Confessions of a Laid-off Lawyer

Just Your Average Joe Blogging Away His Debt—In One Year or Less

Oops . . . I Did It Again

with one comment

Total Black: $2,358.16
Total Red: $269,991.43

Well, it looks like I haven’t ironed out the kinks in my financial systems here.  I’ve sent $1,200.00 to the canceled Visa card.  Balance is down to $2,900.00 from $4,000.00 back in Twelfth Day of Accounting.  I’ve also transferred funds from my Bank of St. Croix account to my Bank of America account.  Already made the IRS payment for this month.  But somewhere in the mix, something went awry. 

I’ve got enough to cover the checks I sent out.  At least collectively between accounts.  One sent to the New York landlord for $2,200.00; another to a doctor in New York for about $130.00 for whatever health insurance decided not to cover.  Loose ends New York still has wrapped around me.  Problem is that $400.00 of that amount is still in transit from Bank of St. Croix to Bank of America and the check to the landlord should have been delivered on Friday.  The Bank of America account had enough in it.  But then with the IRS payment and a hotel deposit amount I had to put down for a conference in Miami, and then with the payments to the Visa card—funds sort of slipped between the cracks.

I check my bank account religiously.  At least a few times a day.  And with recent legislation and updated bank policies, pending debits are supposed to stay on your account until posted.  So . . . once again I’m uncertain how I didn’t notice this looming loss.  Unclear too how I could have charged $500.00 with my Visa check card, another $200.00 for a hotel deposit, and transferred funds back and forth between my primary and secondary checking accounts, and still ended up short.  Well, I’m not short.  Not yet.  The check to the doctor won’t be delivered until tomorrow.  Then allot a few days for it to be deposited and draw from my account.  But the possibility that something will bounce is high.

Ideally, this wouldn’t have happened.   I use the primary checking account as the debit card / general purpose account and the secondary checking account as the one from which I write checks.  It’s an extra layer of security so that the secondary checking account only has funds already allocated for bills.  But in a worried frenzy over overdraft fees, I transferred the funds already allocated out of my secondary checking account and into the primary checking account, thinking that the incoming money from the Bank of St. Croix account would have arrived this morning.  Two hundred dollars should get there tonight.  The other two hundred was only initiated today, even though I put in the transfer request on Friday.  Aside: I don’t understand why personal fund transfer must take so long when it does not involve the actual, physical, transfer of money.  It’s not like a courier is actually flying from Bank of St. Croix to Bank of America with two hundred of my dollars.

Hopefully it’ll work out.  Or maybe I’ll just end up with an overdraft fee and not a bounced check.  But if does bounce, I’ll just have to resend the check.  I just don’t want to have to deal with the New York landlord’s management company again.  I can’t wait until I’ve got that monkey off my back!

Once I get established on a monthly system, this won’t happen.  I opted to have checks directly deposited to Bank of America.  From there I can send funds to Bank of St. Croix to use locally.  It’ll take about two more checks before direct deposit is in place.  In the interim, I’m stuck with this delayed interbank transfer system.  I don’t have checks from Bank of St. Croix yet.  Or a debit card.

Written by Laid-off Lawyer

July 26, 2010 at 21:21

One Response

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  1. Stop beating yourself up. It happens to everybody once in a while. You do need to simplify your accounting system, though. Too much is kept in your head and not on paper.


    July 28, 2010 at 18:32

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