Author Topic: Banking with two Banks  (Read 3744 times)

Offline RM

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Banking with two Banks
« on: December 18, 2011, 02:59:48 PM »
Currently I have a bank account at one of our local banks, checking and savings, but I want to have a second account in a second bank, checking, right now I'm undecided if I would be better served with a credit union or a larger chain bank....

I dont like having all my eggs on one basket and would like some input on this thanks and  list of recomended larger banks! 

Offline rustyknife

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Re: Banking with two Banks
« Reply #1 on: December 18, 2011, 03:14:24 PM »
We went with a credit union thinking that their rules would be stricter about credit worthiness which has turned out to be the case. Free checking or any of the other gimmicks were a non issue with us, solid financial stability was. I figured I could save a few cents here and a few cents there by simply modifying my personal habits over a months time. Hope this helps.

Offline 4bull

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Re: Banking with two Banks
« Reply #2 on: December 18, 2011, 04:24:18 PM »
4 diffrent banks , i had 1 go bankrupt on me years ago ,left me high and dry . And i missed the buy of a life time .

Offline LJH

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Re: Banking with two Banks
« Reply #3 on: December 18, 2011, 04:47:48 PM »
4 diffrent banks , i had 1 go bankrupt on me years ago ,left me high and dry . And i missed the buy of a life time .

What, you had more than the FDIC would insure?! Not clear on how that could happen at this point in time - in the future I more or less expect it but thought up to $100,000 in one bank was safe for now.

I have my main household/personal checking and savings in a small, regional bank and my business checking and savings in a small, regional credit union. Neither one was directly exposed to the sub-prime debacle but I'm still not 100% comfortable about the safety of what little money I have. I try to keep a thousand or so in a fireproof safe at home and think I'll put more in that and less in the banks going forward.

Offline 4bull

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Re: Banking with two Banks
« Reply #4 on: December 18, 2011, 05:28:47 PM »
Oh no but i had all of my eggs in 1 basket , those few days it took the bank to reopen cost me a lot . it was about 2 weeks .
Sorry 5 banks 3 in kansas 1 in arkansas , 1well its there .

Offline ncjeeper

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Re: Banking with two Banks
« Reply #5 on: December 18, 2011, 05:55:47 PM »
I use 2 banks. Credit Union has my checking, savings, and money market accounts. Best rates around and no fees. Another regional bank has my mortgage (smoked credit unions rates by a couple of points) and I have a free checking account with them because of my mortgage. Also a large credit line I can tap into if needed.

Offline bartsdad

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Re: Banking with two Banks
« Reply #6 on: December 18, 2011, 10:44:30 PM »
We currently are using 3 banks and a credit union.

Offline viking

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Re: Banking with two Banks
« Reply #7 on: December 23, 2011, 12:20:17 AM »
My Credit union temporally shut down because of the Rodney King riots.
I'm in Illinois but the headquarters were near LA.
At that time they also shut down all of their ATM's and access to my account.
I was only thru the weekend. I had some money so it wasn't that big of a deal.
I now have accounts at a bank and a credit union.
I'm thinking about opening an account near my BOL.

MightyRunt

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Re: Banking with two Banks
« Reply #8 on: December 25, 2011, 06:26:44 PM »
We have our checking account at a small(1 location/2 ATM) local bank and a money market account with limited checking at a mid sized regional bank in the nearest city.

Offline TexDaddy

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Re: Banking with two Banks
« Reply #9 on: December 25, 2011, 09:05:24 PM »
I have used the same credit union only for over 33 years now. Under current banking regulations, I would never consider contributing to that bunch of racketeers. I also rarely have more in the CU account than will be required to pay the current months bills. Bad stuff can happen anytime. No way is foolproof, I just trust me more than them.