Sadly, we do not look at our house budget as much as we should but hey, we have four kids and we’re supposed to be broke, right?
However, I did review my business P & L at the end of 2009 searching for ways to cut costs without compromising my effectiveness.
Here is one that stood out: $2200 in wire fees! Ouch. Previously, when I closed a loan I asked the title company to wire the funds into my account. That all changed this year due to those fees. Mail the check instead, please! After speaking with my bank it was clear that they had no intention of changing their fee schedule for wire transfers, thus my decision to discontinue using them. Since we use the online bill pay feature for almost all of our bills, moving to a new bank would be a huge task, requiring us to re-enter all those accounts. So we are reluctantly staying put.
But who really loses with my change? Here are my thoughts: though I am now helping to stimulate the economy by requiring the title company to print more checks which costs money for supplies and time spent, and while Fed-X gets more stops and revenue, the change may require the bank to work harder. Is it not more work to process a check than an incoming wire? Thoughts?
Honored as one of the 2010 Best Mortgage Brokers in Dallas! for D Magazine. Ranked 25th in 2009 production in the category Largest North Texas Residential Mortgage Lenders, according to the Dallas Business Journal!
Geoffrey is the “Frisco Mortgage Guy”!
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