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Different funding source for initial deposit
When adding a new savings goal, it’d be great if we had the option to specify one funding source for the initial deposit and a different funding source for the monthly transactions. I imagine it’s common for people to want to open a goal using funds from another internet saving account and use funds from a checking account at another bank to add to the goal. At the moment, it is necessary to wait 3 business days to edit the funding source after opening a goal, which is a bit of a pain. Perhaps just a minor annoyance, but it can be a problem when trying to avoid surpassing regulation D limits.
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Inappropriate?@Katie Thanks for your post. I passed your question to West Bank, our banking partner, and they provided the following response:
You can attach multiple checking or savings accounts to your SmartyPig goal as funding sources, though only one of them can be set as the primary funding source from which monthly contributions draft. You can edit which goal is set as the primary funding source at any time if there are no pending transactions by clicking on Edit Goal. You can use the funding sources that are not set to be the primary funding source to make a one time contribution to your goal at any time by clicking on Add Money. SmartyPig transfers only occur once per month so that shouldn’t cause a Reg D problem unless you are also making other withdrawals from your savings account that put you over the limit.
Thanks, Tiffany -
Inappropriate?Tiffany,
I appreciate your response, but I am afraid I was unclear in my original post. I understand and think it makes sense that each goal has a primary funding source. I am suggesting an additional drop box at the "Add a Savings Goal" screen to allow the customer to specify a separate funding source for the INITIAL DEPOSIT. Like this:
primary funding source: [drop down box]
funding source of initial deposit: [drop down box]
(this defaults to primary funding source, but customer may change it)
Since SmartyPig does not currently offer this option, the customer must remember to log back in after 3 business days simply to change the funding source. If a customer forgets to do this or is forced to wait until after the first scheduled withdrawl (after the initial deposit) because of pending transactions, then they could run into problems if there are no more funds in the initial funding account or if they are near the Reg D limit.
Other posts on this website say that SmartyPig initiates one withdrawl for EACH goal, though your response implies this is no longer true?!?! Are all goals now lumped into one withdrawl?
Thanks. -
Inappropriate?@Katie Thank you for the clarification. This is a good suggestion and something that I will discuss with the development team and consider as a future site feature.
To clarify my response, SmartyPig makes one withdrawal per month per goal.
Thanks, Tiffany -
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