Monday, I wrote a check for my remaining ally funds to Northern and dropped it in the mail. The ally funds are in their no penalty CDs. They offer no way to automatically close & transfer those on a future date.
Because Northern is a good deal away from me, chances are they won't get the check until thursday or friday and it may not clear until Monday or tuesday.
However, because I am paranoid about bouncing a check and incurring fees, I will probably manually transfer the funds early tomorrow.
Not to my checking account, but to my savings. I have overdraft set up where Ally automatically transfers from the savings to checking to cover any checks you write.
On the $62k I had left at Ally, the interest difference between 2.20% and 2.35% is about 25.5 cents a day.
However, a bounced check fee would dwarf that so I am unwilling to take much of a chance. So in all likelihood, I am leaving 1.02-$3.06 on the table.
What would you do?
(I opt to mail checks except on small amounts because I think I lose a days interest when I do an ACH from Ally and potentially gain a few more waiting for the check to clear)
You could lose 3 days interest if you have not primed the outside account to ally previously which I almost always do. (a $200 pull from the outside account to Ally usually primes the outside account)
