Simplifying Banking Accounts

[Anonymous]

Hey all!
I have amassed several checking and savings accounts. I feel the need to simplify.
My daily driver, where I get my direct deposit, is with FedEx Credit Union. I've had it for years and it's been great, easy, free... The problem is that it doesn't work for me. So, I think I may just put it on the chopping block. I'll have to keep my savings open to keep membership in case I ever want to use their products or services.
I have a DCU savings account but it's only for $1,000. I have been using this account just to stash and get interest on the first $1,000. I don't have (nor want) a checking account with them, so I don't have instant access to my cash with them.

My thoughts are to close my FedEx Checking account as well as DCU and open an account with Redneck bank. Their checking is almost 4% interest and they have decent rates on their money market accounts.
I also have a couple of other check and savings and I may close them all too.
I'm just really interested in keeping down the clutter and making it easier for my family if anything ever happened.

Thoughts?

[Revelate]

Do whatever you want really; I too have a slew of random accounts that I don't really do anything with.

Ultimately find a financial insitution that works for you; plenty of people dislike Chase checking (basically 0% interest) but I just use them for direct deposit and billpay and then shuffle the rest of the money somewhere else so they work fine for me.  I also have random checking and savings accounts at Penfed, Unify, DCU, USAA, First Tech, Lake Michigan, Schwab, and I'm probably forgetting some too frankly.

Like you maybe I should consolidate down some, don't have a use for the Schwab account anymore since got the upgrade to my Chase debit card if I ever need international ATM access again, Unify I've done nothing with, LMCU is another not sure going to do anything with and none of them have a card I'm using currently so not really needed.  Oh, NASA and Alliant too, jeez I do have too many accounts if I can't list them off the top of my head haha.

[Anonymous]

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@Anonymous wrote:

I'm just really interested in keeping down the clutter and making it easier for my family if anything ever happened.

Thoughts?

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I can relate to this.  I wonder if something happened to me, would my family even find all my accounts or would thousands just be "lost"?  A simple document listing all your accounts that can go to your family (maybe part of your will) is all it would take.  Same idea with insurance policies.  How will my family know who to contact?  Heck, I am not even sure I know all the coverage I have right now.

[Anonymous]

I agree with the other folks about putting together a simple clear list of where your money is.  Then it matters less whether you have two accounts or ten.

I'd also suggest that you consider whether bank bonus chasing is going to be part of your strategy.  It pairs well with the list idea above and you can easily make 1k per year doing it -- far more than you'll likely make in interest.

[Anonymous]

Thanks all.
For me, I still think it best that I get down to just a couple of banks. It's just more manageable for the same reasons cited above: 1- declutter and simplify life. 2- make things easier for my family. A list would help but so would not dealing with ten banks if something happened.

As for bonus chasing, I think that's still possible without keeping the accounts more than the time needed to get the bonuses. I could easily sign up with a bank, grab a bonus and close the account in 6 months. I personally don't like to do that more than once a year, so that's still okay.
I don't want to go completely off the the banking grid but I feel like more than a handful of banks is more than I really need.