Too Many Bank Accounts
October 17th 2007 13:18
Having five bank accounts makes absolutely no sense. That’s why I’m going to change it. There is a reason for each of these accounts, but a few of them don’t make sense anymore. Let’s look at why:
Savings #1: This is in a credit union in my hometown, which is three hours away from where I’ve been at school. I have it because I’ve had it since I was ten years old.
Checking #1: See above, only I didn’t create the checking until age eighteen.
Checking #2: I opened this one near my college to cash a check I had received. They would not cash it unless I paid them an $8 fee, or opened an account.
INGdirect: This reason is obvious, I get free money.
Citibank savings: I got a free $100 for opening this. Free money is fantastic. (This is now going to be somewhat of a “college fund” for my little brothers).
Do I really need three savings accounts and two checking accounts? No. Obviously not. Since I won’t be moving back to my hometown after graduation, I intend on closing the two accounts at the credit union.
There are a couple reasons for closing the extra accounts, besides the fact that it’s just crazy to have that many.
Reason #1: If I can put all the money together in one (like ING) then I can earn more “free money” in interest there.
Reason #2: Having that many accounts to check gets tiresome. Plus, the more accounts you have the more liable you are to get your identity stolen, right?
I don’t know if any of you have the same issue, but it’s just too much. There are better things to waste time on than having five different bank accounts. Like watching football!
Related Posts:
Online Savings Accounts
Online Savings Accounts Revisited
Savings #1: This is in a credit union in my hometown, which is three hours away from where I’ve been at school. I have it because I’ve had it since I was ten years old.
Checking #1: See above, only I didn’t create the checking until age eighteen.
Checking #2: I opened this one near my college to cash a check I had received. They would not cash it unless I paid them an $8 fee, or opened an account.
INGdirect: This reason is obvious, I get free money.
Citibank savings: I got a free $100 for opening this. Free money is fantastic. (This is now going to be somewhat of a “college fund” for my little brothers).
Do I really need three savings accounts and two checking accounts? No. Obviously not. Since I won’t be moving back to my hometown after graduation, I intend on closing the two accounts at the credit union.
There are a couple reasons for closing the extra accounts, besides the fact that it’s just crazy to have that many.
Reason #1: If I can put all the money together in one (like ING) then I can earn more “free money” in interest there.
Reason #2: Having that many accounts to check gets tiresome. Plus, the more accounts you have the more liable you are to get your identity stolen, right?
I don’t know if any of you have the same issue, but it’s just too much. There are better things to waste time on than having five different bank accounts. Like watching football!
Related Posts:
Online Savings Accounts
Online Savings Accounts Revisited
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