2 votes

What should I do concerning bank accounts?

Due to an LLC account i decided to open a Wells Fargo account (so i can see the business financial activities). The trouble is that now i have 3 checking accounts at 3 different banks. This only makes life more complicated (or am i just lazy?).

Should i drop BOA, WF, or just keep them both and diversify (spread the risk)?

For some reason im getting second thoughts about WF even though i know its slightly better standing than BoA.

Any thoughts or opinions?

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I closed mine last week

I don't have that much money, just enough to live paycheck to paycheck and with only a little to save, so I closed it just in case they pulled a Cyprus on me. I don't have much, but if I were to get wiped out I would be in a bad situation.

Oh yeah ... Credit Union ...

.... all the way. I've been with a credit union since I was 18 (I'm 38 now) and i've never had problems, and I can sleep a little easier at night. I'm also going to open up my IRA LLC (i.e. IRA with checkbook control) account with that credit union as well.

don't give these vipers your

don't give these vipers your money. Credit Union all the way.

- Grow Mushrooms at Home

Why not a credit union...

...or unions?

My Credit Union

My credit union doesn't allow business accounts, only personal accounts. :(

Unless you have, in total,

Unless you have, in total, more than the FDIC insured amount ($100K I think), you're probably safe consolidating into one account if that makes your life more simple.

If you do have more than the insured amount I'd keep the money in separate accounts, or if feasible, remove as much money from the banking system period as possible.

We've just seen up close in Cyprus what the elites are likely to do when push comes to shove. They'll protect the little guys to avoid their very lives being threatened by rioting, but they'll have no problem taking the big depositors. Word out of Cyprus this morning is that those depositors with more than the 100K euro insured amounts are facing somewhere between a 30 and 70 percent loss.

This is the downside of fractional reserve banking. When the banks over extend, somebody is going to get hurt. Just because you're only a depositor doesn't mean that you are immune from being a victim. When you deposit money in a bank you have to think of it as an investment in that bank. If the bank goes bust, you could potentially lose all of your money, no matter the amount.

In a fractional reserve world, the money deposited in a bank is NOT owned by you. It's owned by the bank. That's the fact of the matter.

I must be willing to give up what I am in order to become what I will be. Albert Einstein

Gerald Celente says if it's not in your hand...

you don't own it.

9-11 was a panda job.

BofA is a crook. They've stolen from me

Most banks are crooks. Look at your statements very carefully and keep track of your ballance. Keep only what you need to do business. No more.