
So I'm piddling around with my finances. Paying the dentist, etc. And thinking about interest rates. I got a good deal on a Money Market account while back through Costco. So I went back to Costco today to see what else they had. Now, oddly enough, they have an online savings account that has a higher interest rate than the Money Market - and at the same place - Capital One. So I clicked through and opened an account.
It would not let me fund the new account with the money in my Money Market account which I thought was pissy so I had it suck up $1 from my checking account while I looked into the deal.
Once the account was all set up, I logged into my Money Market account and BAM! There is the new account! Then I selected 'transfer' and moved the amount I really wanted (the minimum for the juicy interest rate). No problemo. I know from dealing with Capital One that it will be 10 business days or so before everything is properly accounted for and fully set up. But, it clearly let me transfer the money.
Then I went to Mint to Mint about the new account. When I got there and logged in, it already knew about the new account AND showed the balance reflecting my transfer. How much do I love that??? On a Saturday. In the comfort of my living room.
Even 10 years ago, this would have taken a business day, during business hours, requiring an onsite visit with signing shit and manual manipulation of my own bookkeeping. And probably I would not have done it because just finding out about interest rates was too much trouble.
In 1987 (yes, 1987) I participated in a pilot project with Chase Manhattan bank. Banking online. They sent you software on a floppy (5.25") diskette and their software called them on my 2400 baud modem (newly upgraded from my old 300 baud modem) to reconcile my account. I thought it was the precursor to the jet pack then. Space aged miracle.
I'm still waiting for the jet pack but, heck, this is so much better.