I'm irritated with myself for a mistake I made this week. I have 2 checking accounts: one with TD Bank where my direct deposits go, and another with Capital One (1% rate) that I use as my Emergency Fund. It has worked well for me so far -- I pay my bills out of the TD account, transfer excess money to the Capital One account, and only use the CapOne money in the case of an emergency or large expense. I leave about $1K in the TD account at all times as a buffer from overdrafts.
Well, I had my house painted this week and needed to cut a check for $1,700. Don't have a checkbook for the Cap One account, only a debit card. Figured I'd just transfer the money to the TD account and cut the check out of there. Got the final painter's bill on Tuesday, initiated the transfer, and wrote the check yesterday. Painter cashed it last night (must've needed that cash!!), but apparently the funds hadn't completed transferring, so it overdrafted the TD account. Naturally (because doesn't life always work this way?) two (expected) monthly auto-drafts hit my TD account right after that, so I'm expecting THREE overdraft fees in all. I talked with TD this morning and explained that it's just a timing issue and it sounds like they will waive the fees, but I'm still irritated.
So, has anyone else made the mistake of over managing their accounts to their own detriment? This system has worked for me for over a year now and was essential in helping me pay off credit card debt and build that emergency fund up, since it sequesters the money in their respective accounts and psychologically each account has a designated "job", but I feel like a dope because now it backfired on me. I have to deal with the annoyance of trying to get these fees waived. Even if they didn't waive them (I think they will) I'd only be out $105, so not exactly a financial disaster, but stupid.
I'm wondering -- got any similar stories?