When Less is Truly More
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More than likely we all have that one friend who likes to talk big about how
much he does, but he doesn’t really tell you everything. He/she knows the right
words to say and when to say them. However, when this friend starts talking
about how they have many bank accounts open, and one is for this and another for
that, you should simply remind your friend that when it comes to proper banking;
less is more. You should also remind your friend that just because they have too
many accounts open, it doesn’t make them more important, but instead it really
can lead to problems, and it makes them very foolish.
Essentially if you have too many bank accounts open, you’re talking about fees,
money management problems, and monthly payments that are totally unnecessary.
Really the only one, who should ever need too many accounts, is a CEO or someone
in the much higher ups, but for every day average Joe or Jane, it’s totally
inappropriate and really it’s a waste of time and money. How, you say? Think
about it, if you open up multiple and I mean in the high multiples when it comes
to bank accounts, and between the monthly fees with some, and you running the
risk of not having the money to cover these accounts; you can surely believe
that you will run into problems.
Yet, I’m not just talking about not having enough money in each account, but
instead with too many accounts open, and not enough money to cover them all, you
run the risk of getting with hit with unnecessary and very costly over-draft
fees. Believe me these fees are not a joke, and even with over-draft protection
on some accounts, it may not and usually doesn’t apply to all accounts. Thus,
when certain accounts run out of money and you are hit with these fees, you can
guarantee that the money to pay the fees will come out of your main account.
Also, your credit will suffer because of this, and all in all too many accounts
is senseless, and it comes with a high price, if you’re not in the financial
shape to have that many accounts open.
All of these problems can be avoided if you just put your pride aside, and
really think before you open up a senseless and unnecessary account. Even if
it’s not about personal reasons, you still should realize that you don’t need to
worry about opening up accounts that will end up being costly, ineffective, and
unproductive for your financial success.