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Old 05-24-2009, 06:05 PM   #21
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Join Date: Jul 2007
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We have accounts in 8 institutions. Some of the reason for that is that Japan uses auto-pay for a lot of things, like utilities. My wife's gym, for example, won't take the money from our main bank here. The cell phone has to be in yet another one. Utils, are in yet another one. So we just transfer the money to those places each month. We are in 4 institutions in the states. The main one, where I keep most funds earmarked for retirement is Schwab. I have been quite pleased with their systems and service. I haven't shifted everything there yets because of the PITA factor, but will do so once we FIRE and move back home. We will keep a 401k at WFC, and a very small checking account at another, for the monthly expenses, transferring once a month from Schwab, but that is just personal preference as to how to keep "growing assets" and expense accounts separate from each other.


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Old 05-24-2009, 09:14 PM   #22
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Join Date: May 2009
Location: Tokyo
Posts: 67
I forgot to mention:
1 brick and mortar bank just to receive the salary and handle credit card payments.
1 account in Japan to pay for expenses here. A little different from Rambler, I pay utilities and other expenses by on line bank transfer. Free of charge up to 5 transfers at my bank.
Anyway, I don't mind keeping my money in one institution up to FDIC insurance limits, and I'm assuming that Fidelity and VG can't go broke.

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