How much do you keep in your checking account?

[eliza61]

I just got a letter from my bank. The minimum daily balance in my checking account starting 11/4/10 will double to $1500 bucks. The maintence fee also of course is going up to $14 bucks every month it falls below 1500 bucks.

Generally I don't keep a spare 1500 bucks in my checking account. especially since it could be getting interest in a savings account.



time to go shopping for a bank.

 

[ancestry]

I agree. Time to find a new bank. Our bank has a $0 balance requirement. We usually don't keep "extra" money in our checking account (even though it pays interest) because it gets spent too easily when it is in the checking account.

 

[niccowboys]

I say shop for a Credit Union. I might be a little biased becuase I work for one but none of our checking products have minumum balance fee's and the service is top notch.

 

[MickeyMomOfThree]

Yep, no minimum here either and we too earn interst on it. That is crazy high.

 

[PrincesCJM]

Seriously!?!?! a $1500 minimum - that's crazy! My bank requires a $100 minimum and that can be difficult to keep. I keep saying that I will change banks but I just haven't gotten there.

 

[SweetPeasMom2]

I'd find a new account and possibly even a new bank. We don't have any mins. Which is good because we do good to have money in there most times. It goes in and then goes out just as fast.

 

[doclegler]

Yep, Credit Union for us too, and we have no minimum amount for out checking account.
That really seems outrageous if you ask me!

 

[bumbershoot]

We have a credit union account and a Chase account, and neither has a minimum. The Chase, I should mention, is a leftover Wamu account that was free for life...so they may or may not have any free checking accounts now.

 

[CdnCarrie]

No minimum on any of my accounts.

 

[Gina]

Chase account with no minimums or fees + Disney Rewards debit card + really nice bank employees = Happy Gina

 

[NVDisMom]

No minimum and no fees for us either. Definitely time to find a new bank. We keep two checking accounts, one for bills (so money in and out quickly) and one for everyday family expenses (money in twice a month and out in small increments frequently). Both of those accounts fall to less than $100 before they are funded on the first and the fifteenth. We know what we spend each month and plan accordingly with our direct deposits. Everything else is in savings.

 

[SandrA9810]

The chase does require you to make 5 debit card transactions a month. So there is something you have to do, it's just very easy to meet the requirements.

Go find yourself a good credit union. While there are some "benefits" to keeping a larger sum in the checking or savings accounts, there's usually an option for free checking account. And even if your a traveler, they offer banking options at "sister" credit unions. So you can go visit one of those to deposit or withdrawal money from right out of your account.

 

[sdzman]

I bet your bank was one that benefited from the taxpayers' bailout.

Get a new bank immediately you are being hosed.

 

[Darcy03231]

I have a Citizens Circle account where all my accounts are linked. I have to keep a minimum balance between all the accounts of $5,000.00 (checking, savings, cd's, retirement, etc.). With that I get a slightly higher interest rate, no monthly fees for the accounts and free checks.

 

[MomRN]

My bank just changed to a $500 minimum. The fee varies on how much you have in there...$5.95/month is the highest it goes.

 

[neatokimmo]

No way would I do business with a bank that required a minimum amount in my checking account. Only I dictate where MY money goes.

My credit union has no fees, no minimums. They also have free checks and ATMs all over the place. I have to keep $5 in my savings accounts to be a member. I'd had that $5 in there for 23 years

 

[scrapquitler]

I just got a letter from my bank. The minimum daily balance in my checking account starting 11/4/10 will double to $1500 bucks. The maintence fee also of course is going up to $14 bucks every month it falls below 1500 bucks.

Generally I don't keep a spare 1500 bucks in my checking account. especially since it could be getting interest in a savings account.



time to go shopping for a bank.

Honestly, interest rates are so low on regular savings accounts, that keeping the $1500 sitting in the checking account to avoid the service charge is a far better return on investment.

But yeah, sounds like it is time to find a more consumer friendly bank or credit union. My bank will waive the service charge if you have direct deposit...since my employer requires direct deposit, it's no problem.

 

[Sparx]

I would be changing banks as soon as I got that letter.

 

[mrsklamc]

We have 6 months emergency fund in our checking account but it pays 4% interest. Try checkingfinder.com to find a good credit union.

 

[DawnM]

what bank are you with?

I don't know what our min. is but I know it is combined....whatever is in all of your accounts.

I am with BofA and have never paid a fee of any kind. If I have to, we will leave the bank.

Dawn