SAT 1/22 QUESTION ~ Do you have more than 1 bank?

[❤ mollymouser ❤]

On another thread, several of us mentioned that we keep our money in more than one bank. Do you do this?

[❤ mollymouser ❤]

YES. My wonderful DH's pay is direct deposited into our credit union (where we have our checking account and a small savings account.) I then write a check and deposit our "savings" into a Money Market Account we have at a different bank. It may sound complicated, but it works for us.

[toservewithlove]

Yes, barely. I have a checking account with a local bank and a savings account with Capital One. My checking account pays 4% interest as long as I follow requirements so I actually only have less than $1 in my Capital One account. I've thought about closing it, but it's nice to have just incase I wanted to put money in it I figured.

[daisylu]

We have accounts at 4 banks. Well, 2 CUs, 1 local, and 1 online bank. And all total we have 7 accounts, with all but 1 utilizing direct deposit.

[Waffle]

Yes. My pay is direct deposited into a credit union checking account. I just started an EF savings account at the same cu. I also have money in 2 other banks.

[piratesparrot]

I don't have enough to worry about it being insured or anything like that. I used to have it in 3 banks but got tired of all the balancing checkbooks and shuffling to make sure it was in the right place that I condensed everything to one bank (that I work at) and one account. Works for me. Very simplified.

[chiver78]

yup - my EF is in a credit union savings account that I don't even have an ATM card for. I need to physically go into a branch to make withdrawals. it's limiting enough to make me think about it, while still accessible enough for me to use a CC for the immediate emergency, and then pay it off when the bank opens on Monday morning.

[kadee]

Nope! One bank but more than one account!
We don't do ATM cards! Works for us!

[The Walk of the Penguin Mich]

Nope, I use USAA for everything other than my retirement accounts.

[Deleted]

Jan 22, 2011 0:50:22 GMT -5 ❤ mollymouser ❤ said:

YES. My wonderful DH's pay is direct deposited into our credit union (where we have our checking account and a small savings account.) I then write a check and deposit our "savings" into a Money Market Account we have at a different bank. It may sound complicated, but it works for us.

That is almost exactly my system except I just transfer the money, not a cheque. The second reason I have the other account is for transferring money with my folks. Often for gifts I will call and tell my Mom what to get herself or my Dad and use our joint account. Well, I have 2 accounts at the other bank. One savings and one joint with my Mom.

[Artemis Windsong]

Yes, 3 banks. I for general bill paying. 1 for internet transfers like Pay Pal, SS and into a brokerage account. I won't go into the brokerage accounts except one was the "save yourself" Suze Orman special deal.

Edit: Forgot the CU that is open with no activity since interest rates suck.

[pepperdoo]

I have 3 total. One Money Market account, 1 regular savings and a checking.

I use my ATM card to get cash once a week for purchasing food, gas, etc. My checking account is for paying bills only, and the last is a deposit only account. I never make a withdrawl from the money market account.

[Sharon]

I do all my banking at a local bank. When I re-fied late last year I even went with the local bank. I am tired of dealing with the mega-national banks. I have a checking and savings account there. DD also has a checking and savings account that my name is on (The whole minor issue).

Things gets a little confusing now because I transfer money into DD's checking account each month so she can pay her bills. I wanted her to have a checking account and have practice writing checks and balancing her account before she went to college. While I have always paid for DD's dance and flute lessons and continue to pay for them the money now goes into her account and she writes the checks.

[suzwantstobefree]

I have two banks - one for my checking and a savings and Ally (online bank) for my savings EF. It takes a day or two to get my savings out of Ally so I really have to think about it before I can get my hands on the money. It has saved me from tapping into savings a few times since it isn't easily accessible.

[ambellamy]

yes. I have 3 banks

I have a BOFA Checking account with direct deposit so I can write real paper checks. (my mortgage is also with BOFA so i can pay that online from my checking account.)

I have an Account at SalleMae for CD's and Savings. I'm slowing moving my emergency fund over there from ING (i'm spliting it half cash, half cd's... $200 a month at a time from ING)

which leads me to ING... I have a checking account there that i do all my spending out of and pay all my other bills. I have a ton of sub savings accounts for things that will happen throughout the year like our annual premiums.

If it weren't for the mortgage and the actual checkbook that comes with BOFA, i'd ditch it entirely for ING/SalleMae.

[yogi]

Yes, I have a checking and savings account at Bank of America, and an ING online savngs account for my emergency fund. The ING account has been great for me because I have an automatic savings plan set up and I rarely ever transer money back into my regular checking.

[justwhoever]

Just 1 bank, well credit union. We do have a checking and savings though.

[motherto2]

I do all my banking at my local CU. I have a checking which is where all my bills are paid (through automatic debit), food, gas, etc. I have my pay direct deposited there. I then transfer money every payday to my savings account there, which is for nonrecurring yearly expenses like association dues, once yearly life ins. for DS, twice yearly personal property bills, etc. I have a Christmas club there that I have the CU automatically transfer into each payday for Christmas, and my vacation account which has an automatic transfer each payday also. Vacation account is my EF. You can't transfer money from the Christmas and vacation into another account, you have to physically to and transfer money (except in Oct or Nov when they put your Christmas money into your savings account). Works for me so I don't have to worry about keeping up with different banks. My mortgage is with another bank (not much I could do about that) but I can pay my mortgage with a one time payment (so that it doesn't do it automatically). I pay it early, let it clear, and then make a principal payment only after that.

[Deleted]

Yep, one joint checking/savings at a local credit union, my fiance and I each have our own old checking/savings account and we have two high yield savings and one high yield checking.

[Deleted]

We utilize two banks and a credit union.

[dancinmama]

We bank at one CU and one bank. We relocated 5 years ago and still utilize our CU checking/savings accounts where we used to live, but I wanted to have local accounts too. All accounts are free.

[coffeegrl]

Right now I just have my checking and regular savings accounts at one bank. Once I'm done with grad school in a couple years, I want to open an account with a bank that I can't just walk into and get money from whenever I please. That way, the money I'm saving in that account I will actually be SAVING and not just putting it in a different account that I can still easily get to. (Read: too tempting to dip into if I want something but don't really need it.)

[tiredboomer]

We just use a credit union for checking and savings.

[Deleted]

I have an account @ one bank for my frills and an account @ another bank for my bills. Savings at 2 other different banks. My ons savings account are at banks I can stop at on my way to work. I promissed myself every day I go in late, I put at least $3.00 into it. It adds up quick!

[BeenThere...DoneThat...]

<<< On another thread, several of us mentioned that we keep our money in more than one bank. Do you do this? >>>

...yes... 2 banks, 2 CUs, 1 mattress... ;D

[olderburgher]

If piggy banks count then yes, otherwise no. We used to have accounts in more than one but the more we thought about that the more it made no real sense so we simplified down to one (a local bank) where we have a checking and a savings account. Of course when you don't have tons of money left in the bank in cash, savings accounts or CDs then maybe you don't need to worry about that very much. We don't keep cash in an amount that would require us to be concerned about FDIC coverage of any bank accounts.

[Apple]

Just the credit union for me but two accounts there. One account is my everday savings/checking/etc with a debit card. I opened the other account when I went to Ireland and the UK so that I could get a debit card that WAS NOT tied to my everyday checking account--I didn't want to take any chance of losing that card or having the money stolen from my account. So I transferred enough for the trip into a much smaller account with its own debit card, worked out great so I've kept it around for other trips. It also helps me not to overspend because if I needed more money I'd have to call the bank from halfway across the world on their schedule.

[Deleted]

We have 2 banks. BOA for checking, savings and kids college accounts. Another bank for savings and safe deposit box.

[bobosensei]

We use USAA. We had to open a German bank account when we moved here in order to be able to get a contract cell phone and cable plan. I have a credit union account with like 5 dollars in savings to keep it open. I like the idea of belonging to the credit union, although I don't know if we will ever use them.

[rumples]

We use 3 right now... 2 CUs and an online savings account. The one CU account was opened simply because they had the best rates around for an HSA when we first opened ours and you had to have an account with them to open the HSA. We will open a money market account at yet another later this year.