How often do you make deposits at the bank?
By Jess
@JJ4Ever (4693)
United States
April 12, 2010 8:36pm CST
Since my husband delivers pizza for one of his jobs, we're constantly getting cash (from tips) that needs to go to the bank. I feel like every dollar helps, so if the amount of cash is over $50, I'll go to the bank the next day to deposit it. (I also know that if I keep the cash, I will be tempted to spend it - LOL!) Our bank is right on my way home from work, so it's really convenient. Sometimes I will go to the bank three or four times a week to deposit money. Do you think it's a waste for me to go to the bank that often? The funny thing is that both of our paychecks get automatically deposited into our account, and yet I'm still going to the bank on a weekly basis. If you were me, would you let the cash add up and then go to the bank at the end of the week or would you go each time you had enough money to deposit? Sometimes I choose not to go to the bank because there are times when we need cash to pay for something, but the way I see it, the sooner the money gets into our account, the better because I can use it to pay things off, and it will collect interest. The bank is on my way home each day anyway, so it only takes a couple extra minutes of my time. What do you think?
6 people like this
23 responses
@AmbiePam (92789)
• United States
17 Apr 10
I think you're doing the right thing. The smart thing. I go to the bank to make a deposit once a month. I've been on disability a few years now, so the first or second of the month I always go to the bank to make the deposit. Direct deposit is an option they gave me, but I opted not to have that. The job I had before I was on disability deposited my paycheck into my bank account. There wasn't an option with them.
1 person likes this
@JJ4Ever (4693)
• United States
15 Aug 11
That definitely makes sense. When my husband doesn't get tips in cash during the week, I have to do the same when I make deposits to pull some cash out if I foresee needing cash for the remainder of the week or for however long before I'll be back at the bank. Speaking of which, that reminds me - I should probably go again today lol.
@JJ4Ever (4693)
• United States
15 Aug 11
Is there any reason in particular that you prefer to deposit your disability check at the branch at the bank instead of having it direct deposited? Maybe things have change by now, but perhaps that would save you a trip to the bank...or maybe you have to go in to the bank anyway...
1 person likes this
@JJ4Ever (4693)
• United States
17 Aug 11
I agree! It's really tough to have a debit card linked to your cash if you don't keep track of what's in the account vs. what you're spending. Have you had any specific issues with purchases on your debit card?
I purchased some fitness equipment online with my debit card once, and the company I bought it from accidentally charged my debit card three or four times! I have no idea how they ran the charges up that many times. Since the card I used was for my checking account, it overdrew my account. It wasn't my fault, and I caught it time, so thankfully the bank didn't charge me the overdraw fee, but it was pretty scary seeing all the money I had in there the day before, then the day of it's all gone!
Another safety/security thing my bank does is that they link my savings account to my checking account, so if I accidentally overdraw my checking account, they automatically deposit the needed funds from my savings account to my checking account so it's no longer overdrawn. It's a really great idea because it's all my money anyway, and it keeps me from paying bank fees.
@laydee (12798)
• Philippines
19 Apr 10
Well, it's mostly withdrawals anyway. Hehehe..
But usually I go to the bank at least once every 2 weeks or so. I don't go there often because my salary is directly sent through my atm account to which I could check online and do bills payment online.
But a few years back, back when we had a small business. I tend to go to the bank at least twice a week.
I don't really like going to the bank. With all the people waiting in line. I just want it done with. Which is why I never go to the bank on Mondays and Fridays. Similarly, I never go to the bank during peak hours, I go there midday when most people are at work or in their businesses.
1 person likes this
@JJ4Ever (4693)
• United States
22 Apr 10
There definitely is a certain time to go to the bank to ensure it isn't busy. As long as I get off work before 5 PM or after 5:30 PM and go to the bank on the way home, there is no line. Of course, Friday afternoon/evening is the exception since it's payday for everyone! LOL
@reckon21 (3479)
• Philippines
17 Apr 10
depositing money four times or three times per week is a good practice. Saving money for the future is a good thing and a practical habit. You are right it's hard when you have cash you might be tempted to spend it anytime because you have it by reach.
I used to go to the bank and deposit money before when I still have work.
But now I no longer have to do that because have so little money to deposit. Anyways I still want to do that and earn something every month so that I can have savings with my online earnings. It's better to save for rainy days.
1 person likes this
@randylovesdar (4932)
• United States
20 Apr 10
I think it s great that you go a couple times a week. Putting the money in the bank helps you save money. I remember when I started doing surveys online I would deposit my checks into the bank. The extra money went into my savings account towards my wedding three years ago. It is not a waste of time going to the bank if it is close to you.
1 person likes this
@shigeraldz (339)
• Philippines
14 Apr 10
well it is twice a month, it's every two paydays of the month...
@cream97 (29087)
• United States
13 Apr 10
Hi, JJ4Ever. That is great to go like you are doing. If this helps you out then continue to do so. If it is causing you an disadvantage then it is best that you change up your routine a little. I wished that I could deposit money into my account frequently like that. My husband used to work at Dominos Pizza and we used to get the free leftover pizzas. He used to deliver to peoples houses too. That money does add up, I do agree about that. I don't think that my husband used to get a lot of tips, but if he did, it sure was extra spending money plus gas money too.
Have fun enjoying your extra cash. In this economy it is always good to have some extra money coming into the household.
Have fun enjoying your extra cash. In this economy it is always good to have some extra money coming into the household.1 person likes this
@JJ4Ever (4693)
• United States
22 Apr 10
I'm sure you know exactly how it is then when your husband worked for Dominos. My husband's gas bill sure adds up by the end of the month! To put it in perspective, our vehicle gas bill is the next highest bill, second only to our mortgage. It is absolutely crazy! He drives so much and has to fill up his tank about every other day. I hate that we have to pay so much for gas since he doesn't get paid from the company for it. However, you're exactly right in that any money in tips is icing on the cake as it's nice to have that extra money to deposit and help out with bills or whatever else. I'm sure you understand completely how that goes! Thanks, Cream.
@TheAdvocate (2392)
• Philippines
14 Apr 10
Like you I have absolutely no discipline when it comes to money. I have learned to put it as far away from me as possible. I use to do the envelope system, but that failed because I would usually come up with a good excuse to raid envelopes meant for something else. Like you, I usually go to the week at least once a week to deposit. Plus, banking these days is very convenient. I say that's a good habit. Keep it up.
1 person likes this
@JJ4Ever (4693)
• United States
15 Aug 11
I use the envelope system, and it's worked pretty well for the last year or so. Of course, you have to get used to it. I, like you, raid the envelopes to refill others, but all the envelopes together equal the balance of my checking account, so I know if I take all the money out of one envelope to fund another, I have to make the money last across all the envelopes; otherwise, I run out! I've done that before too. I've not paid attention to the balance of all the envelopes (or lack thereof lol!) and almost overdrawn the checking account. Luckily I caught it in time to deposit more money in, but I try to be very good about budgeting and depositing money nowadays.
@lovelyn_medrano (3070)
• Philippines
13 Apr 10
Hi JJ4ever! I don't see anything wrong about that, anyways the bank is along the way to your office... You don't need to pay for extra cost on transportation.
I agree that sometimes when the money is just there with us... we are easily tempted to use it in buying things that are sometimes not necessary- like sometimes we tend to me impulsive... At least by that way, your savings will surely grow. Those small amount when added and sum up is going to be big eventually.
Well the only disadvantage that I see for doing that is the time you consumed especially when the line of people is long... Maybe try to lessen that- like once a week, perhaps. I am sure you have self control and keeping the money on your hand for several days is not going to be a problem...
@JJ4Ever (4693)
• United States
22 Apr 10
Believe it or not, I actually have cut it down to going to bank once a week. It didn't take up too much time, but now that it's the summer, my husband doesn't get as much in tips from deliveries. It makes no sense that it slows down in the summer, but probably with the weather being nicer, people are out and about more and don't have things delivered as much. I normally deposit the cash when I have a decent amount. Otherwise, I'll hold onto it for groceries or things like that. Thanks for your advice. I think you have wonderful ideas! You're exactly right that these seemingly small amounts of money will surely add up before long! Take care, my friend.
@JJ4Ever (4693)
• United States
15 Aug 11
Now that is the ideal situation! I'd love to save the time and trips to go to the bank, and hopefully I'll be able to do that soon. My mom was telling me just last week that my sister banks with the same bank as I do, and she is able to deposit checks by taking a picture of the front and back with her phone and then transmitting the data to the bank. I'm definitely going to look into that. Sounds pretty neat!
@jinjer168 (1596)
• Philippines
13 Apr 10
Hello JJ4Ever! you know what? I salute you for being that way, by doing that, it simply means that you wanted to save and handle your money in a good way. As you said, the bank was just located conveniently on your way home so for me its just okay to deposit your money every now and then, plus the fact that you can be sure that your money landed safely in your account.
Since you are good in handling your finances and you're in that bank 3-4 times a week, take advantage of asking the bank's employee on how to grow your money faster than the regular savings account. I heard placing/investing your money in mutual funds makes them easier to grow, i just didn't know till now if it's a promising and safe investment enough, for me to give it a try as well. Good luck and take the best of care!
1 person likes this
@JJ4Ever (4693)
• United States
22 Apr 10
You're absolutely right! I've also heard that mutual funds are a great investment. I've inquired of the bank staff on how to start one. I have to have a certain amount of money first, (which I'm trying to reach!) but that's my goal to get a bulk of money in a mutual fund that will grow quicker with interest and such. This is great advice - thank you so much!
@renzoray (59)
•
14 Apr 10
Hi.I deposit money in the bank once or twice a month. Its a good way to save and control expenses. Our bank requires a minimum balance. If the minimum balance is not reached at the last day of the month, a cetain amount will be deducted from my account. If there is a zero balance, the account will be closed. So we always find a way to leave an amount in our bank account. That way we can save also.
1 person likes this
@JJ4Ever (4693)
• United States
15 Aug 11
Your bank has great incentives to encourage people to save! Once or twice a month for bank deposits is pretty standard, so it's great you keep to a schedule like that. Your bank sounds pretty strict, though. Have you ever gone below the minimum balance or accidentally had a zero balance? If so, what does your bank do when that happens?
@mimpi1911 (25464)
• India
13 Apr 10
Hi JJ!!
I think you are just doing right. The only thing constant is change and the only thing constant we need to do is to save. Save, save and save more for you never know. Had I been you, I would have done the same because I just cannot hold onto the money. and before realising you are don with them! So, having them saved in the bank is very sensible indeed. I tend to do that also. I have a dynamic fund manager n my father who takes care of my fund other than paychecks. so, I do not have visit the bank physically. I think visiting the bank in this era of virtual transaction feels good, if you have time. We also get to know many new implementations and the bankers get to know s as well. So, I approve of this totally. hang onto it! 
1 person likes this
@JJ4Ever (4693)
• United States
15 Aug 11
You know, it is really easy to drop money on different things if you have the cash at hand. That's why I don't let cash sit in my wallet for very long. Checks are a little easier to hold onto and not deposit because they're not able to spend until they're cashed/deposited. Checks aren't so dangerous as cash is! I don't let money sit around long for that very reason. I know what I'm capable of when money is involved, so I stop before I get myself in trouble lol!
@markminerva (53)
• Philippines
13 Apr 10
every month i make a deposit depending on whats left on my allowance. It will be better if i save it since i can easily get tempted to buy things i dont really need. Atleast 20% of my allowance i save every month.
1 person likes this
@monkeylong (3139)
• Guangzhou, China
13 Apr 10
Yeah, as far as I am concerned, I think I seldom go to the Bank to have the deposits. Just because I seldom have so much money in my pocket. So I do not need to go to the band fpr deposit. But I think the day's coming will be soon. For I am going to earn big money now.
1 person likes this
@Cutie18f (9551)
• Philippines
13 Apr 10
I agree with you. I would do the same thing because money in our hands is bound to be spent. When we get a little extra cash, it is good to deposit it right away so that we will not lose it or spend it needlessly. That is a good habit you are doing. I love that. I would do the same and let the money grow.
@JJ4Ever (4693)
• United States
15 Aug 11
Money in the bank account will grow much faster than in our pockets! It's definitely always better to save. When I get a bonus or big chunk of money at once, I'll always save it first thing. I figure then I can always pull it out once I have a plan on how to spend it, if I'm even going to spend it at all. I always prefer to save, and that's my first impulse now, which never hurts!
@linksman (6)
• Nigeria
13 Apr 10
I think how often one goes to the bank depends on the kind of cash you are comfortable carrying around or have around you. Another point is how disciplined are you when it comes to keeping cash. A lot of folks can't help but spend it all once they get hold of cash. There's always something to buy or take care of financially and our needs keep increasing with more cash at our disposal.
Another point to note is do you fall into the group of those that can save some of their earnings as opposed to just spending it all to take care of our many needs?
Personally, I wouldn't mind going half way across town seven days a week to make deposits into my bank account as long as the money flows in on a daily basis in a good steady stream.
My advise to you is, keep doing what you are doing. In this recession times, not many people can boast of going to lodge deposits into their accounts even once a month. And I pray you continue smiling to the bank.
Cheers.
1 person likes this
@JJ4Ever (4693)
• United States
22 Apr 10
Thank you for your wise advice. I find it very interesting and encouraging how far you would drive on a daily basis to make sure your money is safe in your account at the bank. I'd like to think of myself as a disciplined individual when it comes to money because I know I'm not disciplined when I carry cash. For that reason, I always deposit it at the bank as soon as possible. That way, I know I won't spend it! LOL Thanks again for your comments.
@forteafuture (105)
• China
13 Apr 10
I think you are right.If I were you ,I will deposit money in bank because it does not consume much time.for me,I do not like bring too much cash with me .It is not safe and I can not help shopping.It is a good idea.
1 person likes this
@JJ4Ever (4693)
• United States
15 Aug 11
It scares me to carry too much cash on me at once. No one knows whether or not you have money on you, but why take the chance? It's better to make sure it's secured in your account. Even if someone stole your credit/debit card, at least you would be protected whereas your cash doesn't have your name on it.
