So simple that it's complicated

I posted a while ago about the problems with home equity lines revaluing the properties and cutting access to the lines. So we found another bank that would give us the loan we wanted (apparently our credit union had especially tight percentages) and we are moving our accounts. It could be a done deal except for the fact of our automatic deposits and payments. Theoretically we have moved all of them, but theory and reality are not always the same thing. Today we are looking for a missing automatic deposit that has, as yet, not shown up in either account. I am having to keep adequate balances in each to make sure that we are covered no matter which account our automatic payments come from. Some places have sent me electronic confirmations of the changes (including the new account to draw money from), but then I get an invoice that says I canceled the automatic payment plan so will need to make a manual payment. It is not a matter of being right, and having the email that says I am covered. It is a matter of making sure that the bills are timely paid on way or another because the problems if they aren't could be larger than the hassle of making sure all of the "T"s are crossed and the money is where it is supposed to be.
In the end, it will all work out, but I wonder how many people aren't aware of the extra hassles that can occur when you change accounts and have automatic transactions to maintain in the process.


Marci Grossman CPA
www.AccountingWeb.com