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Finances
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crschmidt
As a gainfully employed member of society, I have decided (with the help of Jess) that I need to consolidate my financial means into one source. Currently, I have money in a number of accounts across the country.

  • Netbank - currently my primary account. Checking with interest. Slightly more difficult to get to (web-only), which is good as I get relatively good rates on money that goes there. (1.5%, which is better than I get on savings other places.) Checking + ATM card. Currently, direct deposits go here.
  • Triangle Credit Union - Local credit union. Checking and Savings. Got this account so I could have local checks and a local bank. .75% interest on savings, none on checking. Pretty nice in terms of local things though - movie tickets, etc. Where I plan to keep money for "now", rather than in Netbank.
  • University of Illinois Employees Credit Union - an account used to store temporary monies for school, I withdrew all but the minimum balance ($5) when I left school this year. I plan to close this account as soon as possible. It recieves .5% interest, and isn't available once I'm no longer a student. (The fall.)
  • Harris Bank - Local to home in St. Charles. This account is the one I know least about out of all my bank accounts. I'm aware that it exists, and that I have access to it. It has a rather interesting history which I'll go into later on. .35% interest, savings only.
  • American Century Mutual Fund - Supposedly saving for college, this mutual fund was where money got put in from my father. However, during the .com burst, it lost most of its earned value (if the info I remember is correct) and has returned to the value of the money which was put in.
  • CD - even less sure if this one exists anymore. I put money into a six-month CD at one point, but I have no idea if this finished its term and went back into the Harris Account, or when it matures, or anything.


The Harris account has been my primary bank account for a long time. I've been able to deposit money, and take it out, as long as I can remember. I am positive that at one point it was an ILUTMA - Illinois Universal Transfer to Minors Act - Account. However, I'm not sure if it still is. At 16, I went in to try and check the stats of the account - and I remember a lot of rules changing, and myself creating a new account (to which I even memorized the number). Over the years, I deposited all my checks into this account, or cashed them against it. However, for the past 4 years, Harris has not printed the remaining balance on any account withdrawls, so I'm not sure what the current balance is. I have a feeling on how much money there is, but no actual numbers. I'm fairly certain based on recent reading that it is no longer an ILUTMA account - as I can withdraw money on my own, which shouldn't be allowed. It's possible that when I recreated the account at age 16, this changed. It's also possible I'm just crazy and remembering wrong. :)

So, in total, I have a Netbank account, a Triangle account a Harris Bank account, a UIECU account, possibly a Mutual Fund, and possibly a CD. I know how much is in the Netbank, UIUC, and Triangle accounts. I don't know if the CD even exists, I'm pretty sure the Mutual Fund does but have no idea how much is in it, and have an idea on how much the Harris account has.

The most difficult part of this is that I only have access to 2 of the accounts. The rest are under more direct control of my parents than me - I don't have any access information, and in some cases, don't even know if the funds in question exist. I never set up online banking anywhere - until I was 18, I was too young, and once I wasn't, I wasn't around enough to set it up. Especially at UIUC, I didn't expect to lose access to the account so quickly.

There's also the fact that my parents have about 30 grand in debts - in their name - for my schooling. When I leave school, those debts are going to start going onto their bill - and I feel they have a reasonable argument in saying that since I didn't finish school, they don't plan on continuing to pay for my education. As such, they would want funds to pay for the debts they incurred at my expense, and claiming that the funds they current control will go towards that is not, in my experience, beyond something they would do.

So, I've got a lot of clean up to do in terms of my financial stability. I need to figure out how much money I have, and start keeping track of it. Before I feel comfortable spending a lot of money (which I'm sure I will want to do in the near future), I want to have an idea of how much I actually have. I also need to start saving into something that will earn me more money than a bank account. I did some searching online, and didn't really come up with much, but I'll need to do some actual financial research and find out what is out there in terms of making my money increase.

I'm going to be doing IRA saving via work - they match up to 3%, and I'll probably put in more than that. Even though I'm not the best with money, I like to know that I'm going to be okay for the future, and for the short term if something goes wrong. I need to learn how to invest money, and there's no time like the present.

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Oh, and they have a nifty referral thing. :)

ING rules. I use them for my savings, and have for about 2 years.

<3 ING

That's just savings, right?

If I can find a way to make a better rate - Mutual funds, CDs with terms of less than 5 years, that kind of thing - I'd really rather not do another savings account. I understand it gives good rates, but really, I want some kind of investment - not just another savings account.

I may end up putting some stuff there - moving money from Harris to there, or something similar - but I really want something a bit more... tangible, I suppose, in its benefits. 2.1% just isn't all that high in my mind.

They also have relatively high-rate CDs of terms 1-5 years. :) If you want actual investments with risk that pay out better, then you'll have to look at an actual investment broker.

I've got some experience and training with investing/money managing.

Let me know if you'd like help/advice/anything else.

~mike~

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