How much do you keep in your checking acct?

[Kadarin]

$1-5K usually, depending on bills and so forth. More than that I xfer into savings, CDs, etc.

 

[imported_Lothar]

Originally posted by: dullard
I have set up almost all of my bills to be due on the 10th-15th of the month. The few that I couldn't set up that way are either fixed monthly charges or give me the billing amount by the 10th of the month. So, my checking account is large in the beginning of the month, and I make my last payment by the 15th of the month just large enough so that at the end of the month I'll have roughly $100 in the account. Some months it goes as low as $50, some months as high as $150.

The "extra" goes into my mortgage or into savings as needed. There is no reason for me to have any extra in a checking account.

If I have a sudden emergency, I put the charges on a credit card or pull money from savings. In fact, the majority of emergencies in the US are $500 or less (most car repairs, most insurance deductibles) and the vast majority are $2000 or less (major engine or transmission repairs, high deductible insurance, or even a furnace replacement). I never see the reason for people keeping more than that in checking. If $2000 won't cover virtually any emergency that you can come across, then you don't have the right insurance plans.

http://forums.anandtech.com/me...id=38&threadid=2290198

 

[Suspicious-Teach8788]

Originally posted by: hanoverphist

Originally posted by: DLeRium
Around 2 - 3k here. I don't understand people who keep the bare minimum. Yeah you can get interest at other places but you better be exact about your credit card payments because one typo and you get a fat overdraft charge.

Plus shouldn't you keep a little extra as an "oh shit" fund?

its easy enough to transfer funds if needed, and its not that hard to keep track of finances to enable me to keep the bare minimum in there. at least i know if my card is compromised it wont be able to get all my cash.

True. But in my BoA account I have around a total of 4k. 2k checking, 2k savings. My stash goes into other places but it's nice to keep some easily accessible cash I guess? My gf clicked the pay button twice for her CC accidentally and got overdraft charges before she could rectify the situation.

 

[LS21]

2-5
anything more and i either move over to savings or add to invest account or spend

 

[Colt45]

about $20 right now.

 

[mugs]

Originally posted by: Drako

Originally posted by: Zombie
for some reason about 90k for last 8 months...not bragging.

Why would you brag about being stupid?

He wasn't necessarily being stupid. Some checking accounts have high interest rates, and he probably needed to keep that money liquid for some reason.

 

[rh71]

$2-3k because transfer to or from my other bank's savings w/ the higher rate takes fricken 7 days.

 

[imported_Lothar]

Originally posted by: rh71
$2-3k because transfer to or from my other bank's savings w/ the higher rate takes fricken 7 days.

Transfering should only take 5 days for the 1st transfer, and 3 days for every transfer after that.
I've never heard of a bank that takes 7 days.

You need to find another bank.

 

[ArizonaSteve]

5K minimum to cover unexpected emergencies. If it gets over 10K, I siphon the excess off to a money market / stock account.

 

[rh71]

Originally posted by: Lothar

Originally posted by: rh71
$2-3k because transfer to or from my other bank's savings w/ the higher rate takes fricken 7 days.

Transfering should only take 5 days for the 1st transfer, and 3 days for every transfer after that.
I've never heard of a bank that takes 7 days.

You need to find another bank.

If I do it on a Wednesday those 5 business days still turn out to next Tuesday or Wednesday depending on submit time so... perhaps that's why it feels like nearly 7 days. Regardless, that's way too long considering when I had used the same bank for both checking/savings that it was instant. Instant vs. 7 actual days... FTL. It definitely wasn't just 3 business days... hell I don't get the email that it's started progressing till at least 2 or 3 days afterward... HSBC is the savings its going to. After all is said and done, I've got about 4 emails about its progress (pain in my ass) and too many days have passed since I hit submit. I stopped using HSBC for a while because another had a higher rate but right now they are back to being higher (among big banks).

 

[Jumpem]

Whatever we have on hand, usually $1-3k. Sometimes more, sometimes less.

As for the rainy day fund, that goes into my savings account. Currently putting $200/wk into it to try to get a $25k starting point saved up.

 

[CrimsonWolf]

Usually $500 in checking with my routine.

I get paid every two weeks. Right after that I pay rent, bills, pay off credit cards, whatever is up for payment in that two weeks. Then the rest goes to savings and paying down student loans. I leave $500 to cover any random small checks I might have forgotten about and ATM runs. Savings go to an ING account.

(The ING account is my "oh shit" fund. Investments are through my 401k right now.)

 

[Zombie]

Originally posted by: Drako

Originally posted by: Zombie
for some reason about 90k for last 8 months...not bragging.

Why would you brag about being stupid?

Ok, Where would you put that money? Market was down with no bottom in sight, short term CD's don't earn much and saving rate is crap. (BTW saving and checking rate is same for me with that balance)

Car's are paid off, zero CC debt, zero student loans, mortgage is in the middle of getting re-financed and home value is down so point in paying of the mortgage either.

 

[Drako]

Originally posted by: Zombie

Originally posted by: Drako

Originally posted by: Zombie
for some reason about 90k for last 8 months...not bragging.

Why would you brag about being stupid?

Ok, Where would you put that money? Market was down with no bottom in sight, short term CD's don't earn much and saving rate is crap.

Car's are paid off, zero CC debt, zero student loans, mortgage is in the middle of getting refinance and home value is down so point in paying of the mortgage either.

It depends on how much interest you are making in your checking account. Having that much money in one place makes little sense to me unless you need it all liquid for some reason.

 

[Zombie]

It is liquid because some of it will be re-invested once market stabilizes a little. Half of 90k is rainy day fund that was increased to cover up to a year instead of standard 6 moths.

I guarantee you I am not the only one holding on to cash right now.

 

[randay]

400-500k, i gotta be able to buy bling for my supermodel bitches. also sometimes i just want a lambo.

 

[Drako]

Originally posted by: Zombie
It is liquid because some of it will be re-invested once market stabilizes a little. Half of 90k is rainy day fund that was increased to cover up to a year instead of standard 6 moths.

I guarantee you I am not the only one holding on to cash right now.

I'm holding a more cash than you, but it's not all in a "checking account" .

 

[Suspicious-Teach8788]

Originally posted by: Zombie

Originally posted by: Drako

Originally posted by: Zombie
for some reason about 90k for last 8 months...not bragging.

Why would you brag about being stupid?

Ok, Where would you put that money? Market was down with no bottom in sight, short term CD's don't earn much and saving rate is crap. (BTW saving and checking rate is same for me with that balance)

Car's are paid off, zero CC debt, zero student loans, mortgage is in the middle of getting re-financed and home value is down so point in paying of the mortgage either.

Yes but you can get a better interest rate at most other places. If you're cautious and very prudent about the market, at least put your money in a high yield savings account while you wait for the situation to clear up.

 

[Zombie]

Originally posted by: Drako

Originally posted by: Zombie
It is liquid because some of it will be re-invested once market stabilizes a little. Half of 90k is rainy day fund that was increased to cover up to a year instead of standard 6 moths.

I guarantee you I am not the only one holding on to cash right now.

I'm holding a more cash than you, but it's not all in a "checking account" .

If this is considered checking so be it. It is also my brokerage account.

 

[randay]

Originally posted by: Zombie

Originally posted by: Drako

Originally posted by: Zombie
It is liquid because some of it will be re-invested once market stabilizes a little. Half of 90k is rainy day fund that was increased to cover up to a year instead of standard 6 moths.

I guarantee you I am not the only one holding on to cash right now.

I'm holding a more cash than you, but it's not all in a "checking account" .

If this is considered checking so be it. It is also my brokerage account.

do you know what thread you are posting in?

 

[Drako]

Originally posted by: Zombie

Originally posted by: Drako

Originally posted by: Zombie
It is liquid because some of it will be re-invested once market stabilizes a little. Half of 90k is rainy day fund that was increased to cover up to a year instead of standard 6 moths.

I guarantee you I am not the only one holding on to cash right now.

I'm holding a more cash than you, but it's not all in a "checking account" .

If this is considered checking so be it. It is also my brokerage account.

Well, I guess 0.20% is a pretty good . Carry on then.

 

[IceBergSLiM]

checking acct = >0<infinity

 

[shortylickens]

42

 

[Zombie]

Originally posted by: IcebergSlim
checking acct = >0<infinity

not necessarily

 

[Elbryn]

chaulk me up for the as little as possible crowd. cc's easily covers any short term emergency for at least the period it would take to transfer money out of the emergency funds... actually less than that as i can write checks over 200 bucks right out of my emergency fund. i see no real advantage to leaving money somewhere it wont work for me.