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Because banks can have IT outages, and you can have no access to your money until they get resolved. They also can go bust which means you can be waiting a long
by secondcoming 4y ago
Because banks can have IT outages, and you can have no access to your money until they get resolved. They also can go bust which means you can be waiting a long time for what's left of your money.
- hparadiz 4y agoWell I use a credit card for almost all my purchases and I don't even need access to my bank to make my monthly payment. I wouldn't split my cash equally between two banks either. That seems silly. If for whatever reason my bank went bankrupt I'd simply open a new account and change my direct deposit at work. It's not really a show stopper. Plus there's federal insurance on all accounts up to 250k.
- bombcar 4y agoI think having a second bank for savings/emergency can make sense for a number of reasons (harder to conflate your money, accessible if the first has an issue, etc, better rates, etc). I have an online centered account and a local one, they serve different purposes.
- bombcar 4y ago99% of FDIC receiverships happen over the weekend without a customer disruption. Multiple accounts in use greatly increases the chance that you have the money but it’s in the wrong place.