(Closed) Wedding only checking account?

posted 5 years ago in Money
Post # 3
Member
171 posts
Blushing bee
  • Wedding: November 2012

I bank with Wells Fargo as well. I had to open a second checking account for the wedding because I was tranferring funds between my checking and savings, and I was charged for going over the number of transfers allowed each month. My second checking account is free as long as I use the debit card ten times per month. I don’t have checks for the wedding account, so if I write a check to a vendor I just transfer the funds to my regular checking account. There is no limit on the amount of transfers between the two checking accounts, just between the savings and checking. I was pretty upset with WF when I noticed the charges because I had no idea there was a limit. But they took the charges off when I opened my new checking account. I will probably close it after the wedding. It really helps to keep the wedding money in a seperate account, so I would reccomend it. 

Post # 4
Member
2694 posts
Sugar bee
  • Wedding: November 2012

I keep my wedding funds separate from all our other funds.  Makes it a lot easier to keep track of stuff althouh I do also sometimes use my regular spending money to purchase wedding related items.

Find out if you can open a savings account at your bank (usually those don’t have fees). And they sometimes come with a debit card and no minimums.

Post # 5
Member
34 posts
Newbee
  • Wedding: September 2013

I opened up a wedding checking joint account with the fiancé at Wells Fargo. We already have our mortgage through them plus he has a savings account with them. There were no fees or hidden rules about opening a joint checking account. It just helps us out money into the account to pay deposits and save for our honeymoon and final payments to vendors. 

Post # 6
Member
3887 posts
Honey bee
  • Wedding: September 2011

I would use a credit card, not a debit card, to pay wedding expenses, then use money from your separate checking account to pay the credit cards. Checks and debit cards don’t offer any consumer protection; if your caterer or venue goes bankrupt, you’ll be at the back of the line with the other creditors trying to get your deposit back, and usually only get pennies on the dollar. If you pay with a credit card, you file a dispute form and get a refund from Visa and it becomes their fight with the vendor.

Post # 7
Member
3769 posts
Honey bee
  • Wedding: February 2013

My FI and I have a savings account with Ally. It has a great interest rate and it’s easy to do transfers online. We opened a cash back credit card with Chase and we pay every wedding related expense with that card. At the end of every month we pay off the full balance on the credit card, that way we are never charged interest, using the money in the savings account. It has worked perfectly and we have gotten about $500 cash back from the credit card (they had an intro offer of $250 cash back when you spend $500, which I did with my wedding dress).

If you are on top of things financially, and diligent about paying off the card, this is a great option!

Post # 8
Member
3769 posts
Honey bee
  • Wedding: February 2013

@fishbone:  This. Another reason we are using credit cards.

Post # 9
Member
1716 posts
Bumble bee

@fishbone:  Wow thats a great idea! I’m gonna ask SO about that.

Post # 10
Member
10510 posts
Sugar Beekeeper
  • Wedding: January 2011

@fishbone:  Some of the smaller vendors may not take credit cards though.  I had to pay people like my photographer and person who took care of the linens by cheque.

I agree that credit card is the best way to pay when vendors accept it!

I didn’t bother to keep my wedding funds separate, but you could also use an online bank (like ING) to keep the money separate, and just move the money to your current account to pay off anything on the credit card for the wedding, after you’ve sent a cheque out, etc.

Post # 11
Member
3093 posts
Sugar bee
  • Wedding: June 2013

How we’re doing it.  Opened checking and savings at a local Credit union.  You get a high interest rate on both accounts each up to 500$.  Wells Fargo will give you nothing…a penny maybe in interst whereas we’ve probably earned 30 bucks at the credit union.

We purchase everything on a miles CC and then pay it off immediately.

Post # 12
Member
1577 posts
Bumble bee
  • Wedding: August 2013

Ally Bank.

It’s awesome because it’s 100% online. They have great service and great interest rates. We scan all our checks into the bank right at home. So easy.

 

Post # 13
Member
3769 posts
Honey bee
  • Wedding: February 2013

Interest rates are very conservative right now, so definitely shop around a bit. Make that money work for you! Ally has already made us over $15 in interest since February.

Post # 14
Member
2295 posts
Buzzing bee
  • Wedding: April 2013

I opened up an account with Ally (that’s also where I keep my long-term savings/emergency fund) just for the wedding. My personal checking is with a different local bank.

I had some snafus in the beginning with Ally getting my address verified (I have like 5 different addresses though and don’t have any utilities registered to the one I live at, so that’s probably unique to me), but other than that, I am very pleased with them. They have a free ATM/Debit card, which is what I make most of my purchases on, their online bill pay is really nice (for sending checks to vendors – you can often get a discount by paying check vs. credit card), and they give you free checks if you prefer writing them in person.

Interest rate is one of the better ones I could find that didn’t have major minimums or tricky changing interest rates.

I DEFINITELY like having my wedding account separate. It makes budgeting and accounting much easier.

Post # 15
Member
753 posts
Busy bee
  • Wedding: September 2013

I’d advise you to get a wedding only credit card instead. If a vendor bails on you, the credit card company will refund you. Whereas if they take the money and run…you have to depend on the law to find them before you even have a shot at getting back your money. 

Post # 16
Member
23 posts
Newbee
  • Wedding: September 2013

@fishbone:  I agree. We put wedding purchases on our credit card and pay if off using the money we saved in our joint savings account.

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