Checking Account Question

[Anonymous]

I was just wondering if leaving all of your money in a checking account is unsafe. I usually leave my money in high yield savings account, but a local CU has a high yield checking account. This would make it easier instead of transferring between accounts...What are your opinions? Thanks guys. 

[Anonymous]

One factor to consider is if you use your debit card a lot, or keep a checkbook around... What payments do you make from your account?

Basically, from a security standpoint, how likely is it that someone will be able to access the account (debit card, checkbook, routing numbers, etc).

[Anonymous]

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@Anonymous wrote:

One factor to consider is if you use your debit card a lot, or keep a checkbook around... What payments do you make from your account?

Basically, from a security standpoint, how likely is it that someone will be able to access the account (debit card, checkbook, routing numbers, etc).

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I have to make 12 non pin swipes per month. But I was thinking I could easily do that at Dunkin Donuts, 7 11, and maybe groceries. But I would continue to use credit cards for online and at gas pumps, etc. And the only payments I make from my account are to pay off my credit cards. 

[namvet]

Your call but it's kinda like keeping all your eggs in one basket!

[Repo-ed]

I have money in Ally, USAA, BoA, TTCU, and Fidelity

...and at the house.

You know - just in case.

[Anonymous]

I don't know if it makes any since but I spread my money around too.  I have money in my BofA, USAA, and NFCU.  I have a home loan with BofA and checking so they give me a free Safety Deposit box (I didn't realize they still had these?) I keep money in that too shhhhhhh.   I want to open a PenFed account also I think.  Just like haveing it spread out makes me feel like a baller!  O' that must be it it's an ego thing, I just realized that!!  Yay me!!  I'm the winner!!!  Woohooooo!!!

[Anonymous]

Spread your money out a little but more than just 1 interest-bearing checking account.

Let's say you get that checking and in one of your 12 swipes, some unscrupolous employee decides to keep your numbers and wipe out your bank account clean...

What next?

Your bank will never guarantee that they will return all/any of those funds, not like a credit card would (max loss $50).

So be careful.

I would have said it's a good idea if you weren't mandated the swipes.

If you want to keep SOME money in there, go ahead, but not all.

How much interest would you be getting on the checking, btw?

[Anonymous]

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@Anonymous wrote:

Spread your money out a little but more than just 1 interest-bearing checking account.

Let's say you get that checking and in one of your 12 swipes, some unscrupolous employee decides to keep your numbers and wipe out your bank account clean...

What next?

Your bank will never guarantee that they will return all/any of those funds, not like a credit card would (max loss $50).

So be careful.

I would have said it's a good idea if you weren't mandated the swipes.

If you want to keep SOME money in there, go ahead, but not all.

How much interest would you be getting on the checking, btw?

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2.25 % APY. I'll leave a saftey amount in my American Express savings and People's Bank. Just in case.