Join Early Retirement Today
View Poll Results: What is the typical balance in your checking account?
< $250 8 4.44%
$250 - $500 6 3.33%
$500 - $1,000 20 11.11%
$1,000 - $2,000 43 23.89%
$2,000 - $5,000 39 21.67%
>$5,000 64 35.56%
Voters: 180. You may not vote on this poll

Reply
 
Thread Tools Search this Thread Display Modes
Your Typical Checkbook Balance
Old 06-22-2008, 09:46 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 11,199
Your Typical Checkbook Balance

If you have a standard checking account -- the kind from a local bank -- at what level do you typically keep your balance?

For example, we try to keep only about $500 in our .1% interest checking account.
__________________

__________________
Al
TromboneAl is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-22-2008, 10:01 AM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,115
I don't try to squeeze every penny of interest out of optimizing checking account balances. My balance averages somewhere in the area of $2k as I keep enough in the account to cover bills and expenses for the upcoming two weeks. The amount fluctuates from a low of just under $1k to as much as $7k when property taxes come due.
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 06-22-2008, 10:05 AM   #3
Recycles dryer sheets
 
Join Date: Mar 2006
Posts: 206
I'm at 10k currently but I'm at E-trade bank a 3.25%
__________________
I&#039;m trying to find myself.* Have you seen me anywhere today?
Mysto is offline   Reply With Quote
Old 06-22-2008, 10:16 AM   #4
Dryer sheet wannabe
 
Join Date: Jul 2007
Posts: 12
I save the $8.00 service charge by keeping at least $1,000.00 in my checking account.
__________________
Mavourneen is offline   Reply With Quote
Old 06-22-2008, 10:18 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Around 20k but we use vanguards 'checking' service which lays on top of the Prime MM account. So I'm getting pretty good interest on every penny as it comes in until it goes out.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Old 06-22-2008, 10:27 AM   #6
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,108
I have both a checking account and Money Market account with BofI and avoid getting it wrong by having an overdraft protection from the MM account of up to $2,000. However as the checking account has been paying 3.4% for a good while now I've been leaving a balance of $2 - $3K there as the MM account is only at 3.46%
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 06-22-2008, 10:28 AM   #7
Thinks s/he gets paid by the post
happy2bretired's Avatar
 
Join Date: Mar 2007
Location: Nebraska
Posts: 1,340
I get "paid" twice a month. First of the month, my pension and from my investments on the 15th. I keep between $1-2K in my checking account.
__________________
happy2bretired is offline   Reply With Quote
Old 06-22-2008, 10:31 AM   #8
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,044
After paying bills we try to keep about $100 in our checking account. Any extra gets transferred to Vanguard.
__________________
FIREd is online now   Reply With Quote
Old 06-22-2008, 10:44 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,018
I have personal and corporate checking accounts. They are high traffic zones with two salary payments per month, deductions for liability insurance, gym, parking and utilities, and automated transfer to investments. In addition there are yearly payments for professional fees and property taxes. It is not unusual for both credits and debits to run up to $15,000 monthly. I manage it by keeping a minimum of $1000 and a maximum of $10,000 in the checking accounts at all times and having a high interest savings account linked to each checking account. I transfer cash there when income is greater than expenses, and use it as a buffer when I expect the big cheques to be cashed.
__________________
Meadbh is offline   Reply With Quote
Old 06-22-2008, 11:06 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,976
Our checking account balance is very high, but it's almost all float (by design)...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 06-22-2008, 12:44 PM   #11
Moderator Emeritus
Khan's Avatar
 
Join Date: Aug 2006
Location: Pine Island, Florida
Posts: 6,868
Send a message via AIM to Khan
I don't know how to answer.

On the first of the month, $2,111 is deposited in to the checking account. On the last business day of the month I transfer everything over $10 into the MMA.

Every now and then, I have to transfer some from the MMA to checking.
__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
Khan is offline   Reply With Quote
Old 06-22-2008, 01:02 PM   #12
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Until last year, I'd say about $1,500, usually varying between $500 and $3,000.

Now I keep less than $500 in that account, and much of the rest of my liquid cash is an asset management account which is where my paychecks are now direct-deposited. I do most of my regular checking and debits from the AMA now, and about half of my emergency fund is in it.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 06-22-2008, 01:02 PM   #13
Thinks s/he gets paid by the post
OAG's Avatar
 
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,598
Just checked $1.66, sometimes it gets as high as $5.00. Once all the know bills are paid/scheduled, via electronic transfers, I move what ever remains to HSBC for 3.5% on the balance. Usually I would buy a CD with excess funds but rates being what they are I am saving up for the next 6.25% CD Rates (could be one big CD by then).
__________________
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 06-22-2008, 01:51 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,883
Each month I reconcile my checking account. If the balance is over $1000, I send the overage to the PMMF. If I end up below $1000, I send my checking account money from my MMF. It is not a fool proof system, but it has served me well over the last 5+ years.
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is online now   Reply With Quote
Old 06-22-2008, 02:07 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,018
Quote:
Originally Posted by OAG View Post
Just checked $1.66, sometimes it gets as high as $5.00. Once all the know bills are paid/scheduled, via electronic transfers, I move what ever remains to HSBC for 3.5% on the balance. Usually I would buy a CD with excess funds but rates being what they are I am saving up for the next 6.25% CD Rates (could be one big CD by then).
Precision banking......OAG takes the prize!
__________________
Meadbh is offline   Reply With Quote
Old 06-22-2008, 07:02 PM   #16
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,543
It generally starts out at about $2,500 and dwindles as the month progresses, we get the deposit on the 1st of the month. More for expenses like property taxes, etc. but I did once run it down to 2 cents.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is online now   Reply With Quote
Old 06-22-2008, 08:49 PM   #17
Full time employment: Posting here.
RetiredGypsy's Avatar
 
Join Date: Mar 2008
Posts: 895
Right now I have $0.40 and at any given time I usually have <$1 after everything else has been transferred to pay off the rewards card or into my ING savings.
__________________
RetiredGypsy is online now   Reply With Quote
Old 06-22-2008, 09:10 PM   #18
Full time employment: Posting here.
Darryl's Avatar
 
Join Date: Mar 2007
Posts: 577
Wow, you guys aren't leaving any crumbs on the floor. Schwab checking is rarely below $10,000 and the local BofA varies between $2,000-$5,000 if it starts to grow I do transfer out to Scwab checking or Etrade savings.
__________________
I highjacked a rainbow and crashed into a pot of gold - Bon Jovi
Darryl is offline   Reply With Quote
Old 06-22-2008, 09:30 PM   #19
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 189
Just enough to cover the bills
__________________
Dude is offline   Reply With Quote
Old 06-22-2008, 10:43 PM   #20
Recycles dryer sheets
OldGuy's Avatar
 
Join Date: Nov 2007
Posts: 75
Our checking A/C carries ~$1K for less than half of each month, then a ledger overdraft until the first of the next month from the entering (& timing) of electronic payments that can run the ledger to a sizable negative balance. Then we fill 'er back up from automated deposits from a companion TDA, which in turn is funded by a MMF that's paying ~3.5%.
__________________

__________________
Those who were seen dancing were thought to be crazy by those who could not hear the music. Friedrich Nietzsche.
OldGuy is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Balancing your checkbook David1961 FIRE and Money 63 06-24-2008 11:24 AM
Study: typical wealth at retirement Htown Harry FIRE and Money 3 06-04-2008 12:30 PM
Obama on grandmother "...she is a typical white person..." dex Other topics 49 03-27-2008 12:29 PM
A Typical ER Day education Other topics 25 10-22-2005 07:03 PM
Living with balance dex Other topics 5 07-27-2005 01:00 PM

 

 
All times are GMT -6. The time now is 02:06 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.