Granted I'm not talking about a lot of money here. In fact, I'm only talking about $12--the "Fastpay" fee that Chase charges to make a same-day payment on one of their mortgages. But it's those niggling amounts that often get me the most annoyed.
My mortgage is due the first of each month. So long as payment is made by the 16th of each month, I'm not late. Being late would cost me $44.50 in additional fees, not to mention the effect on my credit score.
I get paid on the first and 15th of each month. Most of my bills are paid out of my first paycheck, while the second paycheck is reserved for the mortgage and 15 days' worth of daily expenses.
If I pay online, which is my preference, it takes two to three days for the withdrawal and the payment on the mortgage to be made. Therein lies my dilemma. If I don't get the timing exactly right, I wind up with bank charges--either the money comes out too early which causes my overdraft protection to kick in (which costs $10 plus a cash advance charge from my linked credit card) or the payment is made a day or so late, which has Chase charging me that $44.50 late fee.
Timing becomes even more complicated when the 16th falls on a Friday, Saturday or Sunday.
So the end result is that I often just call and use the Fastpay system on the 15th or 16th of each month--hence that $12.00 charge.
One solution would be to keep an extra $1400 in my checking account--which would be nice if I had an extra $1400. But the account, which I get for free as a "senior ," pays no interest. And there's the fact that even my emergency account, which does get 5% interest right now, has only $1000 in it.
Revamping my budget to pay the mortgage out of the first paycheck of the month is another possible solution, but that would require a major reworking of the pay dates on all my bills, which might or might not be feasible.
Sigh. Until I get better at the timing issue, it looks like I should just budget in that annoying $12!