Maggie66
Level 2 Member
I wanted to throw this out there and see what others here think. What are the negative Effects of Having Many Checking Accounts?
I've identified two possibilities of having too many accounts:
1) Too many inquiries showing up in ChexSystems and therefore being declined for new checking accounts.
2) If a hard pull is conducted it could negatively impact your credit report.
Are there any others? I suppose someone could argue that it may become difficult to handle many accounts and end up forgetting/losing initial deposits. Or, signing up for a checking account with a monthly fee could cause the account to go negative, which in turn could end up in collections.
My current thinking is to slowly sign-up for more and more checking accounts. This would allow me to establish relationships with CUs/banks that could potentially open up targeted offers down the road for other types of financial services (HELOCs, 0% APR transfers, rewards for increased savings, etc).
I've identified two possibilities of having too many accounts:
1) Too many inquiries showing up in ChexSystems and therefore being declined for new checking accounts.
2) If a hard pull is conducted it could negatively impact your credit report.
Are there any others? I suppose someone could argue that it may become difficult to handle many accounts and end up forgetting/losing initial deposits. Or, signing up for a checking account with a monthly fee could cause the account to go negative, which in turn could end up in collections.
My current thinking is to slowly sign-up for more and more checking accounts. This would allow me to establish relationships with CUs/banks that could potentially open up targeted offers down the road for other types of financial services (HELOCs, 0% APR transfers, rewards for increased savings, etc).