sporting

Any of you guys have multiple bank accounts?

I do, just wondering if it's beneficial now, I am thinking of consolidating them.

Any reason why I should or should not consolidate? Maybe a Chase and a Ing account is all I need, and just cancel the WellsF.

tftimm

I keep 2, but with the same bank. One I use for bills, savings, etc., the other I use for disposalbe stuff, food, gas, entertainment, etc.

sporting

I mean multiple bank accounts in terms of a completely separate bank, i.e. chase versus wells fargo.

Anyone else?

GIBSON6594

I do

Charles Schwab
HSBC

hornyleprechaun

I have ING Savings & Wachovia Checking. My wife has Wachovia Savings + Wachovia Checking.

I'm going to convert my checking into a joint account and my savings into a joint account. I use the CC for lunch and stuff, while she still uses her personal checking so I'll let her keep doing that.

Anachostic

Wachovia checking, WaMu checking & savings, HSBC savings.

Wamu is really only open because they gave me $100 for opening an account with them. I'm only holding on to it just in case. It doesn't have any useful funds in it anyway.

If I was doing regular deposits and billpay out of multiple accounts, I'd go nuts.

NSXNEXT

iTrader: (2)

Wachovia: checking & savings - for money that I need immediately
ING: savings 1 for me/wife and one each for the 3 kids

We keep the bulk of our cash in the ING account because of the interest rate they provide.

Will Y.

Yes, I've always had accounts at multiple banks w/ no service charges so I could access ATM money if necessary, get good loans, hold CDs, etc.
When I started banking accounts in high school, BofA was not ubiquitous or national, so I also got an account at Wells Fargo in case BofA's ATMs were down.

The only reasons to have multiple banks now are for: 1) benefits-- ATMs, free safety deposit boxes, check cards, favorable loan terms, etc. 2) interest on accounts (internet banks FTW) and 3) to spread risks on cash over $250K [only $100K way back in 2008...) so the funds are insured.

Izzy-Type-S

iTrader: (1)

One BOA savings, BOA checking & TCF Bank business checking.

Malayalee King

iTrader: (1)

multiple mainly because 1) first accounts were cosigned with parents back in the day, 2) next account was still with BOA just because it was easier to transfer within the same back, 3) ing because it was easier to save since its harder to get at , 4) credit union acct for the awesome apr on the car loan

sporting

Do you think having a savings interest that bears a couple hundred dollars a year is good? I just got the 1099 form and it made me ponder! I think it is measly, but it is better than nothing I guess.

GIBSON6594

I'm not sure I follow your question. How much interest you get is dependent on your rate and how much you have in the account. How much you get a year is not a measure of a worthy account, as the amount in the account may justify only a couple hundred a year. The rate you are getting, however, is a good way to measure.

sporting

^^ pretty much you'll get the same interest at most banks now a days. They vary only slightly, so the difference does not make much difference in the result, unless you have a six figures and up, which I don't think most people do.

Flipster23

iTrader: (15)

I had 3 but now went down to 1 but going to get 2 more

Right now I have BOA savings and checking

GOing to get Wells Fargo after my wedding and going to get a savings somehwhere just not sure with who yet

Pete2010

Smith Barney and Citibank. Been with Citibank for about 5 years now, and while I would rather have my "transactional account" with a local/regional bank nearer to my house, it's a pain in the ass to switch.

dmikon

I have a regular checking account and an online savings account (much higher rate) at a different institution.

nj2pa2nc

yes-have accounts with banks in NC and others in NJ

GIBSON6594

I still don't follow your question. Are you asking if it is worth it to have a savings account if you don't have much money in it?

sporting

It's not really a question, I was just (thinking out loud) wondering what others opinion are on what you just said. Saving a few versus nothing, but does that few really do anything for you?

Pete2010

I would stay interest from a bank is better than not... I mean if you have a choice between leaving money in checking and creating a savings with a 1% (ish) interest rate, then why not just transfer to the savings.

dave_ramkumar

iTrader: (5)

I have my personal accounts with BOA and my business account with TD bank, i'm thinking on canceling the BOA , and just have everything with TD ,since I go there everyday, and the tellers at the BOA branch I go to are assholes!!!

thunder04

iTrader: (1)

I have a checking account with a local credit union. The account earns 2.5% interest (which seems to be pretty decent these days), so I keep all of my money there.

Mizouse

my main accounts are with Chase, got a checking and a savings, thinking of closing my savings since it earns a whooping 0.01% interest (but theres only the bare minimum in it to avoid a service charge, so it wouldnt hurt to close it, and i wouldnt really gain anything if i kept it open)

i do have a BofA checking, but that was only cause i had a CD there. dont use it, dont even know the account number for it

and last is with charles schwab?






the only real benefit i really see from having multi accounts across different institutions would be if you have a shit ton of money and want to spread it out so you're insured by FDIC

maybe also for more ATM locations?

Never Summer

The only reason I have multiple accounts is to keep a large chunk of my money somewhere I can't easily access it. I have Schwab account as my main one and another account which has $15,000 right now and it's sat with that amount for over a year.

Mizouse

i hope that 15k isnt in a non-interest bearing account, you should put it in a CD or something to at least earn some interest on it.

Never Summer

I've got it in on a 1.1% account, not great but I also want the money to be available if I ever need it so CD doesn't work out well unless I want a lower rate that has a cancellation clause.

juniorbean

iTrader: (5)

We have our personal accounts (checking and savings) with one bank, and we also have an account with a local credit union since we will have them for our mortgage.

We also have other accounts with various investment firms as far as 401k and Roth accounts...

dallison

The wife and i both have seperate credit union accounts and i have another with a bank where i can cash checks.

Anachostic

I just found out today that Chase (my secondary checking account with a minimal balance) has started charging me a monthly fee. My guess is that it's for inactivity. $12 fucking dollars a month. Since it's my secondary account and I never touch it, I never noticed it. I've lost $36 so far.

I know one of the first things I'm doing tomorrow morning. Bastards.

... I'm so fucking pissed about this. You can't just leave money in a bank? They have to fucking steal it from you?

Found it.

http://consumerist.com/2010/12/chase...customers.html

Mizouse

yes, you need to either maintain a minimum balance or have direct depost or something like that.

most banks are like that now or starting to.

Mizouse

they should be closed tomorrow, so go tuesday. presidents day

doopstr

I think nothing pisses me off more than a bank fee. They act like it costs them a lot to hold onto your money and send you a statement.

Mizouse

oh but it does, gotta pay money for the lease on the building they use, pay their employees, utilities and at 44c a stamp it adds up.

Mizouse

plus they are doing YOU a favor by protecting your money. would you rather stash all your hard earned money in your house only for someone to break in and steal it?

Anachostic

Not Wachovia, my main bank. If there is a silver lining from this, I reviewed my account options at Wachovia and found I'm eligible for their premier account, since I have my IRA with them as well.

That would get me free cashier's checks, notary service (something I currently need), and a free safe deposit box (something I should have).

I'll accept responsibility for not catching this change back in December, so I'm mad at both myself and Chase.

PS, Christmas is over.

Will Y.

You can put $1500 into a money market and avoid service charges while getting (minimal) interest and still keeping the ability to write 3 checks a month, IIRC-- that's better than being charged every month.

The bank might also cancel or credit you for those 3 months' of service charges if you ask, if you increase the balance or link another account.

Mizouse

well you yourself said your chase account had a minimal balance and pretty much it just sat there.
im sure if you had the same portfolio at chase as you do at wachovia that you wouldnt have to incur those fees (not sure about the goodies)

the fee isnt just about making revenue, its making sure they have customers that will have a bigger portfolio and thus more reluctant to switch to another institution.