CoolChange
Full time employment: Posting here.
- Joined
- Apr 11, 2006
- Messages
- 969
I have started consolidating my various, scattered accounts using Wells Fargo; but, now I am starting to worry about too much consolidation.
Theoretically, I could consolidate everything into four or five accounts at WF:
I am interested in your thoughts about whether this would be too concentrated.
I would appreciate any feedback about how others handle this and am especially interested in approaches, safeguards, etc. taken by those who travel extensively (sailing, boon docking, Fourth World travel, etc.) with extended periods of little or no access to the Internet.
Am I just over thinking this and looking for things to worry about? (I do tend to be a belt and suspenders type in some circumstances.)
Theoretically, I could consolidate everything into four or five accounts at WF:
- Checking account (very short term cash for bill paying, etc.)
- Savings account (slightly longer term cash, not sure this is needed)
- Normal taxable investment account
- IRA funded with pre-tax contributions including numerous 401(k) rollovers
- IRA funded with after-tax contributions (separate IRA for tax reporting simplicity)
I am interested in your thoughts about whether this would be too concentrated.
- While I consider WF relatively safe and stable, recent events have forced me to realize that few, if any, institutions rock solid. I know that I would eventually get my money in the accounts described above if WF went down; but, things could theoretically be frozen for quite some time.
- I am also concerned that consolidating everything with one institution might make me more vulnerable to identity theft, hacking, etc. (If someone found a way to access my WF accounts, they would have access to my entire net worth.)
- General hassles if WF finds unusual patterns of activity and freezes access to my accounts for a period of time.
- Will my access to credit, etc. (pre-RE) be impacted by closing checking and savings accounts with other institutions which have been open for many years?
I would appreciate any feedback about how others handle this and am especially interested in approaches, safeguards, etc. taken by those who travel extensively (sailing, boon docking, Fourth World travel, etc.) with extended periods of little or no access to the Internet.
Am I just over thinking this and looking for things to worry about? (I do tend to be a belt and suspenders type in some circumstances.)