Do Not Use Multiple Bank Accounts if You Want to Save money

[Salt]

If we have 3-4 bank accounts then it will be hard for us as we need to pay maintenance charges for all these accounts plus we need to pay for the ATM or debit card charges and we may not be able to reconcile our bank statement as it will be a lot of work checking all accounts all the time so in order to save money we should not go for multiple bank accounts.

 

[saoussen57651]

To say the truth the biggest majority of people save money in a coffre fort at house or even doesn't do these bank savings because they will debit you fees for nothing and we know banks are more rich than us.

 

[Kane]

I have accounts on 8 different bank accounts, however, I use a checkbook and ATM service from only one bank. We don't have to pay for account maintenance but have to pay about $3 for online banking and mobile banking services.

 

[Salt]

Still, I don't see it as a good option to have 8 bank accounts but could be you have so much money that one bank account cannot keep all those funds LOL

 

[Kane]

Still, I don't see it as a good option to have 8 bank accounts but could be you have so much money that one bank account cannot keep all those funds LOL

I write articles for newspapers and the newspaper company asked me to create an account on "x" bank. I work for different clients and most of these clients have preferences for certain banks. I receive money from foreign companies and some banks are lower charges for these transactions. That's how I ended up having accounts on 8 bank accounts.

 

[Vehli]

If someone don't stick with one job they are natural to have more bank accounts because every company / Employer has their preference to pay to a certain bank only and this way I have 4 bank accounts.

 

[Salt]

I write articles for newspapers and the newspaper company asked me to create an account on "x" bank. I work for different clients and most of these clients have preferences for certain banks. I receive money from foreign companies and some banks are lower charges for these transactions. That's how I ended up having accounts on 8 bank accounts.

Then its possible, I remember one of my former colleagues also has bank accounts with 5-6 banks because they do change their jobs a lot and now again with a different company

 

[Kane]

I can close the bank accounts that I no longer use. However, they charge closing fees. So, I don't close my bank accounts as I do not have to pay for account maintenance fees

 

[Salt]

I can close the bank accounts that I no longer use. However, they charge closing fees. So, I don't close my bank accounts as I do not have to pay for account maintenance fees

The same thing is happening here too and that's why it's better to not close and let these stay dormant and they will close it when they want.

 

[Bisolami]

To say the truth the biggest majority of people save money in a coffre fort at house or even doesn't do these bank savings because they will debit you fees for nothing and we know banks are more rich than us.

I only use one bank account to save money and I use the rest for my spendings so I have differentiated it in a way that I will not be spending the money.

 

[Salt]

I have 4 bank accounts LOL and planning to close one account as I don't use it much and more accounts can also make us pay more money in the form of maintenance.

 

[Bisolami]

I have 4 bank accounts LOL and planning to close one account as I don't use it much and more accounts can also make us pay more money in the form of maintenance.

I have more than ten bank accounts but I only use five out of them

 

[Starmix]

I only have three bank accounts. One is the bank of the university where I work. It is associated with its ATM card. The other one is for my business and investments and the third is the affiliated bank account for PayPal. PayPal accepts only Union Bank.

 

[Bisolami]

I only have three bank accounts. One is the bank of the university where I work. It is associated with its ATM card. The other one is for my business and investments and the third is the affiliated bank account for PayPal. PayPal accepts only Union Bank.

I use a lot of banks because there are times I may want to make a transaction and the bank will not have a good network so I can switch to the other bank

 

[Salt]

I have more than ten bank accounts but I only use five out of them

Wow so don't you require to maintain a minimum balance in those 5 accounts which you don't use anymore