Cons, more to track and monitor....
I am not sure of any pro for more than one checking? Unless you like to open multiple accounts for the free gifts and free bonuses?
uppy: One thought may be having the money in a Muncipal money market than you can have a checkbook on to take advantage of the tax break I guess, but if you were interested in that, why have anything but that?
One regular checking for me..and then an Orange saving form ING for the higher rate and CDs if i ever want those.
I am not sure of any pro for more than one checking? Unless you like to open multiple accounts for the free gifts and free bonuses?
uppy: One thought may be having the money in a Muncipal money market than you can have a checkbook on to take advantage of the tax break I guess, but if you were interested in that, why have anything but that?One regular checking for me..and then an Orange saving form ING for the higher rate and CDs if i ever want those.
I've got two checking and one savings.
Checking at Sovereign and Bank of America, savings at ING.
I used to just use Sovereign, but I moved so opened the BoA. Never shut down the Sov because it's free, and a lot of things are still linked to it, like Neteller for example. I don't want to bother with the hassle of changing that so I'll keep it open for rare use and a low balance. Also, you can save yourself the ATM fee if you double your chances of using the right bank's atm.
But overall, I only keep as much as I need for bills and rent in checking. The rest I transfer over to ING for the interest.
Checking at Sovereign and Bank of America, savings at ING.
I used to just use Sovereign, but I moved so opened the BoA. Never shut down the Sov because it's free, and a lot of things are still linked to it, like Neteller for example. I don't want to bother with the hassle of changing that so I'll keep it open for rare use and a low balance. Also, you can save yourself the ATM fee if you double your chances of using the right bank's atm.
But overall, I only keep as much as I need for bills and rent in checking. The rest I transfer over to ING for the interest.
my wife and I for 16 years have had seperate checking accounts just make sure you are both on each others account in case something happens. With the electronic age keeping track of multiple accounts is a breeze. Crap I have 4 savings accounts and one of them labeled extra cash (aka gambling) hehe. If you deal with the big boys you can access everything online and transfer money from one account to the other. I bank at Wachovia and everything is free!!
I use PayPal and you have to have a checking account linked as you probably know. I have a "dummy" account linked to PayPal in case they ever try to screw me with charge backs. I also understand that PayPal could always send a collection agency if they want cash. I've just heard horror stories about paypal.
I also use it for internet purchases with a very small balance other than what im buying with.
richie
I also use it for internet purchases with a very small balance other than what im buying with.
richie
Fish, I get the impression that you deal in real money ... why have a checking account at all? Open a CMA or AMA type of account and get a decent interest rate on your rolling balance, plus generally better service than the fork-and-spoon technicians get from the bank tellers.
The most compelling reason to have more than one checking account is if you suffer from the chronic condition known as marriage. I have loved many women in my life for various reasons and at various levels, and I don't consider myself sexist, but the sad fact of the matter is that I have never met a single woman -- from my mother to my current wife -- who was not able to easily outspend any level of income to which she had access. My current wife went years with -0- idea what our financial situation was, right up to when we had our first kid, at which point I sort of had to clue her in. Before that we had a reasonably nice lifestyle paid for with about 15% of my income. Now we have a fucktard McMansion lifestyle that is setting me back a solid 30% if not more. Thank God for the Cayman Islands.
Anyway ... aside from hiding money from your woman I would say that any account that is used to reup or withdraw from Neteller or PayPal should be "dedicated." Ditto any account used for online billpay, direct debits etc. This is simply a security and privacy measure ... security and privacy are imperiled by EFT/ACH transactions, as well as by automated debit programs, so it only makes sense that if you are toting around any real money, you don't want it sitting in an account to which some dildo at BoA or PayPal or wherever has the number and contact info.
Phaedrus
The most compelling reason to have more than one checking account is if you suffer from the chronic condition known as marriage. I have loved many women in my life for various reasons and at various levels, and I don't consider myself sexist, but the sad fact of the matter is that I have never met a single woman -- from my mother to my current wife -- who was not able to easily outspend any level of income to which she had access. My current wife went years with -0- idea what our financial situation was, right up to when we had our first kid, at which point I sort of had to clue her in. Before that we had a reasonably nice lifestyle paid for with about 15% of my income. Now we have a fucktard McMansion lifestyle that is setting me back a solid 30% if not more. Thank God for the Cayman Islands.
Anyway ... aside from hiding money from your woman I would say that any account that is used to reup or withdraw from Neteller or PayPal should be "dedicated." Ditto any account used for online billpay, direct debits etc. This is simply a security and privacy measure ... security and privacy are imperiled by EFT/ACH transactions, as well as by automated debit programs, so it only makes sense that if you are toting around any real money, you don't want it sitting in an account to which some dildo at BoA or PayPal or wherever has the number and contact info.
Phaedrus
