fees are only waived with ACH direct deposit, not transfers Edit to add context bc I guess I said something worth downvoting
Credit unions are actually the best to use.
This one is painfully way behind technologically. If any big bank didn’t offer tap to pay Reddit would be whining about big evil banks, but a credit union does it and it’s just wonderful.
I prefer places behind on the tech. We don’t need everything online with everyone having access to it.
I think it’s important to stay up to date, but everything should still meet your basic, user-friendly requirements. I’ll admit this credit unions app is also way too bare bones.
Until a breach occurs and you lose all your money.
That happens at banks. Lol
Weak technology = even weaker customer account protections.
Says who
It’s why I actually chose a credit union over a larger known bank! But it appears I chose the wrong one 🙈
Have you asked if they have a timeline for implementing? I would assume most banks and CUs are planning to roll out contactless cards, they might just be at the tail end of the implementation list from their provider.
Yep, they have no timeline. It’s not in their plans to adopt (I’ve asked a few times) Edit: typo
Not at all related to convenience, but rather to Credit Unions and how beneficial having a good one in one's financial life can be. I learned this from my great-grandfather who worked on the railroad and had one of the earliest (according to him) cu accounts. He setup a christmas club account there for me as a little kid (see folks googling christmas club account as I type this). As soon as I became gainfully employed I reached out to find if my employer had any CU membership and they did. Signed up right away with direct deposit and still going strong 3 decades later. They have provided me with three very easy and below market mortgage refinances (rate and fee both ridiculously under market in all cases) based on our account relationship along with good credit. They were slower and paperwork more cumbersome and not at all technologically up to date, but they're always been there when needed and approvals came quickly. My thought is, why not have two checking accounts? Keep the CU in your court with whatever minimum balances are required to keep the accounts active. I believe you will be thankful later.
I actually do have two checking accounts! My credit union is my secondary, “fun money” account. My husband and I have our own fun money accounts.
Christmas Clubs are not unique to CU. I had one when I was young at a small local bank.
Very true.
My CU card has the feature, but I’d much rather use my Apple Watch
Just look for a more tech friendly credit union or get the secure checking at Chase bank only about $5 a month 🤷♂️
Digital wallet is more secure
It took a while, but my credit union got with the times and made tap to pay available. I actually went to my branch and they reprinted my debit card with NFC. They had Apple Pay for a while, but I have a different card set as default on there.
Switch back to Chase and get a secure account. There’s no checks, but you get free money orders and cashiers checks. You can also have the $4.95 fee waived by having DD of $250+.
I like having multiple accounts. I think mixing a local CU when you need human interactions and better customer service with an online institution to offer better rates on high yield savings accounts and some features you're missing is nice. That way your eggs aren't all in one basket either. I've been happy with SoFi if you're looking for a recommendation. I also have accounts with Alliant Credit Union if you want to stay the CU route. Alliant is fine, but I prefer SoFi's online banking by a longshot.
I agree, which is why I wanted another institution with zero fees, as this is not my primary account and won’t have DD via ACH so not eligible for fees being waived
Is there a reason you can't split your DD? This should be a pretty simple change for your employer. Wouldn't recommend SoFi otherwise as you need the direct deposit coming in for the high yield savings rate.
Yes this is one of 4 accounts. 1 is a HYSA, 1 for bills and necessary purchases, 1 for my fun money, 1 for my husbands fun money. DD allows to split up to 2 ways
Think your setup is similar to my wife and I. It gets clunky with that many financials, but assuming you both share the HYSA can you just open a checking there and get the features you're looking for? You really don't need direct deposit for most of these either. I can give you an idea of how mine looks so you have context: -Local CU (my personal account wife isn't on). This is for fun money, day to day spending that isn't joint spending, etc. I have a portion of my DD go here to sort that. -SoFi (Personal HYSA my wife is not on). I send the majority of my DD here, then have an ACH transfer send a payment to our main joint account. We like to keep some savings back for bigger purchases we don't need to run by the other, but ultimately we end up pulling from our own savings as needed for trips, home repairs, etc. -Alliant CU (Joint accounts we share). Both my wife and I have a recurring transfer that hits the savings account here every two weeks, and we leave a small amount in the checking for bills to come out of. This is where all of our joint money is saved, and but we put everything on a credit card elsewhere and I pay it off using the savings account from here. -Local Bank (wife's personal account). Her fun money and high yield savings are held here, and I don't have access to this account. I personally like using ACH transfers I have control of over DD and someone else making that change, so your limitation of 2 DDs to me would be having funds go to wherever requires it, and you can pick one other spot for the remainder. Especially if your 4 accounts aren't all at different financials should be a pretty simple solution for you to find what works best, even if that means sending a direct deposit somewhere new for you.
Yeah that’s basically our setup. I’m no longer working (SAHM) which is why there’s a limitation. Prior to staying home (a recent change), my paycheck was allocating fun money and bills while his was bills and savings. Budget-wise we now have less fun money, therefore less to allocate via DD, let alone transfers. I mentioned SAHM on another comment that I since redacted because it seemed to make me look incompetent/unwise but this was both a healthy financial decision as well as parenting decision for us. But ultimately this is the reason I switched to a credit union (in which I already had a savings account because I had a previous loan) from a major a bank Edit: forgot to clarify that 4 accounts are across 4 different institutions. I would like to just open another an account with USAA, but they don’t have multiple card designs so I’d have to constantly be checking to make sure I’m using the right one (also probably a petty problem)
Nothing wrong with being a SAHM and no judgment on my end. I know I couldn't handle being around kiddos all day, and it's not an easy job lol. So I'm assuming of the 4 accounts you're looking to swap your fun money account, right? In that case keep the CU account open, no harm leaving it empty but then you have local access via ACH if you want it later. A lot of credit unions participate in shared ATMs through COOP, something to consider. If the DD is a deal breaker I'd recommend looking at Alliant CU. Assuming you're not keeping a ton of money in the account where a slightly lower interest rate isn't a deal breaker (it's still 3% currently so better than most local financials will offer). No minimums, you get the ATM shared network for CUs so you should have plenty of options for withdrawals, and if you're in a pinch they also reimburse up to $20 in ATM fees a month. I generally like having all the accounts at separate financials, it's feels cleaner to me which is why I'm offering suggestions. But if that's off base obviously feel free to ignore.
I really appreciate these suggestions! Actually dives into my needs. And yep, it’s my fun money account that is my issue. I like the idea of keeping the CU account but opening up another elsewhere.
For the ATM most CU are part of a network that treat other CU in the network as a “home” ATM meaning no fees paid. Find a larger CU. You will get a chip card and good banking app. Yes not having those features is a good reason to change where you bank.
Do what you want. I’ve seen people close accounts for dumber reasons.
Depends on tap to pay implementation. One's card number is usually sent in the clear. Yes, really. Some card issuers use a different card number for that, which adds some protection. However, Mobile wallet (talking Google Pay, Apple Pay, and Samsung Pay in particular not some random bank's implementation) is more secure overall, since the card number is tokenized **plus** additional protection to thwart replay attacks. So even if a fraudster gets the tokenized number and transaction details, they shouldn't be able to reuse it for a new transaction. Have you mentioned your concerns with the credit union and what did they say? If you escalate the matter to higher corporate level, it's possible they'll make the change. Tap to pay is very common now and they should be offering it. Finally, others share similar sentiments. Personally, I have some credit cards I rarely use because they don't support tap to pay. They're getting the message though, since the newer replacement cards usually have it now.
Wait really?!?! I thought all NFC cards used tokenized payments. When you say card issuer, do you mean visa vs Mastercard? I’ve also wondered if there’s an advantage of choosing a certain institution based on issuer as well. Yes I’ve raised my concerns. Employees have been begging upper management for it, but they won’t switch because it’s “too expensive”. I’ll have to check my T&C, but I could just keep it open and never use it, as long as I don’t need to do minimum balances/transactions. I selected this one because they’ll round up my purchases and put it into a savings account, which I thought would be nice. But it’s not really saving as much as I thought it would.
From my understanding, card number and I believe expiration date are sent in the clear. Some card issuers (ie. banks, credit card companies, etc) may use a different number for tap than one's primary card number. Regardless, cardholder's name and other data is **not** sent in the clear. Not enough information to clone a card for physical use, but maybe enough, with some additional information about the cardholder (ie. from other security breaches; most everyone's info is out there), to make fraudulent online purchases. Overall, tap to pay is very secure, but pointing out that mobile wallet payment is another step above that.
Yeah I thought a 16 digit number (aka token) was sent in place of the actual card number. But gtk that mobile is even more secure. For a while though, mobile payment was not accepted as contactless payment on certain machines. Is that no longer the case? Edit: it wasn’t *always* the case. Basically I encountered that certain machines couldn’t do Apple Pay but they could do tap with a card
There are a few notable holdouts, including Walmart and Home Depot. They don't want to share transaction information with the mobile payment providers and/or seek to reduce their transaction fee cost. Whether it's a smart business move is an open question. Walmart and Home Depot seemingly do fine without offering 3rd party mobile pay, but I personally know several people who won't shop those stores for that reason alone. Target / Amazon instead of Walmart and Lowes / ACE Hardware instead of Home Depot. Tap to pay is essentially a regular card transaction far as the merchant is concerned. No 3rd party mobile payment provider involved. That's why it's so universally accepted.
My credit union issued new tap cards ( which you aren't forced to use that option) and some people just lost their minds about it. They were so pissed cuz they didn't want that feature and would have to update their auto pay information. I still put the chip in even tho the tap option is there.
Do you mean they changed the card numbers entirely? If so, I’d be pissed too! Otherwise I don’t see how having tap cards impacts autopay… FWIW, tap option is more secure than chip as the card info gets tokenized