Posts by Melissa Ortiz8

brighttinker48 said:Anyone know if there's actually a way to tweak my contactless limits or how much cash I can pull from an ATM using my card?
I have this nagging feeling I used to be able to mess with those settings somewhere in the app, but now I'm totally lost.
Did they go ahead and scrap that feature, am I just losing my mind, or is it buried deep in some sub-menu that I'm too lazy to find?

It should be under Cards. Just pick the card you want, hit that little plus icon in the bottom right, and then select Manage Daily Limits.

Steven Green4 said:According to the official fee schedule, every transaction made via an automatic transfer carries a $0.33 charge, while setting up the service itself costs $3.25 as a one-time fee. That doesn't apply to direct debits, of course, but those are usually reserved for specific businesses. Since I don't use all five of my monthly transactions every single month, it doesn't really make sense for me to opt for the package if it ends up costing more in the long run. For me, it isn't even about saving money... it's just the principle of not wanting to pay extra just because I have a standing order. But if you're certain that setting up the orders and the transactions themselves won't cost anything, then that's fine.

I'm not sure which provider you're using for supplemental insurance, so you should probably double-check. (I use Blue Cross, and I worked it out at my local Chase branch with no extra fees, and nothing gets charged to my account). Yeah, most of those other standing orders—well, direct debits—are from corporations, but the list isn't exactly huge, so it's worth looking into.

Steven Green4 said:That’s a bummer. It makes more sense for me to just handle it manually every month. With autopay, I have to pay that fee regardless of whether it's my first transaction or my sixth...

I didn't quite follow you there. I have about five or six different autopays set up—including one for my supplemental insurance—and they were all free. Plus, I still have five or six free transactions left under my Chase account limits.

Steven Green4 said:I have a question and would really appreciate it if someone could help me out. I’m thinking about setting up a recurring transfer through my bank just to save myself some hassle... but I'm wondering if those transaction fees would count toward my monthly limit of free transfers provided by my banking assistant?

It doesn't count toward the limit. You set up the autopay and your total number of free transactions stays exactly the same.

I've got a few questions about setting up some recurring payments for my monthly bills:

1. Is there a fee for setting up a standard standing order or an automated ACH transfer?
a) at a local branch
b) via online banking

2. Once these bills actually go through, does the bank charge any transaction fees ($0.33 if I'm sending it to another account here at Chase or $0.67 to an external bank)?

George Barrett35 said:Aha, life insurance is a completely different animal altogether.

A 1:1.10 mortgage ratio basically means the appraised market value of the property you're putting up as collateral needs to hit at least 110% of the loan amount—so, in your case, we’re looking at $33,000. If the valuation falls short of that mark, though it obviously can't be less than the loan itself, the bank is going to demand a co-signer, an extra deposit, or a life insurance policy to bridge the gap.

Now, property insurance is what covers you against fire and those other standard risks, and the coverage amount—which dictates your annual premium—is tied directly to the estimated replacement cost of the building.

Got it, thanks. That clears things up.
So, using Bank of America as an example, the requirements would look like:
1. A 1.10 LTV mortgage
2. An insurance policy—maybe around $200 a year?

I also have a general question about loans through the High School program:
When it mentions a savings amount of 5% of the agreed housing savings total...
Does that mean:
a) I pay 5% ($1,500) upfront, interest accrues on it, and then after five years it chips away at my principal?
b) I pay 5% upfront, plus I have to keep paying 5% of the annuity amount every month for five years, and then at the end, it all hits the principal at once?
c) This 5% at the start isn't actually linked to the housing savings portion used for interim financing, and I should be paying some other percentage instead?

George Barrett35 said:Why on earth do you even need life insurance for this?

From what I can gather, First High School doesn't actually require it as a secondary security measure, unless you're using it to bypass a traditional mortgage lien. And if that's the case, a new policy isn't going to do you much good anyway since it won't have the necessary cash surrender value.

And if you're actually thinking about accident insurance rather than life insurance, just so you know, Bank of America doesn't require that either.

I was actually thinking about accident insurance...
Bank of America lists it like this:
Loans exceeding $15,000.00

- a 1:1.10 mortgage ratio, or a 1:1 mortgage + 1 guarantor, or a 1:1 mortgage + a 10% savings account deposit, or a 1:1 mortgage + life insurance with a 10% cash value
- property insurance policy

What does this 1:1.10 mortgage ratio thing actually mean?
And the property insurance part? Is that just for fire and stuff like that?

Thanks for the heads-up. I’m really hoping things play out like that and we don't end up staring at some absolutely insane numbers.

Steven Reed said:Standard accident insurance through Allianz—usually something they push at the Bank of America—is roughly $24 a year, if my quick math didn't fail me.
That’s strictly accident coverage, mind you—no savings component involved. Now, if you want actual life insurance, you’re looking at about $67 a month; alternatively, if you find yourself short on credit coverage, you could bridge the gap with that accident policy. Their bottom line is simply ensuring you're covered for that $13,000 mark in the event of an accident.

I'm just looking for the bare essentials. if it's actually around $25 a year, then I'm in. I'm definitely not interested if it jumps to $300 or $400 $167 a month—that's way too much for me.

Can someone run the numbers for me? I'm trying to figure out what the cheapest monthly or yearly cost would be if I pick up life insurance.

It's for my first mortgage through Wells Fargo (though I could also go with JPMorgan Chase). The loan is $30,000 over 13 years.

Morgan Walker2 said:Thanks.

I was only asking because we actually dealt with this nightmare at JP Morgan Chase before. They used to sit on our money for like 3 or 4 days—and I’m not even counting the weekend! This was just moving cash from one account to another within JP Morgan Chase. It happened more than once, too. Money just... vanished for days. 😕Can you believe that? 🙄

As for Zelle, everything seems fine there and it usually goes through the same day. The only time I've seen them hold onto money was once or twice, but only for a few hours, nothing major.
I'm not exactly sure what time it typically clears in the morning if you're sending it to a different bank (maybe 8, 9, or 10 AM?), but it definitely shows up by the afternoon.

Morgan Walker2 said:Hey everyone, based on what you guys have seen, how long does an online transfer take when I'm moving money from my Chase account over to someone else's Wells Fargo account?

Like, if I hit send on a transfer at 3 AM, will they actually see that cash sitting in their Wells Fargo account by the time they wake up in the morning?

It’ll be there by morning as long as it's a business day (Monday through Friday, excluding holidays). So, if you send it at 3 AM on a Sunday, it hits Monday. If you send it at 3 AM on a Thursday night, it should show up Friday.