Checking acct. questions

[NateHodge]

So the other day, I sold a 4 wheeler and had some cash in hand. The guy that bought it banked at a credit union that I have really wanted to get into because of their awesome low interest rates and a few other perks. WE went there to get the money out of his checking acct. Problem with becoming a member is that you have to either work for someone that is in the Credit Union or have a direct relative that is a member.

http://www.centralsunbeltfcu.org/

Long story short, I finally got in after giving them the cash money and telling them, "I'm not gonna sit here and try to figure out a way to GIVE you MY money. If you want it, here it is." Now I have two checking accts. One at the Credit Union and another at a bank I have done business with since I was 16. I like both, but both also have their issues. For example, even though I have been with Trustmark for 10 years, I had a problem getting a loan when my credit briefly dipped below 680. Credit Union does their own underwriting and has better rates. They will also cover any charges from an outside ATM up to 10 a month.

But Trustmark is closer to my work. I know them personally so they have been known to let me in and do business after closing the doors. They are also easier to get in and out of. The Credit Union has a TON of members and always has long lines on payday.

Is it stupid to keep 2 checking accounts due to the convienience and friendliness of one and the great interest rates on loans and high interest yield on savings of the other? Oh, at the Credit Union, even your checking acct draws 6% interest.

[Nessy]

Actually two checking accounts are nice. If you have a problem (technical or other) with one, you have something to fall back on.

[kenpoprofessor]

I've got direct deposit and rarely have to go into the bank unless I'm making a cash deposit, checks go into ATM.

Have a great gun carryin' Kenpo day

Clyde

[Mrs. Tink]

If your credit union is a member of the CU Service Centers (usually housed within a member credit union), then you can go to ANY CU Service Center, ANYWHERE, to conduct your business. My CU is 50 miles away and I only go there about 3 times a year. I bank at the credit union here in my work building.

The CU Service Center web site (http://www.cuservicecenter.com/default.aspx) can tell you if your CU is a member. Just search for "Central Sunbelt" and it should tell you.

Then you can find a member credit union closer to you and use it at your convenience.

[chadster1]

Oh, at the Credit Union, even your checking acct draws 6% interest.

That is reason enough to keep an account there. You cant get 6% anywhere right now.

[jakemccoy]

Multiple checking accounts are fine. Just make sure they fit your lifestyle and that they don't charge you a monthly fee. Never pay anybody to hold your money. There are too many banks out there who will pay you for the honor of holding your money.

[Peace Warrior]

So the other day, I sold a 4 wheeler and had some cash in hand. The guy that bought it banked at a credit union that I have really wanted to get into because of their awesome low interest rates and a few other perks. WE went there to get the money out of his checking acct. Problem with becoming a member is that you have to either work for someone that is in the Credit Union or have a direct relative that is a member.

http://www.centralsunbeltfcu.org/

Long story short, I finally got in after giving them the cash money and telling them, "I'm not gonna sit here and try to figure out a way to GIVE you MY money. If you want it, here it is." Now I have two checking accts. One at the Credit Union and another at a bank I have done business with since I was 16. I like both, but both also have their issues. For example, even though I have been with Trustmark for 10 years, I had a problem getting a loan when my credit briefly dipped below 680. Credit Union does their own underwriting and has better rates. They will also cover any charges from an outside ATM up to 10 a month.

But Trustmark is closer to my work. I know them personally so they have been known to let me in and do business after closing the doors. They are also easier to get in and out of. The Credit Union has a TON of members and always has long lines on payday.

Is it stupid to keep 2 checking accounts due to the convienience and friendliness of one and the great interest rates on loans and high interest yield on savings of the other? Oh, at the Credit Union, even your checking acct draws 6% interest.
IMHO, for a guy, two OR MORE checking accounts are only needed when you are married or planning to get married, but even so, you can still have these accounts at ONE place.

For your question, in the past I would have said dump the bank now! I did years ago and never looked back, but then my federal credit union "changed" to a State institution and really screwed its members (partly by allowing everyone and their brother in).

[Peace Warrior]

Actually two checking accounts are nice. If you have a problem (technical or other) with one, you have something to fall back on.
Great point. I guess a single guy might have a reason to get two accounts. I stand corrected. Thanks

[ATL Peach Girl]

I have two checking accounts too. One at a bank, the other at a C.U. I prefer CU's over a bank. Lower interest rates, easier to get a loan, lower rates on their credit cards too.

Gonna close the bank account real soon and just go with the CU.

[ATL Peach Girl]

If your credit union is a member of the CU Service Centers (usually housed within a member credit union), then you can go to ANY CU Service Center, ANYWHERE, to conduct your business. My CU is 50 miles away and I only go there about 3 times a year. I bank at the credit union here in my work building.

The CU Service Center web site (http://www.cuservicecenter.com/default.aspx) can tell you if your CU is a member. Just search for "Central Sunbelt" and it should tell you.

Then you can find a member credit union closer to you and use it at your convenience.
wow!! thanks for that info. Yep, my CU is in that list.

[Randolph da man]

CU's rock
I hear so many horror stories about banks like BOA and WaMu, I wanna hug my teller during my yearly visits to my CU...

[MrKandiyohi]

My main bank is a CU in the Twin Cities where I used to work. When I moved 100 miles away, I knew I should set up an acct with a local bank when I wanted to purchase a house. I did that - Wells Fargo - but I kept the CU as my main bank. I did get a mortgage from WF, but my mortgage payment comes out of the CU. If I get a check I have to deposit, I do it at the bank.

It comes done to the hassle of having an extra acct that you need to keep money in. I would do it unless you are low on funds regularly and it would be nice to have all of your money in one place so you can meet the minimum requirements for checking/saving. It doesn't really cost you anything.

[k9medic]

I have two checking accounts at different banks as well as 4 different savings accounts. 2 are at different credit unions for things like car or boat loans, one is at BoA for money market interest rates and the other is a simple account at Wachovia.

I let the credit unions compete for a good rate (right now I have 4% on 2 used cars) and the BoA account is yielding around 3.8% interest. I'm making around 500.oo per year just in interest.

[WINGS]

I live in NH and my full service credit union is in GA. The banking is 24/7 via the internet and it has features like automatic transfer of funds to other banks on the day of the month that you specify, deposit funds to you account online before they get the actual check and you can apply for a loan and get approval without talking to a real person.

[mike1969]

I have 2. One is at a bank, and the other is at a CU. I had the bank account open because I had everything set up there, but when I had to straighten out the student loan fiasco, I went to a different place, a CU. Sometimes it can be a pain remembering how much money is one place.

[uneasyrider]

I have two checking accounts at two credit unions locally and that backup is just fine by me. They also compete for my auto loans with better rates than they post, all you have to do is ask.

[MrKandiyohi]

Sometimes it can be a pain remembering how much money is one place.

I use the CU for 99% of my banking needs. The other one rarely gets any activity so it's not too hard to track. Put enough in one to handle the occasional event, but put the majority of the money in the institute you'll primarily use.

[CaptCave]

two checking accts at different banks
and two savings accts at different banks

plus a joint checking acct


I like to be able to have multiple options.

[WellArmedSheep]

I joined my local credit union by opening a simple savings account with $25.