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

Thread Tools Search this Thread Display Modes
Old 06-24-2008, 08:44 AM   #41
Dryer sheet aficionado
Join Date: Mar 2008
Posts: 48
seriously? well my paychecks go directly to savings, then the day before bills go out (the 1st) enough goes in to cover them including all my transfers to sinking funds accounts, and then on the 1st it all goes out.
So all but two days of the month it's at $0.00!

If I need money in a hurry, I can call in a transfer from savings to checking and withdraw it at any bank/atm. I also keep some cash at home at all times.
pksublime 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 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 06-24-2008, 08:47 AM   #42
Dryer sheet aficionado
Join Date: Mar 2008
Posts: 48
Originally Posted by MyOwnTime View Post
My landlord routinely cashes my rent checks three weeks after I've handed them over, so my checking account generally has a balance at least equal to a month's rent. I'd leave the balance smaller for the first few weeks, but once every six months or so he remembers to cash them on time. Since it's not really "my" money once I've handed the check over, I don't feel all that bad about the lost interest.
You could always get a Cashier's Check or a Money Order instead. If you talk to your branch manager, you could probably explain the situation and get the fee, if any, waived for consistent customer courtesy.
pksublime is offline   Reply With Quote
Old 06-24-2008, 10:52 AM   #43
Thinks s/he gets paid by the post
free4now's Avatar
Join Date: Dec 2005
Posts: 1,228
I'm also amazed at the low balances that people keep here. I add more money to my checking account whenever it goes below about $5000... that's a bit more than a month's spending. Yeah, I lose a hundred or so dollars in interest a year over what I could save if I were more careful. But I've never paid any overdraw fees for my bank, and I like knowing I've got a month's flexibility where the bills will get paid even if I were in the hospital or otherwise tied up for a few weeks.
free4now is offline   Reply With Quote
Old 06-24-2008, 01:39 PM   #44
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
SecondCor521's Avatar
Join Date: Jun 2006
Location: Boise
Posts: 7,611
I try to manage my main checking account to where it has less than $1 in it, but depending on the vagaries of ACH transfers to and from savings, when the bills actually hit, and when checks get cashed, it generally ranges from +$3K to -$1K. I have an overdraft line set up to my debit card at the same bank which runs at 6.75%, so I try to avoid overdrafting but I don't sweat it when I do because the interest cost is only a small amount.

"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is online now   Reply With Quote
Old 06-24-2008, 01:56 PM   #45
Full time employment: Posting here.
CitricAcid's Avatar
Join Date: May 2008
Posts: 546
This is a really interesting thread, I use Schwab for my checking account... it has overdraft line of credit so if you ever need to go over, which I haven't, it should cover your needs (at a lower interest rate than most credit cards I may add)
CitricAcid is offline   Reply With Quote
Old 06-24-2008, 03:05 PM   #46
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
Join Date: Jun 2006
Posts: 12,880
My average $500 balance refers to our local bank's checking account. We keep it just to have the option of local face-to-face banking stuff and a safe deposit box. We write just a few checks, and use the debit card at CostCo. Interest about .5%.

We also have VanguardAdvantage (recommended) for any other bills that can't easily be charged to the credit card.

When I decided on a $500 balance, the difference in interest rate was about 4.5% between the bank and the MM, so I figured that for every $1,000 I didn't have in the checking account, I'd save $45 per year. That's worth a little hassle. Now that the MM yield is only 2.2%, maybe I'll allow more in the checking.
TromboneAl is offline   Reply With Quote

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

» Quick Links

All times are GMT -6. The time now is 03:47 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.