Hi, I'm a single parent with a full time job and I'm looking to make this a little better financially for me and my daughter and I'm really interested in utilizing velocity banking but I have some question on how and IF it will work for us. So here some of my questions and issues:
Accessing cash from the credit line and paying money back to the credit line:
I was hoping I could open a line of credit and just have my paycheck automatically direct deposited into my credit line account while at the same time have all of my bill auto draft from my credit line account or use an online bill pay system that will automatically send the money for my bills from my credit line. This would allow me to use my cred line account to replace my bank account and allow me to utilize velocity banking as the benefit and reason for doing so. I called my local bank and I was told that I would have to move money back and forth through the phone/computer/app to and from my checking/saving account to my cred line account. This would be very troublesome as I wouldn't even be able to run to the store without estimating how much money I'm going to spend and then manually sending money over before a simple act like getting groceries or filling up gas, and I would have to remember every little auto draft like Netflix, how much and when and make sure that I had sent enough money, one time, from my cred line to my checking account. Does anyone know a work around for this? Is there an institution that would allow me to spend money/pay bill directly from my cred line account and via Debit Card, Bill Pay, Auto Draft, etc... and would also allow me to direct deposit into that credit line account? Thanks.
Paying Back on the Credit Line:
If I were to open a credit line with an available $5000 and put my entire paycheck into the credit line every two weeks (roughly $1200 every two weeks) and pay all of my bills out of that cred line, how could I use velocity banking to chunk my car or mortgage payment? If I were to chunk $2000 principal only towards my car for instance, how would that work when it comes to continues to use my credit line for my regular bill, groceries, gas, etc... and putting my paycheck into the cred line, how would that $2000 be getting paid down and back? Thanks again.
Accessing cash from the credit line and paying money back to the credit line:
I was hoping I could open a line of credit and just have my paycheck automatically direct deposited into my credit line account while at the same time have all of my bill auto draft from my credit line account or use an online bill pay system that will automatically send the money for my bills from my credit line. This would allow me to use my cred line account to replace my bank account and allow me to utilize velocity banking as the benefit and reason for doing so. I called my local bank and I was told that I would have to move money back and forth through the phone/computer/app to and from my checking/saving account to my cred line account. This would be very troublesome as I wouldn't even be able to run to the store without estimating how much money I'm going to spend and then manually sending money over before a simple act like getting groceries or filling up gas, and I would have to remember every little auto draft like Netflix, how much and when and make sure that I had sent enough money, one time, from my cred line to my checking account. Does anyone know a work around for this? Is there an institution that would allow me to spend money/pay bill directly from my cred line account and via Debit Card, Bill Pay, Auto Draft, etc... and would also allow me to direct deposit into that credit line account? Thanks.
Paying Back on the Credit Line:
If I were to open a credit line with an available $5000 and put my entire paycheck into the credit line every two weeks (roughly $1200 every two weeks) and pay all of my bills out of that cred line, how could I use velocity banking to chunk my car or mortgage payment? If I were to chunk $2000 principal only towards my car for instance, how would that work when it comes to continues to use my credit line for my regular bill, groceries, gas, etc... and putting my paycheck into the cred line, how would that $2000 be getting paid down and back? Thanks again.
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