plumsake2 | 11-16-2014 08:20 PM | Re: Checking and Savings account Quote:
Originally Posted by pennslmmer
(Post 608289)
Great infos...but since the routing number for both account will be the same, could they still use this to link both accounts? | No, there are thousands or perhaps even millions of people who use any given bank and its routing number. Some banks do have separate routing numbers for each state, but it's still not something you have to worry about being linked with. The account number is the important thing that needs to be new. Quote:
Originally Posted by goldstealth
(Post 608571)
Using a lot of savings accounts for your stealths you may find issues down the line.
The reason why I say that is the government only allows us to transfer funds from savings to savings, or savings to checking 6 times per billing cycle.
If you transfer funds a lot between your accounts you made find your getting hit with a $15 dollar fee a lot. If that persists over time, the bank can close your savings accounts at their own discretion. | True, you have withdrawal limits with savings accounts. It's important to note that this varies from bank to bank though. The maximum allowed by law is 6, but many banks only allow less than that. The over-the-limit fee varies as well, so it's important to know your bank's fee chart.
As long as you keep that in mind then savings can be great since they're cheaper than checking accounts. But if you're someone who makes a lot of withdrawals then yeah checking accounts are better. |