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How much money should one keep in a checking account?

13K views 76 replies 41 participants last post by  Boondox 
#1 ·
10K? 20K?

I've parked a chunk in my checking account a few years ago after experiencing a windfall. With as little as the interest was paying with savings accounts, I never felt in a hurry to move it.
 
#55 ·
Sometime in the next year or so, as the impacts of the pandemic really sink in, business failures will multiply and CLO prices will drop precipitously, spiraling into bank failures. From there we will fall into a full-blown financial collapse, with no obvious way out.

No one can say for sure whether this bleak series will happen. In good times economist were talking about these bubbles ready to burst in the ecomonical world. Today real possibilities could happen. If I was you .... I would be super careful where you put your money. As the government continues to print trillions, the real question for how long before it all collapses under a disaster like we have today?? Science is the only one screaming watch out for secondary side effects of a pandemic.

One opinion among millions. Thinking hard these days about what to do next.
 
#56 ·
The only money I keep in bank accounts is operating cash to pay bills and what I can afford to lose in a savings account. If a bank or the banking system collapses, any deposits are forfiet. The insurance will collapse if enough banks fail over a short period.

Most debt insruments have enabling clauses in fine print to convert fixed rate to variable rate to protect lenders, not you. Mortgages? Same-same. Car loans? Same-same. Credit cards? Same-same. Even your 401k and variants.....fine print exceptions. Your money, thier financial life raft. Gone.
 
#63 · (Edited)
You should have a good amount in this account right now. It's very nice when money works for you and increases, simply because you invested it correctly and did not make some gross mistakes at the same time. I often consult with greedyrates.ca. I read various articles on financial literacy there to know how money work and understand where it is better to invest. It seems to me that financial literacy needs to be taught at school so that people know how it all works
 
#66 · (Edited)
I have never understood people who keep all their savings in a bank and think that the annual interest paid by the bank will be large, but it is not. It is small money. When I was just starting my way to financial stability, I tried to invest all my savings, which were usually about 10 or 20 thousand dollars, in some projects. And I managed to accumulate such money very quickly because I was still looking for ways to make extra money in addition to my main job. So please read books about finance and watch videos on YouTube on how to invest money correctly.
 
#75 ·
My checking account is basically just for paying bills. I have a savings account where the bulk of monies in the bank live. I can transfer from one to the other online. But I cannot access the savings account through the ATM nor does any web payment ever, ever, ever see my savings account number, ever.

Should someone steal my ATM card and manage to actually get a pin number that worked, they wouldn't typically get much, often less than $100. I like to keep a little in there for potential errors on my part such that it's not easily overdrawn for something little and stupid, like one of us forgetting to make note of a $25 trip to the store and accidentally used the debit card instead of a credit card. (Almost never happens...)
 
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