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.
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8 comments:
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!
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
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'.
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?
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?
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.
Send me the coupon, I'll use it! LOL
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..
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