Step #9, Day 18 Assignment

Today, your assignment is twofold. First, sign up for online banking with your current bank if you don’t already have it. Keep in mind all the various services and agendas I’ve detailed for you here. Best case, you want to bank with an institution that provides for everything on the list.

To recap, here’s the checklist you’re working from:

• Online account access so that you can check account balances anytime from anywhere…

• The ability to move money from one account to another, again, electronically. In the banking industry, this is referred to as an ACH. That stands for Automatic Clearing House. It’s an internal bank transfer that isn’t a wire transfer and can only be accomplished to and from banks within the same ACH system. A three-day ACH is the cheapest transfer option. A one-day ACH allows you to move money as quickly as via a wire transfer, but it’s cheaper than sending a wire…

• The ability to send a wire transfer without appearing at any bank branch (that is, via phone or fax instructions)…

• Online bill-paying capability—that is, the ability to either pay the bill electronically through a bank transfer or to write and issue checks electronically…

Second, find a second bank that also offers the online services I’ve referenced for you here. Plan to open a second account with that institution… so that you end up with debit and credit cards from two financial institutions.

Also today: Go online to review the fee structure for overseas transactions using your current and planned ATM card(s).

Tomorrow: How to set up the investment accounts you’ll need to manage your portfolios from anywhere in the world.

Kathleen Peddicord
Your New Life Overseas Coach