UPDATE: Revolution Money Exchange

Part of my plan on paying down debt was to transfer the money that my wife and I have made on referrals and opening our account at Revolution Money Exchange. As I mentioned about 2 weeks ago, my account was locked for fraud protection, and I couldn’t get anybody on the phone to see what was happening. Fortunately, 15 minutes later, my account was unlocked. The result, however, was that the funds never transferred. So, on August 1st, I requested another transfer of $50 to my verified bank account. The process is supposed to take 2-3 business days, and so I attempted to contact them again to see what was happening yesterday. I found out that there was no problem with the transfer, so it had to be something internal, but the finance department had already closed, so I would have to make the call today to find out.
I did so, and after about 10 minutes of being on the phone and on hold, we got the situation worked out. They informed me that it would take about 5 hours for the funds to show up in my account. However, to this point, no funds have hit my account, so I’ll be calling them again tomorrow morning.
As with any new system, there will be hiccups. I completely understand that. Two weeks ago, I got an answering machine. Yesterday and today, I got very courteous customer service reps who were able to assist me in a timely manner, and, when necessary, explain the direction I would need to take when they couldn’t resolve the issue. I am somewhat leery of trying a new system, but Revolution Money Exchange seems to be a decent alternative to PayPal, provided they actually transfer the money.
Also, I have yet to receive my MoneyExchange card, which will allow me to use the funds in my account as a debit transaction at several stores, including CVS and Walgreens, which is something that I don’t believe PayPal does… And I get a $10 bonus every time somebody signs up for the service (however, you no longer get the $25 bonus for signing up... :-()
As soon as they’ve completed the bank transfer, and I’ve had a chance to try out the “debit card” part of the system, I’ll report back, but so far, I’m impressed with the courtesy of their customer service reps, and that’s refreshing, even if I have to deal with the occasional bump.

UPDATE 8/14/08 7:15am: The account updated this morning. And that, honestly, could be the way that Wells Fargo handles the transaction, vs. Revolution Money Exchange. So hopefully the next transfer I request will happen in a more reasonable timeframe. I really can't complain too much, though, since this is all referral and sign-up money... :-)

Revolution Money Exchange… Developing…

My account with Revolution Money Exchange has been suspended due to suspicious activity.  Yesterday I sent a request to send the money that my wife and I have made for signups, etc. to my bank.

I called to the company to see about getting it unlocked, but couldn’t get anybody on the phone.  So I left messages, then emailed their customer service.

I’m wondering if somebody tried to hack into my account, or if they just don’t want to pay the money…

I’ll keep this post updated as I get information…

 

UPDATE (3:40pm):  My account has been unlocked, but I must resubmit my requests to withdraw money.  This time, rather than transferring the entire amount, I’m requesting $50.00. 

The Envelope System for a Digital Age

The Envelope System, if you aren't familiar with it, is a simplistic way of sticking to a budget. Basically, you work out a monthly budget. Then, every time you get paid, you take the appropriate percentage of each budget item and stick the cash in an envelope. Once you've spent all the money in the "Groceries" envelope, you're done until the next payday. I've found this system to work very well, but it involves going to the bank every week, withdrawing my paycheck, dividing everything into envelopes, then going back to the bank every time I pay a bill. With direct deposit and online bill pay, this is an obtuse and time-consuming activity.

There had to be a better way. So I designed a spreadsheet to do the work for me. Just click the link and download the file. It should be pretty self-explanatory. Obviously, some of the values are changed, but if you aren't spreadsheet-savvy, let me know, and I'll help you customize it.

It should be noted that I use this spreadsheet in lieu of financial software or a check register. For one, its cheaper, and I enjoy the simplicity and cost-effectiveness. For another, I don't need a lot of power to pay bills - that's what my online banking does, again, for free.

Anyway, this is a solution that has worked well for me since I've switched to it and has made my life much less complicated, since my trips to the bank are now on an "as-needed" basis, rather than at least a weekly trip.

I am always interested in other tips and tricks, so if you have seen success using a tool, please mention it or let me know...

Bank Accounts

In my last post, I alluded to the fact that one big factor in making my payments was my bank account.  Because I have a steady job, salaried, my income is dependable.  One thing that I have had trouble with in the past was getting payment to the credit card companies in time.  One time, I went from a 3.9% to somewhere in the range of 30% because I was late in paying one of the cards.  My minimum payment barely covered the interest (at the time, I think the card had a balance over $12,000)!   I called the card company (American Express - Blue) and apologized for the oversight.  They graciously credited back my account, and dropped the interest rate back to the original, but warned me that the next time, they would not be so flexible.

It was then that I began the search for better reminders, or, ideally, an automatic online bill pay service.  There were several out there, but most weren't affiliated with a bank, and I really didn't want a third-party system.

I found an online-only bank that offered the service, but they sold to ING Direct, and ING Direct doesn't offer the same account type.  But I was already hooked, knowing the technology and system existed, so I began my search for another bank that offered the same.  After a few days of searching, I wandered onto Bank of America's website.

They offer free checking, just like most everybody else, but here's the difference:  They also offer E-bills.  E-bills is the term for "electronic billing".  Basically, when you get a bill from just about anybody, instead of (or possibly in addition to) getting a paper statement in the mail, the billing goes to your bank.  And you can set rules for the bill once it arrives.  It is the neatest invention since the Internet - absolutely amazing.  So, now, instead of mailing a bill to the company, my online bill pay receives the bill, and automatically pays it as soon as it gets it.  Because I am depositing money for the next month's bill, there's always enough money to cover in the account.  The process is similar to setting up rules for your inbox, except you are doing it financially.  Of course, I always get a notice e-mailed to me letting me know exactly how much I owe, so I can confirm on my own that the payment will clear.

This allows me to make the minimum payments on my credit cards every month, and at least get those, and most of the rest of my monthly bills, all paid before or when they are due, and I don't miss a payment.  This feature becomes incredibly important in light of some credit card companies' terms of service, which allow them to increase the interest rate on their card if you are late on a payment to anybody.

If you have a bank that offers the E-bill technology, I'd be interested in hearing about it.  Wells Fargo, with whom I've had an account for over 10 years, has it, but charges for the service.  Washington Mutual doesn't have it.  Chase doesn't have it, even though the Chase credit card will issue an e-bill.  (Ironic, no?)

Next up:  The Envelope System goes Digital!