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Re: Anyone keep a lot of money in their checking account?
Old 12-15-2006, 01:19 PM   #21
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Re: Anyone keep a lot of money in their checking account?

Average about $3.00 balance (no minimum). Put two direct deposits there but sweep to another insitututions MMA via on line transfer (immediate posting to the MMA account, although the actual ACH will take 3 to 5 days to move from the checking account). Virtually all routine expenses, less gas purchases, go onto a cash rebate VISA card. Gas goes on a Master Card that gives a 3% rebate in addition to a 1:$1 point accumulation for cash or other stuff. Keep about a moldy $200 in wallet/purse for any emergencies. Have ATM card and checks tied to the MMA but have NEVER used them. I lead a really financially simple life.
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Re: Anyone keep a lot of money in their checking account?
Old 12-15-2006, 02:15 PM   #22
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Re: Anyone keep a lot of money in their checking account?

We try to keep between 5k and 10k in the checking account. We have a regular monthly schedule of investment. If, due to lower than expected living costs, the checking account balance creeps above 10k, we increase the monthly investment amount to soak up the excess.

However, if I were RE, I'm sure the answer would be different.
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Re: Anyone keep a lot of money in their checking account?
Old 12-15-2006, 02:49 PM   #23
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Re: Anyone keep a lot of money in their checking account?

Grumpy:
Quote:
[/When I deposit a check at the counter, the funds are immediately available - no hold time.
Your bank seems to have a different funds availability poilicy than my bank.

I believe that my local bank will not make the deposited funds available until the fifth business day after it is deposited or received in the mail, as the PMMF check is considered a non-local check. Does your bank consider the PMMF check to be local? My bank even requires a next-day availability for cash, US Treasury checks and wire transfers.
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Re: Anyone keep a lot of money in their checking account?
Old 12-15-2006, 04:18 PM   #24
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Re: Anyone keep a lot of money in their checking account?

Quote:
Originally Posted by mickeyd
Grumpy:
Your bank seems to have a different funds availability poilicy than my bank.

I believe that my local bank will not make the deposited funds available until the fifth business day after it is deposited or received in the mail, as the PMMF check is considered a non-local check. Does your bank consider the PMMF check to be local? My bank even requires a next-day availability for cash, US Treasury checks and wire transfers.
As I wrote above, my WellsFargo checking account gets no hold on checks that I deposit in person. Even personal 6-figure ones. It probably has something to do with the fact that we have a PMA (portfolio management account) with lots of assets in it. (OK, you have to talk to the manager for the 6-figure checks, but I have never been denied.)

So it is faster to deposit a check in person than to do ACH or online transfer.
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Re: Anyone keep a lot of money in their checking account?
Old 12-15-2006, 04:35 PM   #25
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Re: Anyone keep a lot of money in their checking account?

we have fidelity cash reserve as our core is we usually keep 70,000 or so in the core.
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Re: Anyone keep a lot of money in their checking account?
Old 12-16-2006, 12:07 AM   #26
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Re: Anyone keep a lot of money in their checking account?

Quote:
Originally Posted by daverph
I have heard good things about them. In the past I have used TD Waterhouse, now TD Ameritrade and they were ok. I had a 401k with Schwab years ago and loved their website and services. They seemed to have lowered and eliminated a lot of there fees. I may use them when I rollover my 401k. I was also looking at Fidelity which I have a MM with, they seem to have good services.
daverph --
I have had Roth and SEP accounts with Schwab for over a decade and they have indeed lowered and/or eliminated their fees substantially in the past several years. Personally I have had good experiences with their service and their website usability and availability, though I will note that I am a buy-and-hold investor so I do not access these services very often.
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Re: Anyone keep a lot of money in their checking account?
Old 12-16-2006, 12:17 AM   #27
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Re: Anyone keep a lot of money in their checking account?

Quote:
Originally Posted by daverph
I have been thinking about this lately and I guess cause of where I am right now in my life, new baby/wife not working, I want to have as much money on hand as I can. ING takes too long back and forth for me. I just like having a good amount in my checking account, I am shooting for one months expenses on top of the normal paycheck to paycheck amount. Anybody else do something like this?
daverph,
I don't feel that one month's expenses + paycheck-to-paycheck amount isn't too much to hold at a local bank. If you were keeping your 6-month emergency account funds at your local bank, that wouldn't be so good.

I too keep an extra month's expenses at my local credit union. I do put it in my credit union's Money Market account rather than regular checking however. Transfers from MM <-> checking are available with a click of the mouse 24 hours a day. I also use a cash-back credit card to charge all monthly expenses then pay the balance at the end of every month. These two strategies fulfill my needs for getting the "money comfort factor" that I need yet earn a bit better return via the cash-back card and the MM account. With those measures in place, I am comfortable in pushing everything else up to my Vanguard account which has similar 3-day transfer times.
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Re: Anyone keep a lot of money in their checking account?
Old 12-16-2006, 02:11 PM   #28
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Re: Anyone keep a lot of money in their checking account?

Quote:
Originally Posted by Linney
I have had Roth and SEP accounts with Schwab for over a decade and they have indeed lowered and/or eliminated their fees substantially in the past several years. Personally I have had good experiences with their service and their website usability and availability...
I second Linney's comments about Schwab's customer service and website. And I think
$12.95 is a pretty reasonable commission (for stocks and ETFs); heck, I was paying more
than that at E-Trade a few years back. Yes, for certain mutual funds, most noticeably
Vanguard, they charge $50 !

I was a little distrubed recently when they appeared to be stonewalling on transferring a
Vanguard mutual fund over when I finally decided to open a Vanguard account. It
probably took 3 weeks from the time I sent the paperwork to Vanguard. Oh well, could
have been an anomaly; anyone else had similar experience ?

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Re: Anyone keep a lot of money in their checking account?
Old 12-16-2006, 02:13 PM   #29
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Re: Anyone keep a lot of money in their checking account?

Quote:
Originally Posted by Cut-Throat
Well, if you consider the Vanguard Money Market Fund with Check writing capability, then yes I do.
They only allow checks of $250 or larger from what I understand. Also, wouldn't work
as a replacement for an account at a local bank for me, becauase I want a safe-deposit
box (I suppose the bank MIGHT let me rent a box without an account, but what's the
point ?)



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Re: Anyone keep a lot of money in their checking account?
Old 12-16-2006, 02:24 PM   #30
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Re: Anyone keep a lot of money in their checking account?

Quote:
Originally Posted by audreyh1
We hold about one months expenses in our checking account plus whatever extra padding we need to avoid account charges. We have an automatic monthly funds transfer from our brokerage accounts. If we end up needing more, I set up a one-time electronic transfer from our brokerage - this can all be done on line.

Audrey
Same for us.
Tio z
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