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At the very least put it in a savings account with same bank so you have a firewall against money accessible by ATM card and move it to checking as needed.
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I agree about the 20k. At least put 18K in an account where you can transfer money to your checking account as needed. Way way to much risk having 20k hanging out in a checking account.
I agree about the 20k. At least put 18K in an account where you can transfer money to your checking account as needed. Way way to much risk having 20k hanging out in a checking account.
What kind of account? All of my accounts are accessible online. Anyone who hacks the bank can access all of the accounts.
Beyond the fact that having 20k is typically way too much to keep there (should at least be in an online savings account earning some interest), you do realize that having 20k saved (assuming no other savings) doesn't exactly put you in a rock solid financial position, don't you? Even for a frugal person, that amount would be gone in a 1-1.5 years if you lost your job.
What kind of account? All of my accounts are accessible online. Anyone who hacks the bank can access all of the accounts.
fidelity as an example can set up what they call a z account . once it is created they break all external links to all your fidelity accounts . it stands alone so you can use it to pay bills , auto pays , etc if it is hacked they can only hypothetically get the money in that account and it shows no other links .
usually it is the account linked to bill pay ,auto pay ,the debit card ,etc that is most vulnerable. so you can isolate that account to access and show no other accounts .
we did that after our chase debit card got hacked .they could have cleaned out the account . since fidelity is our main account for paying everything we isolated that checking account so if it is hacked it is isolated . we once had our fidelity debit card numbers obtained somehow about 15 years ago so it happens . that card never was used in any store ever .
I have a savings account at another bank that I don't use since I don't have an ATM card for it, and it near an old job I had, pretty far away from home.(17miles). I guess it has the advantage of not being ATM fraud accessible :/
fidelity as an example can set up what they call a z account . once it is created they break all external links to all your fidelity accounts . it stands alone so you can use it to pay bills , auto pays , etc if it is hacked they can only hypothetically get the money in that account and it shows no other links ........
If your Z account is hacked, does it really matter if it linked or not? How would your account be hacked? It typically means your computer has been hacked and in that case all your information and passwords are at risk. All your online accessible accounts would be hacked. Same problem would occur if Fidelity is hacked or has some data stolen.
I have $25k in two separate checking accounts. However, they are not our primary accounts and we earn 3% interest per month on them. I understand if the sentiment is to get the excess money out of your primary checking, but I don't understand the "checking" disdain for harboring funds if that's what this is. Some checking accounts pay significantly more than savings these days.
If your Z account is hacked, does it really matter if it linked or not? How would your account be hacked? It typically means your computer has been hacked and in that case all your information and passwords are at risk. All your online accessible accounts would be hacked. Same problem would occur if Fidelity is hacked or has some data stolen.
the z account has a different password . i don't know if you remember when fidelity's hacker team found my wife's password for sale on a dark web drop site . they shut us down before it was used . it did not come from our computer .she never logs in , i do .
that z account shows no other accounts associated with it as well as uses it's own password . you don't keep a lot of money in it . you add as needed . since that account is the one tied in to auto pays and bill pay as well as check writing and atm so that is going to be the more likely culprit .
our main account has no atm card or check writing associated with it at all and we have multiple security on any money moving in it.
there is a limit to what you can protect against nothing is 100% but if i can save us the hassle of having to deal with fraud so much the better. i don't care about credit card fraud that is easy to deal with .
but when they get my money and i have to work at getting it back and potential investigations i care .
Beyond the fact that having 20k is typically way too much to keep there (should at least be in an online savings account earning some interest), you do realize that having 20k saved (assuming no other savings) doesn't exactly put you in a rock solid financial position, don't you? Even for a frugal person, that amount would be gone in a 1-1.5 years if you lost your job.
I have other accounts : roth ; pension ; my 401k. I won't be able to money out till 20 yrs from now w/o incurring a penalty
I moved 18k to the savings account.... thanks all
Ps I lose my job and I'm driving for uber. I know it prolly won't pay much financial wise but It would be like hanging out again like high school and college. And at least my savings would be unaffected... shoot almost feel like quitting and driving for uber
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