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Thread: Checking account amount?

  1. #21
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    I’m like Bae, I have about seven months of living expenses in my checking account. The reason is that I make quarterly tax payments which I don’t consider to be monthly living expenses and I’d rather not withdraw money from my investment account unless making a big purchase over $10,000. The interest lost is insignificant.

  2. #22
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    Like Tradd.... I have a debit card attached to my checking account. Maybe it is silly but it makes me nervous to have large quantities of cash in my checking account. I usually keep no more than a few thousand dollars there. i know I would only be liable for a small amount but still.....

  3. #23
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    I keep separate checking and debit card accounts. I think the most I have kept in my checking account is a couple thousand dollars. (monthly bills, transfer money from savings when things like property tax comes due)
    After seeing multiple people have their checking accounts stolen, after house break in's, I would much rather have the money in savings (even with paltry interest) then checking.
    I know what the daily limit on my debit card is, so not much more reason to have more then that in there. (again, phone transfer is easy, and on two occasions, I had a temporary increase on my limit, to buy a piece of equipment for work, one recently, for close to $7K). With any kind of plastic (CC or DC), you are relying on everybody in the chain to have good security. (merchant, the network system they use, their help, etc. etc)
    Credit or debit card used for "fun" stuff. Credit card paid off every month.

  4. #24
    Senior Member jp1's Avatar
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    How many people here still actually write out checks? I had to buy a new box a few years ago and have maybe used two or three. I doubt I will ever buy any more. The old checks had had my New York address. I moved out of that place in 2004.

  5. #25
    Simpleton Alan's Avatar
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    Quote Originally Posted by jp1 View Post
    How many people here still actually write out checks?
    We write 5 or 6 a month for recurring bills such as cable/internet, utilities, credit cards, etc., as well as our twice yearly property tax payment. We'll shortly be moving to pretty much 100% online payments though after realizing during a recent month + long vacation that it's difficult to keep things current when you're not able to collect your mail, not impossible but definitely difficult.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  6. #26
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    Its ironic that the one check I wrote in months was to pay the first half of our property taxes and it was lost in the mail. I only sent a check because I didn't want to pay their online fee of $3.50.

  7. #27
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by jp1 View Post
    How many people here still actually write out checks? I had to buy a new box a few years ago and have maybe used two or three. I doubt I will ever buy any more. The old checks had had my New York address. I moved out of that place in 2004.
    We do. We pay most things by check, say, 75%.

    But I run into youngsters who are flummoxed by our neighborhood’s requirement to pay community garden fee by check or cash. The youngsters aren't flexible.

    All plant socieities and garden clubs and small hobby groups still are check or cash operations.

    our neighborhood association has been accepting credit cards and online payments for certain thing for decades but not for community garden fees.

  8. #28
    Senior Member JaneV2.0's Avatar
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    I usually keep slightly more than I need in my checking account. I'm transitioning to paying my bills on line, so this may be my last supply of checks.

    ETA: I use Paypal quite a bit; next I'll investigate Venno.

  9. #29
    Senior Member SteveinMN's Avatar
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    We write some checks. Mostly to charities and doctors, I guess. I generally write checks for those entities used intermittently enough to make setting them up through the credit union Billpay a fair amount of effort for one or two payments and for which I don't want to be entering CC information on bunch of vendor Web sites. Even if they farm out payment to some (undisclosed) third party, I still feel more comfortable with the big pay vendors like Apple or PayPal. One paper check and a stamp later, the bill is paid and I don't have to worry if somebody's computer gets hacked while they're working overtime from home. Been part of too many data breaches already.
    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

  10. #30
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    We write checks, too, including property taxes, insurance bills, utilities, donations, doctors, anything where we need a record in the future that we paid for it. I write them when I give money to anyone in my family. I write them when I open brokerage accounts for the grandkids, anything like that.

    If we ever go back to mortgage payments, we'll probably automate that.

    We also use cash each week, but I understand folks who don't want to do that--it's just what feels right for us, for many reasons.

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