by B Nance Jr

Created on: August 14, 2011   Last Updated: August 16, 2011

Should you keep all your money with one bank? Well it comes down to the individual. Keeping your money with one bank has pros and cons. Most people usually keep their money in one bank, but it is recommended to have two bank accounts.

One bank account

Pro: All your money is in one place

When banking with one bank you are able to keep track of your money in one place. People who lack organization usually have one bank. Keeping your money in one place allows you keep organized with fees and change of policies. When banking with two banks one bank may instate a new rule without notice. Banking with two banks leaves susceptible to confusion on how much money you have.

Con: All your money is in one place

When banking with one bank the impact of fraudulent activity can cripple you. When banking with one bank depending on which bank you choose you will not be able to receive the money until after an investigation is complete. When banking with one bank if you lose your bank card you are paralyzed unless you want to start using your credit card. Banking with two banks gives you flexibility and frees your mind of impulse decisions. When banking with two banks you can one account for your priority expenses and another for recreational activity. When having a secondary account for recreational purposes you can spend and not worry about cutting into priority expenses.

Pro: Rewards and rapport

Banking with one bank allows you to build a reputation faster than having two banks. When your money is concentrated in one place you may qualify for special accounts and incentives. Some people do not care too much for rewards, but there are some who look forward to the reward points. When banking with one bank your reputation helps when any fraudulent activity happens. I.E. If someone steals money from your account, the bank may reimburse you based on your history as opposed to their policy.

Con: Rewards and rapport

When banking with one bank if you are a bad customer or have a bad year it is tough to shake your reputation. Banks will not be as willing to work with you. When trying to make strides for financial improvement it is better to move to another bank and start fresh as opposed to rebuilding your rapport. Having two bank accounts allows for the flexibility to search for another bank account at your convenience. When finding another to bank to bank with when having one bank account it can be troublesome and annoying finding a bank to fit your needs on a tight schedule.

There are many pros and cons to having one bank account, having two can help with cons. Whether choosing one bank account or multiple make sure it is the right option for you. Good luck!

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