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Frequent Visitor
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Registered: ‎03-08-2019

can one use a savings account from a bank for a payment method?

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Registered: ‎08-23-2010

@GMA22 wrote:

can one use a savings account from a bank for a payment method?


 

@GMA22 

 

It "might" be possible, depending on who you are paying and how you have your bank account(s) set up.

 

Example:  If you also have a checking account at that bank it's possible you could set up a pay schedule from savings to a utility company or retailer ... I think.

 

On the other hand, if you wanted to purchase a coat on QVC, I doubt you can give them your savings account number and they'd accept it.   Call QVC and ask.  

 

I'm just speculating here .

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Posts: 46,879
Registered: ‎08-23-2010

@GMA22 wrote:

can one use a savings account from a bank for a payment method?


 

@GMA22 

 

Just wanted to say Welcome and hope you enjoy it here ... it's an interesting place.  

Respected Contributor
Posts: 2,544
Registered: ‎03-15-2010

I don't know, but personally I wouldn't.  If your account number gets into the cyber world your account could be wiped out.  That's the same reason I don't do online shopping with my debit card.

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It's bad enough that our checking account numbers and debit cards are out in the universe. I'd never risk putting a savings account on anything, especially shopping. 

Honored Contributor
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Registered: ‎06-10-2015

@GMA22 ..........you should be able to transfer funds from you savings into your checking account, or pay by cc and when your statement arrives transfer the funds to pay your cc.  Most banks allow this done online.  Just a thought.

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@GMA22 wrote:

can one use a savings account from a bank for a payment method?


@GMA22 that isn't an option.  You can use a debit card that is usually connected to either your checking or savings.

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Registered: ‎03-09-2010

Absolutely---I have 2 savings accounts for my apartment bills, one for food and the other for the bills. I got debit cards for each. Just set the 2nd one up last week. I like to keep all that type of stuff separate from my personal account. I have named them acoordingly on my online banking so I know which one is which. I did go into my bank branch to do so and got the debit card right away. Could have done it all online but would have had to wait 10 days to get the card via snail mail.

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I keep a substantial amount of money in a savings account at one bank and a checking account at another bank with a small balance. To pay bills, I transfer money from my savings account to the checking account and pay online. I don't have or would use a debit card.