preventing stale accounts?

[hokiemojo]

Just wondering how people with multiple accounts work to keep them from going stale due to inactivity. I know some people just deposit and then withdraw funds from their accounts. If it were me, I'd prefer to keep equal exchanges of currency from registering on my bank statements. Those can clutter things up quite quickly, so unless it has an actual impact on my ending balance, I'd prefer to keep things neat.

I guess the occasional $20 deposit or withdrawl could work, but do you guys with 3,4,10 accounts keep a spreadsheet to make sure you move money frequently enough? Personally, I don't understand why leaving several hundered dollars in an account with no work on behalf of the bank is a problem (aside from escheat laws), but it sounds like they don't like that.

Anyway, my first two accounts were my main bank and main CU so managing isn't a problem, but I'm curious what you other guys do. Thanks!

 

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[BuffaloBoy]

I just occasionally deposit money when tellers ask me if I am going to deposit cash(once a month at most)... I usually go to the same main bank, different location, and withdraw. It makes the tellers think you're actually doing something with the money rather than having a $0.01 minimum balance. I keep a good amount in each account since I only use 3 bank branches.

 

[BillyOceansEleven]

Since a lot of checking accounts require some type of "direct deposit" to avoid fees or to qualify for an account opening bonus, I have a monthly transfer scheduled to send money from my main account to the other accounts and then a second to sweep the money back to my main account. The beauty is that there is no legal definition of direct deposit and an electronic transfer of your paycheck from an employer looks exactly the same as an electronic transfer initiated from your own account (both are classified as ACH deposits). My experience is that only the smallest of banks will bother to look at where the transfer is coming from. I've used that trick for years to avoid fees at Chase, BofA, and others.

 

[quiksilver]

i use a chart for my 20+ accounts that i look at once a month to see who is due this month for a deposit or withdrawal. The chart also has minimums and types.

 

[madwest]

I am allowed to have my payroll direct deposit be split up to go to a maximum of 12 different accounts - in any amount.

I direct deposit to 6 different banks. At my 5 "hobby" banks, I have 1 automatic payment setup (Satellite TV, Cell phone, Auto Insurance, Day Care). The direct deposit amount is just slightly more than the automatic payment. Every now and then, I use the ATM to clear out the buildup in those accounts.

 

[Bigheed]

lots of good advice, I would just give some practical advice saying use the debit card once a month to buy lunch or gas or whatever.

Direct Deposit in will count but if you are just sweeping the same money in and out every month that doesn't make the bank any profit, debit card transactions make the bank like 45 cents and maybe a small fractional percent of the purchase, however I am not sure if they work like a credit card.

If the bank ties your box orders or dumps to the account all of these services cost the bank money, and as friendly CRHunters they usually do this for us for free.

However, banks also have "Operating Loss" departments and if your account is costing the bank way more money to keep open then you are brining in they will exercise their right to "end their relationship" with you the customer, they can do this at any time for any reason, sucks, but its true. I think SARs also go through the Operating Loss group.

So in summary I would say,
1) Maximize the amount of direct deposits your employer can split your paycheck into
2) Use the debit card once a month for each account not on a DD schedule, preferably the ones that are as well if you can. The bank wants your account to be "Transactional"
3) If you have a home loan or any type of loan make that institution your main dump or supply bank chain as they are less likely to care about the costs you bless them with since they are pwning us with interest......pay off all debt ASAP.....my usual plug for Dave Ramsey.

Bigheed

 

[Yinzi50]

lots of good advice, I would just give some practical advice saying use the debit card once a month to buy lunch or gas or whatever.

Direct Deposit in will count but if you are just sweeping the same money in and out every month that doesn't make the bank any profit, debit card transactions make the bank like 45 cents and maybe a small fractional percent of the purchase, however I am not sure if they work like a credit card.

If the bank ties your box orders or dumps to the account all of these services cost the bank money, and as friendly CRHunters they usually do this for us for free.

However, banks also have "Operating Loss" departments and if your account is costing the bank way more money to keep open then you are brining in they will exercise their right to "end their relationship" with you the customer, they can do this at any time for any reason, sucks, but its true. I think SARs also go through the Operating Loss group.

So in summary I would say,
1) Maximize the amount of direct deposits your employer can split your paycheck into
2) Use the debit card once a month for each account not on a DD schedule, preferably the ones that are as well if you can. The bank wants your account to be "Transactional"
3) If you have a home loan or any type of loan make that institution your main dump or supply bank chain as they are less likely to care about the costs you bless them with since they are pwning us with interest......pay off all debt ASAP.....my usual plug for Dave Ramsey.

Bigheed

+1.
"Operating loss" department could also be called "QC" department in my "old" main dump bank.