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Investment: Financial Institutions – Part 1 of 3

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Investment In organizing our important documents, we have reached the investment category. Last week, documenting our cash accounts using the free printable provides a complete list for quick reference.

The rest of the documents within my investment category, housed in the fourth file opening of Box 3 of our important documents, are separate bundles for each account.

My bundles include the following:

  • Financial Institution #1: Paul’s account
  • Financial Institution #1: Tracy’s account
  • Financial Institution #1: Child 1’s account
  • Financial Institution #1: Child 2’s account
  • Financial Institution #1: Child 3’s account
  • Financial Institution #2: Paul’s account
  • Financial Institution #2: Tracy’s account
  • Financial Institution #2: Child 1’s account
  • Financial Institution #2: Child 2’s account
  • Financial Institution #2: Child 3’s account
  • Business Accounts

In breaking down these bundles with each type of document I keep, I have chosen to separate these posts into three parts:

  • Part 1: Documents for Adult Accounts
  • Part 2: Documents for Children’s Accounts
  • Part 3: Beneficiary Designations

Part 1: Documents for Adult Accounts

For each adult account, of which we have 4 with checking and savings on each, I keep the following documents in each bundle:

  • Copy of the front and signed back of the primary account holder’s debit card. In the event I misplace or have the card stolen, I will have the information to report the card to our financial institution. For debit cards we do not use often, we choose not to carry them in our wallets. I keep those debit cards attached to the bundle.
  • PIN information for the primary card. The Personal Identification Number (PIN) issued with the card was sent separate from the card itself. I keep the PIN correspondence behind the copy of the debit card.
  • Copy of the front and signed back of secondary holder’s debit card. As I have a debit card for Paul’s account and he has one for my account, each of our personal accounts has two cards issued. As the secondary card is different from the primary card, I keep this copy behind the PIN documentation from the primary card holder. If I do not carry the debit card in my wallet, then I attach it to the copy of the card. If you have additional authorized users, any documentation you have should be added within the bundle.
  • PIN information for the secondary card. The second card is issued a separate PIN. That documentation is housed behind the copy of that card.
  • Membership Identification Card. The original card and a copy of the card with the membership number and owner’s signature is kept behind the secondary card’s PIN information.
  • Contact information. I choose to write the following information on the copy of each debit card:
    • Protective Password
    • Website
    • Username
    • Password
    • Member number
    • PIN

Keeping this information with each account not only helps you find the information, but also your family should something happen to you. When you have a designated place, write down your usernames and passwords, and let someone know where that information is located. This one action will save your loved ones time, energy, and worry. Remember to update your list when you change your passwords or add accounts.

PROTECTIVE PASSWORDS: To help protect ourselves, I place a protective password on each account. I call each account provider and ask to put a password on the account. When I contact the financial institution regarding my account, the representative asks for my protective password in addition to the other personal information they request.

Having this password allows me to refuse giving out our Social Security Numbers for identification. I prefer the protective password since I can customize the word or phrase making it difficult for someone to commit identity theft.

  • Correspondence. Any information, including joint members and beneficiary designations, is filed after the membership identification paperwork.

To keep the information together and easy to find, I paperclip the primary debit card information together (the card, copy of the card, and PIN information). Then I paperclip the secondary debit card information (the card, copy of the card, and PIN information).

The membership identification card, copy, and correspondence are bound together with a third paperclip. Then I take these three packets and put one paperclip on all three. This bundle is one account within my file.

Yes, there is lots of paperwork in this file. The more accounts you have, the more bundles you will have. But by keeping them separate and organized, I can quickly find the documents I need. This system works for me. If this seems too complicated, then adjust it to meet your needs.

Weekly Project: Bundle your cash account documents.

In using time wisely, the goal is having the information within reach for the day you need to access it. Keep making progress. I know it takes time and energy, but the results are worth your investment. Happy organizing!

Question: How many cash accounts do you hold?