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Allotment option, who has done this?
Last Post 11 May 2020 04:05 PM by sardaddy. 7 Replies.
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stealthtt24User is Offline
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stealthtt24

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16 Apr 2020 05:18 PM
    Hey all, so I recently set up an allotment to deposit a portion of my pay into a savings account. If anyone has experience with this I have a specific question. How long until you see the money in your account? I noticed it has been transferred to my savings account on my LES but I haven't seen the money in my savings account yet. I checked DA and my info is correct, routing and account #. Obviously it's only been a couple days, just hasn't hit yet. Thank you!
    mkellyUser is Offline
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    mkelly

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    16 Apr 2020 06:20 PM
    I don't do this. I just transfer my money on my own as needed except for my Roth. Bank transfers can take a couple days to go through. I think there is typically a 2-3 business day transaction period.
    I'd recommend managing it yourself and just connecting your bank account to whatever financial institution you have different accounts with unless you are trying to do it pre tax.
    stealthtt24User is Offline
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    stealthtt24

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    16 Apr 2020 06:38 PM
    I used to do that but I was just trying to cut some time and have it deposit directly into the account I picked. Also this isn't a 401k/tsp or IRA account. Just a plain old savings account. Thanks, I'll report back when the funds hit.
    kirkalandUser is Offline
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    kirkaland

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    21 Apr 2020 10:03 PM
    I have an allotment going into a savings account and it always hits on the 1st or the Friday before if it's on a weekend. You'll see half on the mid month pay slip but it's only actually deposited once a month.
    stealthtt24User is Offline
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    stealthtt24

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    22 Apr 2020 09:54 AM
    Ah I see. Thank you. That would make sense as to why I haven't seen it. First one was the 15th. I've deleted the allotment as this is ridiculous. Money isnt being put to work as it's just waiting to be deposited. Thanks!
    CCCSDUser is Offline
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    CCCSD

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    22 Apr 2020 10:03 AM
    What’s the hurry? It’s a pay drop, just like normal. You seem to think that a couple of days will make a huge difference.
    stealthtt24User is Offline
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    stealthtt24

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    22 Apr 2020 10:27 AM
    It's not building interest in my account. And if it was deposited into an investment account, like an IRA, you're losing opportunity cost. Plus its not a couple of days, its 15. Fuck that.
    sardaddyUser is Offline
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    sardaddy

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    11 May 2020 04:05 PM
    I find it funny that you are worried about interest and "opportunity cost" and thought an allotment into a savings account was a good idea in the first place. It is going into a savings account. Savings accounts are about the worst interest you can get. Slightly higher than putting it in your mattress so it really doesn't matter when it makes it into the account. The difference between 1 or 15 days would be less than .01 percent.  

    If you were putting it into an investment account, an allotment is perfect for dollar cost averaging. You buy some high, and you buy some low. Works out well. If you are really worried about "opportunity cost," you need to keep your assets as liquid as possible so you can invest at the most opportune time. Not the 1st or the 15th of the month. It sounds like you read part of an investment book but didn't read the whole thing.
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