EFT from savings? NO!

[Possi]

I set up my client's balance due to be drawn from savings, and the attempt was made, but it was denied.

I don't know if it was denied from the IRS or from the bank, but note to self....

EFT from checking accounts. Don't take the chance that it might not happen from a savings account!

[Lion]

Savings

Savings accounts have funky routing numbers with a 5 or 05 in them someplace to distinguish them from the same bank's checking accounts. I try to use checking accounts whenever possible since you can read the routing number from a check. You have to call the bank for the savings routing number. Another tricky one is a brokerage account or IRA at a brokerage. It probably clears through a bank but goes to the brokerage and then to the account of your client. I worry that it won't get into the client's account in time and be labeled a 2010 IRA contribution instead of 2009. With all the mergers and acquisitions, I don't trust last year's routing numbers but am checking on every one, even when the account number is the same.

[Possi]

That's good practice

... to check every year for the routing and account numbers.