Here, piggy, piggy....

I do most of my banking activities at my bank branch’s ATM. It’s easy, it’s quick, and my bank’s ATMs offer digital scanning of deposits and will email me my receipt saving me the hassle of misplacing it or wasting paper. However, one down side of ATM banking is waiting the few moments while the machine processes my transaction and having to stare at the advertisements. I say ‘stare’ since I normally read them only long enough to make sure it’s not asking me for a response.

Yesterday while waiting for my transaction to be completed, I noticed a quick ad that seemed to be giving budgeting advice. It only caught my attention because of the green little piggy bank with coins floating into or away from it (depending on interpretations.) The sage advice said something to the effect of, “Budget your monthly bills, then save 10% of what’s left over.” What caught my eye was the “10% of what’s LEFT OVER.” This advice, coming from a banking institution, seemed a bit odd or backwards even. Unless I misunderstood the ad, it’s giving its customers the advice to save what’s left over at the end of a month’s budget. Shouldn’t a budget already include a savings portion which would really mean, save 10% AT THE START OF THE MONTH?

For instance, let’s say that the total monthly bills of customer A equaled $3,200. Customer A has an income of $3,600 so that would mean saving 10% of the “what’s left over” would be $40! Unless I’m flubbing up my math, $400 is “what’s left over,” and 10% of $400 is $40.00. What kind of crack-pot advice is this?!

Coming from a bank, you’d think the advice would be more useful. Scratch that last comment; I’m not so sure bank’s are looking out for anyone but themselves. I also don’t want to knock anyone for saving $40, it’s better than nothing, but it’s just not good enough.

So where can one find decent, helpful budgeting and banking information if not from one’s own bank? A few great sites to begin with are:

• The Dollar Stretcher
• Yakezie Personal Finance Bloggers
• Get Rich Slowly
• Motley Fool
• Bank Rate
• Dave Ramsey

Of course, there are also plenty of budgeting and finance books as well that give much better advice than an ATM screen. Then again, maybe no one really reads ATM screen adverts anyway.

Have you seen ridiculous money advice coming from a “reliable” source? Do you think anyone actually believes this advice?

Wells Fargo ATM

Until recently, when I would deposit checks into an ATM, it would take about 2 business days or longer for them to clear the bank. Since Wells Fargo has introduced the “No Envelope” deposit method at the ATM, they now post that day if deposited before 8 PM. What a convenience! Here’s what’s different, there are no deposit envelopes to use and fill out anymore. In the past, a bank teller would have to pull out the envelopes and manually enter them as deposits into your account. Now, I deposit the checks directly into the slot (up to 8 checks can go at once, I think) and the ATM scans the routing and account numbers at the bottom of the checks. The ATM asks for confirmation of the amounts of each check and total amount.  Those funds are available the same business day, as if you went into the branch itself and deposited them.

The new method decreases the likelihood of human error, and it also reduces the amount of check scamming. With the envelope, people could deposit toilet paper and withdraw money they really didn’t have. This wasn’t caught until a human opened up the envelope and realized the scam. Now, the ATM visually sees the check numbers and can credit your account that day. If you feel uneasy about depositing checks sans-envelope, you have the option to print a receipt with copies of the checks you deposited. This is very helpful if you enter individual deposits into your check register or Quickbooks program.  I admit that I love this new method.

However, this means that if you are writing checks, you need to make sure the funds are available in your account. Something most of us do, but now it is crucial. I’m sure that Wells Fargo isn’t the only bank electronically scanning checks and crediting funds immediately. If you write a check, you had better make sure those funds are there!

Here’ an overview of the new check scanning ATM:

• Saves you the time of filling out an envelope and adding checks manually. The ATM will automatically add the amounts for you, you just need to confirm the amount.
• Checks are credited that day, just as if you went into the branch. What a time saver!
• A receipt with copies of the checks is available for your records. Just like you receive a deposit receipt from a bank teller, the ATM can not only print a receipt, but also print one with the check copies in case you are uncomfortable with this new method.
• You can also deposit cash directly into the ATM and print a receipt with a copy of the bills you deposited. I’ve always been wary about depositing cash, but because the receipt prints the bills, I feel more comfortable now.

Do you use the ATM to deposit checks? What about depositing cash? Is your bank offering this type of ATM service? Would you use it if they did?