Multiple Bank Accounts

Maxim Integrated / Eng ucEs45
Dec 17, 2017 19 Comments

Is there any advantage of having checking/savings account with multiple banks? I happened to have accounts on both Wells Fargo and Chase. Now, I need to satisfy minimum cash limit on the accounts not to pay for account fees. Planning to close WF accounts. Also, does closing accounts have any negative effect on credit score like for credit cards? What do you suggest?

comments

Want to comment? LOG IN or SIGN UP
TOP 19 Comments
  • AT&T / Ops
    DDM2K

    AT&T Ops

    PRE
    Windstream
    DDM2Kmore
    Closing accounts has zero effect on credit because they don’t report. No.

    Deposit accounts (checking, savings) are insured up to $250,000. If you plan on having more cash than that, most people would say you’re keeping too much in cash.

    It’s a two way street:

    1.) If you’re keeping only one account with ALL your cash, don’t make any online purchases with your debit card. Use credit and just pay it off. Puts you at risk for the most damage if fraud occurs.

    2.) Keep a smaller, separate account for daily expenses and only swipe with that one.
    Dec 17, 2017 0
  • VMware / Sales RG1ute
    Credit unions, all the way.
    Dec 17, 2017 9
    • Gen!x / Eng
      XPbr65

      Gen!x Eng

      PRE
      Bank of America Merrill Lynch, HPE, Northrop Grumman
      BIO
      mehy
      XPbr65more
      10 year (ex-)banker for BofA, so..

      @RG1ute there has been no membership requirements for credit unions that choose not to have one since 2008

      @nilops what awesome tech do you want for a *savings* account?

      All, if you have a mortgage and didn’t check your local credit union rate first... that’s called a sucker move.
      Dec 18, 2017
    • VMware / Sales RG1ute
      Lifting if the requirements? Good to know!
      Dec 18, 2017
    • Intuit nilops
      I call my awesome tech requirements “security and stability”
      Dec 19, 2017
    • Gen!x / Eng
      XPbr65

      Gen!x Eng

      PRE
      Bank of America Merrill Lynch, HPE, Northrop Grumman
      BIO
      mehy
      XPbr65more
      That makes zero sense if you know what “FDIC Insured” means.

      But whatevs, bro, you do you...
      Dec 19, 2017
    • Wells Fargo qUyB01
      Xpbr65 did you move from banking to a tech role or is it a finance role in a tech company?
      Jun 10, 2018
  • Amazon DQfm81
    Ally.com
    Dec 18, 2017 2
    • Maxim Integrated / Eng ucEs45
      OP
      Thanks. Seems like a good option.
      Dec 18, 2017
    • Amazon DQfm81
      Also makes a good "hub" if you do have multiple accounts since Ally does fast and free 1 day electronic funds transfers to and from most other banks. Their customer service is great and their website pretty good.
      Dec 18, 2017
  • Amazon tim90
    Have account in at least one major bank (Chase/BofA/WF). Go ahead and close WF checking/savings account. Closing checking or savings account doesn’t affect FICO score for credit cards.
    Dec 17, 2017 3
    • Amazon DQfm81
      Why do you need an account with at least one major bank?
      Dec 18, 2017
    • GoDaddy
      Nut Tella

      GoDaddy

      BIO
      I love my job at GoDaddy. The views expressed on this site are mine alone and do not reflect the views of GoDaddy or its affiliates. Also, bam bam lolol
      Nut Tellamore
      @DQ - nationwide availability of banking. My main financial institution is a local credit union. I did a mortgage refinance last year and I had to sign paperwork and pay escrow when I was travelling out of state. Thank goodness I had a backup account at BoA, so I could get a cashier check to pay escrow
      Dec 18, 2017
    • Amazon DQfm81
      Ally does cashier checks and doesn't have account minimums
      Dec 18, 2017
  • Upgrade / Other Upg=LC2.0
    Should have asked before opening the accounts 😎
    Dec 17, 2017 0

Salary
Comparison

    Real time salary information from verified employees