I’m a Self-Made Millionaire: 3 Features My Checking Account Must Have
Despite the emergence of fintechs and other alternative financial platforms, the old-fashioned checking account is still the workhorse of households and businesses everywhere.
Although their balances are much higher, millionaires use them for the same reasons as average wage earners — to pay bills, receive deposits, make debit purchases, transfer funds and conduct most other day-to-day financial transactions.
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So, if you use a checking account like a millionaire, shouldn’t you look for the same features in yours that the rich look for in theirs? GOBankingRates spoke with a self-made millionaire who relies on her checking account to do the heavy lifting in her financial life — and she’s picky about where she parks her cash.
With deposits like hers, she has the pick of the litter, and she insists that her banker works as hard for her money as she does. Here are the features she demands from the checking accounts she relies on to keep her personal and professional finances running smoothly.
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Meet the Millionaire
Lisa Rehurek is the founder of The RFP Success Company, a consulting firm that helps mid-market professional services companies receive requests for proposals (RFPs) and win contracts from private sector firms and state governments.
RFPs are formal requests that businesses, governments and other organizations submit to potential vendors and bidders. Since 2010, Rehurek’s company has helped clients from more than 30 industries win more than $500 million in contracts. Rehurek has worked in the RFP space since she joined the human capital consulting firm Mercer more than 25 years ago, and she used that corporate background to launch her own consulting firm.
A national speaker and trainer, Rehurek hosts The RFP Success Show podcast, publishes The RFP Success Magazine and is bestselling author of “The RFP Success Book.”
Between her business’s sprawling financial needs and her busy personal life, Rehurek depends on her checking account to manage and maintain her wealth. Here are the features she insists on.
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Overdraft Protection
With the highest APYs in 20 years, no one wants to keep too much money in checking when it could be earning 5% or more in savings — millionaires included. That means the best checking account is one that lets you keep a lean balance without making you worry about having too little to cover a pending check or debit.
“While I pride myself on maintaining diligent financial records and cash flow oversight, errors can occasionally happen,” said Rehurek. “An unintended overdraft can prompt hefty fees, so having overdraft protection is critical protection. I insist on accounts with flexible overdraft options like linking to savings accounts or credit lines. This acts as an interest-free safeguard against accidental overages resulting in no damage done. I also demand higher overdraft limits of at least $5,000 to fully cover any potential gaps for peace of mind against painful fees.”
Expansive Bill Pay
The primary purpose of most checking accounts is to pay bills, but when you’re a millionaire entrepreneur with an endless rotation of accounts that need settling, the ability to put your utilities and credit cards on monthly autopay is just the beginning of what you need to manage your money.
“Between household budgets, business expenses and strategic investments, I have no shortage of obligations to pay,” said Rehurek. “Thus, competitive bill pay through my primary checking account is non-negotiable. I require features like expedited same-day bill pay to ensure timely delivery of important payments. Customizable payee list synchronization across devices is also mandatory for my complex finances. I expect unlimited payee additions available since my ongoing ventures lead to new vendors and accounts. Floating cash across so many priorities means seamless bill management is mission-critical.”
Premium Benefits and Perks
When you have a few hundred bucks in a standard account, you don’t hold nearly as much leverage as a customer with six- or seven-figure deposits that every banker in America would bend over backward to receive. Rehurek is well aware of the power of her purse — and she wields it to get the little extras she deserves.
“In addition to functional features, I insist on special perks that recognize my checking account’s value,” said Rehurek. “As a high-net-worth customer, every institution would love my business, so they need to demonstrate that appreciation through savings and upgrades. I require discounts on financial services like discounted brokerage trading costs or bonus interest bumps on CDs. Special concierge access for personalized service when I need elevated support is also essential. Upgraded account security provisions like $0 fraud liability and complimentary identity protection plans provide indispensable peace of mind that my money is safe. Value demonstrations like these perks are the cost of earning my continued long-term patronage.”
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This article originally appeared on GOBankingRates.com: I’m a Self-Made Millionaire: 3 Features My Checking Account Must Have