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I don't mean exact amounts (none of my business anyway, lol!) but presuming you have a savings account as well, do you keep the amount of a paycheck or two? Just enough to cover bills? Do you pile most pf your money in there? I tend to keep 2 paychecks amount in there and get nervous when it goes below that. I'm not sure why, I have a savings to draw from in an emergency. I was curious what most people consider a "normal" amount to keep in their checking account. Thanks!
We are retired and keep about 6 months of living expenses ready to go.. at times it can be a lot more depending if it is the beginning or end of the year
On a running basis, a couple of hundred. Maybe $300 average. Enough for just about any expenditure I might need or want to make without going through extra hassle.
I move the total of bills I am paying plus some refresher to leave that amount in there once or twice a month. The bill money is gone within 24 hours, or two business days at most. I can move money from savings in five minutes, at my desk or on my phone, should I need more. (And I can move big money in about three business days.)
I keep the checking (debit, demand) account low both to force me to keep a little better track of spending and to limit loss if my debit card is hacked or stolen.
Keeping any more than a week's pocket money in checking is... foolish, IMHO.
The minimum varies but I never go over $3K. That would be transferred to savings as there is no need for me to have such a high amount in my checking account at any given time.
We keep more there to accommodate auto-bill pay and auto cc pay and due to auto income deposits. With very low interest rates on other accounts, I don't see many downsides to this. Why not?
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