best place for Emergency Fund

[LuxLiving]

Our plumber is our friend, so yes, he takes our check. Ahh, the joys of being blue collar and having blue collar friends.

But, even if he wasn't a friend - worst comes to worst, our bank is about 5 minutes away, I jump in the car and he follows me to the bank or an ATM to get him some cash.

[gertymac]

We keep our EF in a money market account earning 2% interest. We can access it from the ATM, which is less than a 5 min walk away. We very rarely carry or keep any cash on us.

[shibabigk]

Great input.
I think I agree that the money does not need to be available immedeatly. We do have credit cards to use for something that we must pay for right at this moment and the landlord takes care of the plumber. I'll probably keep the $2000 in the savings account that they are in sine I can get it out in an instant just in case, and find a better intrest rate for the future contributions.

[disneysteve]

I'm surprised to read that a plumber, or a locksmith or a handyman would actually take a check or a credit card.

I think it is rare to find anyone who doesn't take credit cards today. Our lawn guy doesn't. I have to send him a check. Other than that, I can't think of any service guy who doesn't take credit cards.

[MonkeyMama]

Maybe a friend would let you slide, but you certainly can't be doing that with any business. When you hand someone a check, it is your responsibility to make sure that check is good right then and there, not 2 days later. More and more merchants have that electronic system to verify checks on the spot. If they run the check through and it gets denied, you're out of luck.

I don't agree - businesses are usually pretty lenient. Depends what business we are speaking of, perhaps. I mean I agree it's your responsibility to have a good check, but come one, how many people do? Businesses deal with the masses, who aren't terribly responsible with money.

[MonkeyMama]

I've never paid any sort of contractor with cash - my experience has been that they all take checks. I can't think of any instance where a check was refused. (Not talking about friends!) I mean, if they come to your house and know where you live? That's kind of half the battle?

[LivingAlmostLarge]

Um, all the contractors I've worked with have NOT taken CC. They don't want to pay a fee so it's all by check. And most do not take CC. They aren't big enough to warrant the fee.

Some of my contractors cash the check at the bank that day, so you'd better have the funds.