I’d be surprised if exactly what you want is possible.
To accomplish a similar effect, I keep the bulk of my assets with a large, reputable brokerage firm, and just leave the most recent paycheck’s worth with the local bank. I can transfer to/from the bank and brokerage firm, and every other organization (employer, power company, credit cards, etc) only gets to know about the bank account. That limits the amount transfers can get ahold of. I suspect, but am not sure, that the brokerage firm doesn’t even accept outside requests for transfers. I think all transfers in/out of them have to be initiated on their end.
To further detail the exact amount of effort: I get paid once a month, so once I month I go in, look at what I’ve got, subtract off my estimate for everything else, leave a few hundred dollars of slush, and come up with some excess amount. I then go over the brokerage site and issue the transfer for that excess. At the same time, I review the state of the brokerage account. I think it’s pretty minor, and it gets my cash over to the brokerage firm where it can sit in a money market account. That pays a pittance these days, but it has been a significantly larger pittance than anything my bank would offer me for the last 15 years.
(And then you’ve got access to a variety of bond funds, so you can easily transfer the cash into a fund which matches your exactly risk tolerance. Or otherwise invest it. All useful things to be doing, which your bank does not usually facilitate.)
I’d be surprised if exactly what you want is possible.
To accomplish a similar effect, I keep the bulk of my assets with a large, reputable brokerage firm, and just leave the most recent paycheck’s worth with the local bank. I can transfer to/from the bank and brokerage firm, and every other organization (employer, power company, credit cards, etc) only gets to know about the bank account. That limits the amount transfers can get ahold of. I suspect, but am not sure, that the brokerage firm doesn’t even accept outside requests for transfers. I think all transfers in/out of them have to be initiated on their end.
Thanks—that’s even better separation than using separate accounts at the same bank. More work, but something I hadn’t thought of.
To further detail the exact amount of effort: I get paid once a month, so once I month I go in, look at what I’ve got, subtract off my estimate for everything else, leave a few hundred dollars of slush, and come up with some excess amount. I then go over the brokerage site and issue the transfer for that excess. At the same time, I review the state of the brokerage account. I think it’s pretty minor, and it gets my cash over to the brokerage firm where it can sit in a money market account. That pays a pittance these days, but it has been a significantly larger pittance than anything my bank would offer me for the last 15 years.
(And then you’ve got access to a variety of bond funds, so you can easily transfer the cash into a fund which matches your exactly risk tolerance. Or otherwise invest it. All useful things to be doing, which your bank does not usually facilitate.)