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Cash Cushion and Online Banking Works

May 9th, 2008 at 01:05 pm

I get paid by direct deposit bimonthly on the 7th and 22nd into my checking account. Unfortunately, my pay check didn't get deposited until today. This was caused by our company's financial institution error. This would have caused me major cash flow anxiety. I have learned from this finance blog about padding your checking account to avoid potential bank overdrafts and utilizing online banking. It works! I was able to immediately changed payment dates for my bank online payments (still ahead of their payment schedules). We had enough money just in case this lasted longer. I wasn't forced to use credit cards to pay for basic living expenses. Our CEO made emergency contingencies for those employees who had financial difficulties from this accounting error. One young lady had an bank overdraft fee of $250!

Thank you to all for the great advice about being financially prepared for Murphy's Law!

Posted in Financial Crisis | 2 Comments »

2 Responses to “Cash Cushion and Online Banking Works”

  1. luxlivingfrugalis Says:
    May 9th, 2008 at 01:36 pm 1210340184
    1210340184

    Ahhhh crisis averted!!! Big Grin

  2. honeichild Says:
    May 13th, 2008 at 11:46 pm 1210722398
    1210722398

    I keep some money in my savings account so that if something like that happens it will draw from the savings account to avoide overdraft fees. I dont have anything that automatically withdrawals from my account other than my ING account.

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