My No Spending Challenge and my ultra frugal Envelope Shopping System for June ended up biting me in tush!
I have a fabulous 4% checking account through my credit union. Yes, you read right - my checking account pays 4%. However, there are a few rules to get it:
- Direct deposit
- Minimum of 10 debit card purchases
- Minimum 4 log-ins to their online banking system
- Receive eStatements (emailed bank statements.)
Part of me is really irritated. I mean here I am, trying my hardest to save money and keep it in the bank and they are penalizing me for not spending it! In this economy, slapping people on the wrist for not spending seems a bit irresponsible.
On the other hand, I can't help but see the humor in it...
Last month I did so good at not spending money that I forfeited my interest rate. Let me say, this has never happened to me before. Ever since I've had the account I have had no problem meeting the requirements.
So, what to do? I really liked using the envelope system and frankly, it saved me a lot more than I would have earned in interest. I am definitely not going to go out of my way to use my debit card more just to get a little extra cash, (no matter how much I like bank interest) - that way there be dragons. It would be quick trip down a slippery over spending slope. I'll just monitor how it goes the next couple of months and see if this a fluke, or if maybe there is a better account for me. I am also going to write the credit union a letter. I see why they have the requirements they do, and I don't particularly think they are unreasonable, but nonetheless, I would like to express my opinion on the matter.
Heh. My boss always warns me to keep an eye out for unexpected consequences. I certainly didn't expect this!
Photo by: NoHoDamon