Tuesday, July 18, 2006

How many checking accounts do you have?

I have three checking accounts, all free. I am thinking of getting another one.

1. Checking account at credit union. This credit union is connected to the job I had while in college. There is no money there, but I keep it open since I still have some blank checks.

2. Washington Mutual. This was my main checking account until Bank of America stole me away. Also, now that I work in NJ BOA is more convenient. Odd checks gets deposited to this account.

3. Bank of America. This is where I do it all. I received $50 for opening the account. I have direct deposit of my pay check and online bill pay. I absolutely love the online bill pay. The account has been opened since December 2005 with no problems (knock on wood).

4. Commerce Bank. I am thinking of opening an account with them because they have late hours and convenient locations. My cable company has a promotion where cable customers get $50 for opening an account at Commerce.

* I love FREE money*

My question is: Should I take this latest offer and open another free checking account. Do I already have to many?

Disclaimer: I check online activity each day, so I have no problem with insufficient funds. My account buffer is less than $5.00 in the BOA account.


Single Ma said...

I only have one checking but I have SEVERAL savings/brokerage accounts. Like yours, each one has a different purpose. I only use my checking account to pay credit card bills once a month. My monthly statement is barely one page. LOL

If you can keep up with them all, I don't think you can ever have too many accounts. Use the BofA my portfolio manager to show them all on one screen. I like free money too. Go for it!

Me said...

hey sis - found ur blog via singlema ..HEY GIRL ! u live in NY and u tired of being broke ? ME TOO - and u know this is not the place to live if you dont want to be broke lol

I think u do have alot of checking accounts - my opinion u should choose the best two and close the others

Tired of being broke said...

Single ma management is key. I will check out the BofA portfolio manager.

Me thanks for stopping by. I will definitely check you out. Am thinking it is a bit much but the credit union am not worried about because I do not use it, and the only branch is upstate NY. I just love 'free' money'.

Anonymous said...

If it doesn't cost anything and there is no service fee, and you can manage that many accounts, then no harm. But it is like a credit card. Most people have a ton of them, when they don't need it, and just puts additional stress on them to manage it. Usually you don't get the money for 3 months. Are they crediting right away?

Beth B said...

I say open it and call it your Holiday checking account. Use the $50 bucks, plus whatever they require you to stash in there for holiday gift buying. Then close it after New Years Day.

Any strings attached to it? Like a penalty if you close it within a certain amount of time? Minimal balance required?

Tired of being broke said...

The first year is free, then it requires a 100 minimum balance after that.

The coupon I have is good till September so I still have some time to decide.

I wanna thank everyong for their advice so far.

Single Ma said...

Send me the coupon, I'll use it! LOL

Anonymous said...

It would be unwise to open a checking a/c for $50 with out considering the impact of hard pull the banks do to determine the credit worthiness. Banks pull up credit report to consider whether they could offer overdraft / debit card etc. Its surprising no one mentioned here..