10 Advantages of Keeping All of Your Accounts at One Financial Institution

credit union

Last week I wrote a piece about the advantages of keeping accounts at multiple financial institutions. The benefits range from having fall back money if one account is compromised to taking advantage of the strengths of certain types of banks. While I feel that it is best to keep accounts at a least a couple of different institutions as that strategy offers you the most protection, there are people who feel differently and prefer to do all of their business with just one bank. Neither approach is right or wrong, just different ways of doing things. In the interest of exploring all of the options, here are some advantages you might find to keeping all of your accounts in one place.

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6 Responses to 10 Advantages of Keeping All of Your Accounts at One Financial Institution

  1. OH man….I want to consolidate but what a hassle!! I agree with you wholeheartedly (although plenty of others would say to spread it out!

  2. I actually keep money in two different banks to help stave off identify theft. If someone was to get one of my debit cards and run through my money, I still have a backup. I don’t have to wait for the bank to process it and get my money back. It doesn’t really increase my chances for identify theft because I only use one bank account on the regular. The other is just a back up.

  3. The people at my bank do recognize me and I have most of my business there but I have 2 credit cards with different banks because the rewards were better.

    I changed my name 2 years ago and it was a breeze at my bank because they just know me and believe what I say and I only had to show them 1 piece of government ID with my new/old name on it.

    Changing my name at the other bank that I have just have a credit card with and never go in to was a giant ordeal of mailing notarized copies of documents to some big bank office in another city. Such a headache.

  4. Hmmm I just read an article literally five minutes ago saying that you SHOULDN’T keep them all at the same institution. I love that about the blogosphere – there’s a wide range of opinions on these things.

  5. Karyn S says:

    The other points you mentioned make sense, but I thought the identity theft risk was higher if the money was in one place.

  6. We don’t keep everything in the same banks but it doesn’t bother us. The accounts we do use are very convenient for us. We don’t pay any fees with our bank though which is a great perk.

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