How Many Bank Accounts is Too Much?

[Gooseman]

I could use one more bank with multiple branches for dumping. I already have accounts at five different banks. Am I pushing my luck by joining one more bank?


Jeff

 

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[The_EE]

I could use one more bank with multiple branches for dumping. I already have accounts at five different banks. Am I pushing my luck by joining one more bank?


Jeff

Dont see why you would be.

I plan on joining 3 more branches shortly myself for a wider range of ordering and dumping locations.

 

[47thelement]

I keep my accounts open just long enough to get the ATM card. That is usually enough to flash at the tellers to fool them into letting them think you have an account.

 

[triplejway]

The more the better, IMO. Make sure you are taking advantage of any perks that local banks may be offering for opening a new account, as some can be quite lucrative.

 

[Yinzi50]

If it's free checking, no monthly minimal balance, no monthly fee, then open as many as you can find. Some banks require $500 or $1500 minimal balance to avoid monthly fee.

 

[SilverFace]

I currently just have 2 bank accts myself. I have my DD paycheck split between both of them to avoid any fees. I was thinking about opening another acct with another bank to use as another supply bank. Without DD they charge a $5 monthly fee which I thought wouldn't be too bad - esp if their half boxes produced good. But now I just had my best box ever from my main supply bank so I'm more focused on finding out if I may have tapped a silver vein at my main bank - only time will tell.

Btw, others on this forum have mentioned that opening/closing too many accts. in a short period of time may trigger alerts with the banks or authorities. I don't know if this is true or what the details are on this but I wouldn't be surprised these days. We live in a country of ever increasing regulations - esp with the banking industry.

Good luck & HH

 

[Bigheed]

they're all soft credit inquiries to open an account, just make sure you understand the fee structure and use the debit once a month for a tank of gas or something. If the account becomes stagnant or non transactional they will close them.

 

[jrf30]

I have seven. All the big ones, and a few small ones. Wells, Chase, BoA, etc. None care that I have other accounts, as long as I have one with them. :-)

 

[JT10]

I have 9. There are a lot of regional banks in my area. As long as you remember to juggle the requirements, the extra pick-up and dump options are nice.

 

[Piledriver]

The more the better, IMO. Make sure you are taking advantage of any perks that local banks may be offering for opening a new account, as some can be quite lucrative.

...like free coffee, candy, and cookies !
(not to mention laptop w/printer access to the internet...sweet !)

Keep on Rollin' !

 

[quiksilver]

I have over 20 accounts and many have paid for themselves as some banks need accounts to get or dump coins.

 

[madwest]

I could use one more bank with multiple branches for dumping. I already have accounts at five different banks. Am I pushing my luck by joining one more bank?


Jeff

Opening too many deposit accounts too fast will get you flagged in ChexSystem (http://en.wikipedia.org/wiki/ChexSystems).

Getting flagged in ChexSystems will not affect your FICO score (credit rating), but can interfere with your ability to open new deposit accounts - much like writing bad checks could.

Accounts at 5 banks is not excessive. Neither is 6 or 7 or more. But if you opened them all recently, you might want to consider waiting 6 months.