Rules based automations in Checking Accounts? Schwab? Where should I go?

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Rules based automations in Checking Accounts? Schwab? Where should I go?

Post by Dink2018 » Fri Jan 11, 2019 12:59 am


I currently have two checking accounts with a local credit union (one business one personal). It is fairly simple to automate a fixed dollar number to be sent from one to the other EG $1k a week from business to personal. But I can't figure out how to automate percentages or rules like "hold x", then send the rest).

What I'm looking for is a more advanced checking account with rules that I can program like "take 20% of all incoming cash into business account and put it into account labeled "Uncle Sam"

Then keep $20k in the business account at all times, otherwise send the rest of the balance to the personal account.

Then I'd tell the personal account to keep $20k in it and then send the rest to my Vanguard taxable account since it has no limits. Theoretically this system would be bullet proof if I just work my ass off and start ramping things up dramatically.

I can do all this myself manually but its a headache and I have wild swings in income, some weeks zero and others $20k so I'm getting sick of moving money around all the time. I just want to focus on business and not futz with the buttons.

I want a name brand place like Schwab or Vanguard for this not some web app that launched a while go. (EG: I don't want to put my freaking banking into into an app based on a youtube video no matter how many reviews they have. I want a true institution that's been around a long time (schwab, vanguard, etc).

I have rule, absolutely no banking on cell phones. Just a personal thing, I think security is tough enough as it is let along carrying the most important stuff in my pocket, that just seems like opening a huge opportunity for theft, fraud, losing phone etc.

I've tried to google the heck out of this but I'm not coming up with anything thats a good solution, some apps and such that link to things. But I want it done by the actual bank not some third party software.

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Re: Rules based automations in Checking Accounts? Schwab? Where should I go?

Post by 123 » Fri Jan 11, 2019 1:38 am

You may have to engage the services of an accountant or bookkeeper to do these calculations and actions if you don't want to do them yourself.

It is somewhat unlikely that a bank or brokerage firm would undertake the calculation and authorization of variable account transfers that are dependent upon detailed account transactions. A bank or brokerage will agree to automated transfers when the account holder determines the amount and frequency of the transfer. If the bank or brokerage would determine the amount of the transfer there is a risk that the funds would not be available when the transfer is processed due to other account activity. Of course the bank or brokerage would like to charge an insufficient funds fee when that occurs. Bank and brokerage services for retail accounts tend to not provide any significant decision-making capabilities.

That said there are commercial bank services, generally available from many banks that service business accounts, that do various kind of sweeping of bank balances from one account to another. The set-ups for those services are typically handled by the bank account officer who oversees the customer. It is unlikely that the bank is going to accommodate a customer wishing to change account operations parameters "on the fly". Those services may require certain minimums pertaining to average account balances or compensating balances or fees for other bank services. Generally the minimum activity requirements and fees would likely be uneconomical for a small business.
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Re: Rules based automations in Checking Accounts? Schwab? Where should I go?

Post by typical.investor » Fri Jan 11, 2019 3:09 am

I’d use Schwab on my phone for simplicity and do it myself.

Schwab will cover 100% of any losses in any of your Schwab accounts due to unauthorized activity. ... antee.html

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