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Thread: Checking account amount?

  1. #1
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    Checking account amount?

    I am in the process of moving funds around and have way too much in my checking/debit card account. Wondering how much simpletons try to keep in their checking/debit accounts?

  2. #2
    Simpleton Alan's Avatar
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    Quote Originally Posted by pinkytoe View Post
    I am in the process of moving funds around and have way too much in my checking/debit card account. Wondering how much simpletons try to keep in their checking/debit accounts?
    We try to keep between 5 and 10K in checking. It's low right now due to a half year property tax payment a few weeks ago and paying credit card statements after a 5 week vacation.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  3. #3
    Senior Member Teacher Terry's Avatar
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    Never more than a few thousand over our monthly bills.

  4. #4
    Senior Member SteveinMN's Avatar
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    $2000-2500. I keep an eye on it as I log into the credit union Web site throughout the month to pay bills, etc., so if we need to move money in from cash, we have time to do it, or if there's a pile that can be swept out of zero-interest checkin, we can do that.
    Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome. - Booker T. Washington

  5. #5
    Senior Member jp1's Avatar
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    Normally I will sweep it into eTrade if I notice it's over $10,000. That's way more than enough to not worry about anything bouncing.

    Thanks for the reminder. Apparently I haven't done it in a while because it's over $27,000...

  6. #6
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    The specific amount in checking varies a great deal from month to month. But in principle, I hold cash in a non-interest-paying checking account that is just sufficient for payments that are soon due.

    I use 2 banks for checking accounts that I consider different in purpose:
    1. Local Bank with a branch located walking distance from my home... my bank for homeowner expenses.
    (During the COVID-19 pandemic, this lobby is locked, but I can telephone and have an employee meet me at the entrance at an appointed time for any necessary in-person banking services.)
    property tax checks 2x year
    (If I had a mortgage, I would use this account for payments.)
    homeowners insurance check 1x year
    Water and Sewer checks 4x year
    trades (checks written for home repairs, snow removal, and home improvement... number varies from one year to the next.)
    Do-It Yourself home improvement and maintenance (debit card at hardware stores)
    Lawn & Garden (debit card at greenhouse, hardware stores)
    This checking account is linked to an online savings account at another bank (my "savings bank") which is consistently one of the top 5 in the country for APY, and the savings bank reliably carries out my transfers within 24 hours.
    The local bank is where I rent my safe deposit box (it's heavy, because I am a gold bug), and it is where I would go if I need an ATM withdrawal, or a Medallion Signature Guarantee.
    I log on to this account at least 1x per week, to track activity. and replenish the reserves in case an ATM withdrawal depleted the cash.

    2. Regional bank (the 7th biggest bank in the USA, arguably the best-managed one.)
    I use this checking account for all other payments, and for direct deposits.
    It is unsurpassed for international remittances (incoming)... charging me 50 cents per check... I deposit by mail in complimentary mailing envelopes. Funds are available with no delay beyond that which would apply on domestic bank deposits.
    I log on to this account at least weekly to track activity. The minimum balance I would keep there is $300.
    This account is also linked to my savings bank.

    At present, one savings bank is adequate for my reserves. It is the 5th largest bank in the USA. If I needed a second savings bank, I would consider a Sallie Mae Money Market Savings Account.
    I use my savings bank to build up adequate reserves for:
    vehicle replacement
    travel fares and lodging
    state and federal income tax 4x per year
    dental
    medical out-of-pocket
    home improvements
    529 college savings plan contributions
    the unexpected.

    It seems to me that FDIC-insured cash deposits will receive a negative real yield, no matter what depository institution is concerned. So, I believe at this time gold and silver metal would be a better "store of value" than deposit accounts.

  7. #7
    Senior Member bae's Avatar
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    I usually keep 6 months' expenses there.

  8. #8
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    Quote Originally Posted by bae View Post
    I usually keep 6 months' expenses there.
    in a checking account????

  9. #9
    Senior Member bae's Avatar
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    Quote Originally Posted by frugal-one View Post
    in a checking account????
    Yes, interest rates are so low now that it's not really worth the bother of special-casing it.

  10. #10
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    A minimum of $1000 to avoid fees. My account is tiered so the more I have in it the higher interest rate I earn, so if I have more than that I am not bothered.

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