How much money can you keep in a bank account?

[Driller1]

Originally Posted by jtur88

As much as you want, but there is an FDIC limit to how much is insured. And the banks will happily report your balance to anyone associated with the government who asks.

Any time we deposit more than $10,000 in our business account the bank notifies the government.

We pulled out of banks when Obama took office..........with the exception of the business account.

By law.........we have to keep a business account.......I just keep what I need in there to pay the bills.

[galaxyhi]

I don't believe the OP {europeanflava} is asking how much is insured in accounts.

I believe the question is more asking you to say "I keep $25,000.00 in the bank", OR "I keep 6 month's income in the bank".

In our case we try to keep 2 months gross income a regular bank {coastal} savings account, another 2 months in a money market account in a credit union{local}, and another 2 months in another credit union {regional}.

That way,IF an EMERGENCY happens {loss of job, a hurricane, a flood, a fire, a tornado {rare these parts}, etc, } we have access to funds, and if ONE goes belly up, at least all our money isn't all in one place.

Also, We chose a local, a regional and a coastal institutional so IF a disaster happens here, except the local only credit union, we can go elsewhere {another city, state or the whole coast} to access our funds.

We have 6 months GROSS, which will equal about 8 months net, and about a year austerity cut back of finances.

We are striving for getting a years worth of GROSS for an emergency account, but after going through our savings due to previous job losses, we are drained and struggling to build back up, just having 6 months..

That, is how we do it. For now.

[jtur88]

The OP's question is vague, and nobody has any idea how to interpret it. It's like asking how many pianos you can have, or how many times you can do your laundry..

[Malloric]

Originally Posted by jtur88

The OP's question is vague, and nobody has any idea how to interpret it. It's like asking how many pianos you can have, or how many times you can do your laundry..

Seems pretty clear. It's a stupid question, but not a vague one.

[Electrician4you]

Originally Posted by Lowexpectations

You can have a joint account at one bank with 500k and still be covered

That I did not know. But I do now. Thanks