Sunday, May 24, 2009
Preparing the Down payment
If you're like me, you probably don't have all your money in just one account in just one bank. To come up with the down payment, I had to open a checking account at the bank where my salary account is at. I then had to transfer most of what I have saved from my savings account in another bank to this new checking account.
The first step involves going to the bank branch where the company I am working for opened my salary account. All that is needed is to fill up a form and make a PHP 5,000.00 deposit and pay PHP 120.00 for the cheque book. I also enrolled both accounts into the online banking system of the bank which will allow me to transfer funds between the two accounts with minimal fuzz.
For the next step, I had to transfer the bulk of my savings to the new checking account. I am not comfortable with lugging around a large sum of cash so lucky for me, I already have a cheque book and used it to transfer the required amount.
To know what happens next, stay tuned.
Categories:
Owning
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