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Number of Bank Accounts

Drakkon

Drakkon

Diamond Member
Currently I have 1 checking 1 savings and 1 orange account and a 401K thing and I'm thinking about taking on 1 more checking account, why you ask? well mainly for business purposes to link to paypal with a minimal balance, but secondly because my current bank with the checking account is on the entire other side of town for me and I'm sick of getting charged ATM fees no matter what.
So anyways closest bank is a bank one, they seem to require direct deposit for free checking which i can do, so that being said, good idea? bad idea? Do i have too many accounts already?
 
The only thing you have to ask is why not move your accounts to the bank closer? I have multiple accounts at multiple banks as well. One I can manage online and is linked to all my autopay stuff. The other is closer and is purely a savings account. For me it's just that way cus I'm too lazy to get it all switched to the closer bank, and I get good loan rates through the other one. The third bank I associate with is also close, but I hate it with a passion. Unfortunately my mortgage is through them.
 
Originally posted by: Turkey22
The only thing you have to ask is why not move your accounts to the bank closer? I have multiple accounts at multiple banks as well. One I can manage online and is linked to all my autopay stuff. The other is closer and is purely a savings account. For me it's just that way cus I'm too lazy to get it all switched to the closer bank, and I get good loan rates through the other one. The third bank I associate with is also close, but I hate it with a passion. Unfortunately my mortgage is through them.
Click to expand...

yep thats kinda where i am at as well. Loans and bill payment all done through current bank and prefer not to change it just since everything will remain simpler and I can manage everything online. New bank I'd be able to do the same but would just be closer and kinda be like a holding place for my money outside of a paypal account 😛
I was kinda wondering too how it affects credit history though too...positive to have more accounts or less accounts in the long run? I'm sure if they all stay in good balance with no overdrafts they wouldnt even care...
 
I have several different savings/checking accounts for similiar reasons:

1) With my employer who I no longer bank with but I keep the accounts open since they're FREE.
2) My wife's CU, they offered $50 bonus to open an account. I use this CU only for Paypal transactions since it's not conveniently located for me. It's very close to my wife's work but not convenient for me.
3) ING Direct, good interest rates, no fees and I have earned $300+ in bonuses, referrals, incentives, interest, etc. My wife has done the same with her own individual account.
4) My primary CU which I do most of my regular banking with (payroll direct deposit and pay bills using this account).

I don't really use ATM's. Instead I take my debit card to a store like Walmart, Target, Albertsons, Safeway use their POS terminal. Buy groceries, get cash back for free and I get to specify the exact amount 🙂
 
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