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This is why I always have two bank accounts (with two different banks and two different ATM cards) and always have two credit cards, in case one bank account or
by nommm-nommm 10y ago
This is why I always have two bank accounts (with two different banks and two different ATM cards) and always have two credit cards, in case one bank account or one credit card gets shut down or skimmed it wouldn't be a big inconvenience. Especially helpful if you are going out of the country.
- ghaff 10y agoI've never gone so far as to have a second bank account. But I'm guessing a brokerage account could basically serve as the same thing.
- nommm-nommm 10y agoYes, absolutely, most brokerage accounts let you request ATM card/debit card/checks to access your core position. Additionally, Both Fidelity and Schwab let you open a free checking account(1) as well with no balance limits and ATM reimbursement. Second bank account is more important than second credit card, IMO. Being locked out of your cash is much worse than being locked out of your credit. (1) technically they are brokerage accounts also, at least for Fidelity, but they hold your deposits in FDIC insured banks and are designed to be used for everyday spending, exactly the same as a checking account.
- ghaff 10y ago>Being locked out of your cash is much worse than being locked out of your credit. As a general principle I tend to agree. But, when traveling, having something that functions as a credit card can be pretty important. (Of course, if you have a healthy cash balance and a debit card, that works equally well.)