How not to waste your time banking

How not to waste your time banking

Have you spent at least an hour in a queue just to be able to encash a cheque or deposit money? You survived, obviously. Congratulations! You have time to spare. Perhaps you didn't have any choice, or so you thought. But as a proletariat constantly under pressure to meet deadlines, I cannot be putting up with that kind of wait. So let me lay down my sanity-restoring plan of attack. A plan so simple, it's got only 3 points: speed, online, and play.

1. Speed!

Speed and efficiency trump many other considerations in banking. For most needs of people and small businesses, occasional retail banking is all they need. But why compound that with long wait?

Why are you dealing with that bank again? You could be thinking that such bank is your safe bet amidst uncertain financial market. It's the oldest bank, the bank of your parents and grandparents. That bank is the largest and spends fortunes for its brand. But believe me, unless you have millions, risking your thousands is way more worth it than the torture and inhumanity that you can be subjected to with that big, old bank (BOB). A bank that doesn't value your time, doesn't deserve to be your bank.

So take a second look at a non-BOB in your neighborhood. You'll be doing yourself a favor.

2. Online

Pay bills online using manual or automatic payment feature of your bank. No bank queue.

This can be tricky because, unless you have a sugar daddy or mommy who regularly transfers funds to your account, you actually have to visit the bank to put in physical dineros. So more on the point of having to deal with a non-BOB in your neighborhood to get the best value out of your money.

3. Play

Putting all your money in BOB? If you have much of it and everything is in your savings account with BOB, you're likely wasting money and investment opportunities. The rule of thumb given by personal finance advisors is that liquidity should only be about 10% of your net worth. That's your "play money." The rest should go to investments, making your money work for you. That gives you even less reason to go to your time-wasting bank.

To recap

A mix of factors like proxity and speed in going in and out of a bank, online accessibility, and playing just with the right amount of liquidity can well help you bank more efficiently. But hours just to deposit a check? You're wasting time! Or, rather, your bank wasted your time.