Lets say I have a checking account in washintong Mutual, then there is a good offer from wells fargo and I want to open an ccount with them, yet I'm being toll That bank of America gaves better credits to his customers, so can I keep my first checking account with Washintong Mutual, get the one with Wells Fargo and yet try to Bank of America?
2006-07-21 13:28:58 · 23 answers · asked by Erick Ramirez 1978 2 in Business & Finance ➔ Personal Finance
You can have as many checking accounts as you have money for.
2006-07-21 13:30:21 · answer #1 · answered by Fall Down Laughing 7 · 1⤊ 0⤋
I have checking accounts with three different banks at the moment plus 3 business accounts. Yes you can have accounts with different banks, but for most people its a bad idea. I would rather not do it. Unfortunately we do business in several states and no one bank serves all of them (well one does..Chase and they suck).
It becomes a hassle remember where your money is and having to move it back and forth.
Quite frankly, there would be little advantage to it either. The days of floating checks between accounts to "fudge" on money are over thanks to the new Check 21 laws that mean almost all the big banks can clear checks the instant they have it in their hands!
I do most of my banking with Washington Mutual and here are the reasons why:
1. They were the only bank in my area with truly free checking.
2. I can use any ATM anywhere in the world and not only does Wamu NOT charge me a fee, but they refund immediately any fee assessed by the other bank's atm machine.
3. Their overdraft fees are $5 lower than the statutory limit in my state (and they are the only bank I know of with the lower fee).
4. I get free checks
5. I don't get charged $6 a day if my account is overdrawn, and there is no interest charge on the overdraft protection.
They would be my only bank if they had branches in Louisiana, but they don't.
So..what matters to you? I'd pick a bank based on how well they fit into your plan. Just be sure to read the small print. I thought Compass had free checking too, but they lied. ATM fees are rebated only if you MAIL them the receipts, and they pulled a bunch of stunts and have hidden fees all over the place.
So....again...if you never make a mistake in your account, then most banks will be cheap, but check out the atm fees. Few are truly free anywhere.
2006-07-21 14:45:43 · answer #2 · answered by Lori A 6 · 0⤊ 0⤋
You can have a gazillion accounts, but a lot of banks require a minimum balance and have high monthly service charges, so you can find yourself going in the hole mighty fast. Where are you going to deposit your paychecks. Oh, checks for each account also can cost a lot of money. Maybe you should look into have a money market or savings account and spread your money around that way. Do some research, think this through and make a decision.
2006-07-21 13:36:10 · answer #3 · answered by Darby 7 · 0⤊ 0⤋
That is very possible. But I dont think Wells Fargo has a better offer than the Washington Mutual. That is also the easiest way to track your payment. You are keeping 2 checking account because one is for bills and one is for your mortgages/rent.
2006-07-21 13:32:17 · answer #4 · answered by dreamer 2 · 0⤊ 0⤋
checking accounts are a convenience. If you can access your cash thru cash stations owned by your bank, good for you. Also, another factor would be online access, where you can transfer funds from checking to savings and vice versa.
Credit amounts is not a factor.. Credit is determined by how much you make and how much you owe. The more you make and the less you owe, the better credit you'll get.
2006-07-21 13:34:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can have as many bank accounts as you want with as many different banks,it is your choice they can not do anything about that, but you may consider the fact that if you put all your money in the bank that gives the most interest you will make more money as per spreading it around. Good Luck!
2006-07-21 13:32:51 · answer #6 · answered by mdboomskwad.mc4u 4 · 0⤊ 0⤋
Sure, you can have as many as you like.
Note, however that many checking accounts have "strings" attached.
Things like you have to have a minimum balance or you get charged
a service fee, etc.
Each bank will report the account to the IRS - so if you have an account
that generates any interest, you'll be collecting things at the end of
the year to send off with your 1040...
If you can keep'em all straight - go for it!
2006-07-21 13:31:55 · answer #7 · answered by Elana 7 · 0⤊ 0⤋
Sure can. It all depends on having money to put into them. Just watch out that the fees for the accounts don't add up to more than you're making from the promotions. Also be prepared to deal with many statements and possibly many 1099's for your taxes.
2006-07-21 13:33:02 · answer #8 · answered by oldmoose2 4 · 0⤊ 0⤋
You can have a checking account with 25 banks as long as you have the money to open them.. I've got 4, all it takes is money... ROB
2006-07-21 13:33:59 · answer #9 · answered by Anonymous · 0⤊ 0⤋
No the law says only 1 account per person
2006-07-21 13:32:12 · answer #10 · answered by Anonymous · 0⤊ 1⤋
You can have as many as you want from different banks only although it looks really suspicious if you ever get a background check for a new job or something
2006-07-21 13:31:08 · answer #11 · answered by Anonymous · 0⤊ 1⤋