Consolidating 2 checking accounts

[GIJANE]

I have two checking accounts and I am a bit hesitant to consolidate them because it feels like less money is taken out every month if I take half from one and half from the other for bills. I am finding it harder to keep track of my spending because I have to look in 2 different account. One is a USAA online account, so no going to the bank option. The other is a Wachovia, and I have been there for 6yrs. Any advice?

[maat55]

I think you know the logic of your situation. I use four accounts, but each has a different function. I would eliminate any account that had overlapping funtions.

[snafu]

1st, Loyalty no longer exists. Your bank can dump you if you don't meet their preferred profile.
What features of your bank's program/system do you use/need? Have you been paying for features you don't use? Examine the cost of bank charges? Which bank offers the most features you use for the least cost? There should be saving generated by retaining one a/c. Given the reviews the banks are undergoing, you can bet service charges are going to grow as well as increase substantially. If you are not seeking a major loan...Brick & Mortar banks may be your most expensive option.

Many of us have a linked, savings/checking a/c so that money left over at the end of the pay period can be swept to savings. A large purchase contemplated may require an electronic transfer from savings back to chequing. Yes, interest on saving is miniscule but it is a convenient holding spot.

[Seeker]

I have two checking accounts and I am a bit hesitant to consolidate them because it feels like less money is taken out every month if I take half from one and half from the other for bills. I am finding it harder to keep track of my spending because I have to look in 2 different account. One is a USAA online account, so no going to the bank option. The other is a Wachovia, and I have been there for 6yrs. Any advice?

Not sure I understand the logic of two checking accounts and paying bills from both.

Generally many people use one checking account for everyday bills, and they have a money-market account tied to it so that they can move monies back-and-forth (as needed) into the checking account.

Generally money-market accounts have a better interest rate than pure checking accounts (although money market account are not locked into any rate, but follow some gov't indicator; prime rate or whatever) that are 1% (okay maybe .5 of a % today) or so higher than checking account interest rates.

Check into what your bank offers.

Local versus Internet, is a personal preference. Having several accounts and banks is okay, but drawing monies from each checking account irratically for different bills each month would be confusing to me too.