How much $$ to maintain a CU savings/checking accounts?

[Anonymous]

The way that I am interpreting this is as long as you have a credit product with them then the dormant fee doesn't apply.  Thoughts?  Click to enlarge if you need to.

[Anonymous]

That’s correct. As long as you have a credit product, there’s no fee. 

[Anonymous]

Thanks for catching that!  The rep was still correct, in her own way.  At the time of her conversation with me, I was new to Navy and had no credit products with them (nor had I told her about plans to get them). 

[Gmood1]

I normally transfer $5 to $15 a month to multiple CUs and banks. It keeps the accounts active with no issues.
Some are set to pull the amount out and then redeposit the following month.
IME, as long as there is activity, doesn't matter what's actually in the account outside of the minimum balance required.

[Anonymous]

Why do you guys need so many checking or savings accounts? Id have one checking/ one high yield savings.

[Five6Two]

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@Anonymous wrote:
Why do you guys need so many checking or savings accounts? Id have one checking/ one high yield savings.

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In order to apply for a certain credit product you need to have a checkings and/or savings account with a specific bank/credit union. 

[Anonymous]

I am not sure anyone here has said that they need accounts at more than one bank.  (In the same sense that they need air, food, shelter, etc.)  But if we rephrase that question as why do some people want more than one, there's a lot of reasons.

One reason is that one bank can be very good at one or two things, but not so good at others.  I have a brick and mortar CU because it is located right inside my place of work, which makes it easy to use it if I ever need paper cash or coins; and it also has no minimum balances.  But it's not a good place to get a decent return on a savings account, so I keep a lot of my money at Marcus (Goldman Sachs).  I just joined Navy Fed because I might want to implement the Share Secured Loan Technique next year and they are one of the few institutions that are well tested with regard to the SSLT. 

My biggest reason for having accounts at several banks is that they pay me a lot of money to do that.  I probably make $2000 or so a year opening 5-6 accounts a year.  Chase currently has a $600 sign up bonus, Wells Fargo has one for $400, Citi has one for $400, etc.

[Anonymous]

Im sorry i worded it wrong.

That would be so stressful. Always chasing that ball.
Ill stick to my YNAB philosophy lol.


& thank you for answering though!