Citibank may lock bank accounts for 45 days if breach suspected

Re:Citibank may lock bank accounts for 45 days if breach sus... by hparadiz on Wednesday September 07, 2022 @03:54AM (#32747800)

I personally just don't see the point of having multiple banks manage my accounts. In the USA many of these banks require a minimum amount to avoid fees and since they can arbitrarily set those limits and they can change at any time I find that having multiple accounts ends up being a liability. On top of the non-existant interest why would I park $1000 in a bank account? Instead I can at least invest it in something. Heck even just adding that $1000 to my mortgage payment would be a vastly better investment.

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Re:Citibank may lock bank accounts for 45 days if breach sus... by pessimizer on Wednesday September 07, 2022 @05:27AM (#32748423)

> I personally just don't see the point of having multiple banks manage my accounts.

Have we gotten so deeply nested that we've forgotten the title of the thread?

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Re:Citibank may lock bank accounts for 45 days if breach sus... by happymellon on Wednesday September 07, 2022 @04:32AM (#32748068)

Also UK, mostly because it's easy to get one account, fairly easy via your phone to get a joint.

I have 3 accounts, one for salary deposits, one for bills and one for spending so that I always know bills are covered every month without thinking about it and my "fun money" being pre-allocated each month helps me be mindful of my spending.

Since moving to that system I've been able to save significantly more each month.

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Re:Citibank may lock bank accounts for 45 days if breach sus... by secondcoming on Wednesday September 07, 2022 @04:36AM (#32748102)

Because banks can have IT outages, and you can have no access to your money until they get resolved. They also can go bust which means you can be waiting a long time for what's left of your money.

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Re:Citibank may lock bank accounts for 45 days if breach sus... by hparadiz on Wednesday September 07, 2022 @08:30AM (#32749707)

Well I use a credit card for almost all my purchases and I don't even need access to my bank to make my monthly payment. I wouldn't split my cash equally between two banks either. That seems silly. If for whatever reason my bank went bankrupt I'd simply open a new account and change my direct deposit at work. It's not really a show stopper. Plus there's federal insurance on all accounts up to 250k.

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Re:Citibank may lock bank accounts for 45 days if breach sus... by bombcar on Wednesday September 07, 2022 @08:50AM (#32749875)

I think having a second bank for savings/emergency can make sense for a number of reasons (harder to conflate your money, accessible if the first has an issue, etc, better rates, etc).

I have an online centered account and a local one, they serve different purposes.

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Re:Citibank may lock bank accounts for 45 days if breach sus... by bombcar on Wednesday September 07, 2022 @08:48AM (#32749862)

99% of FDIC receiverships happen over the weekend without a customer disruption.

Multiple accounts in use greatly increases the chance that you have the money but it’s in the wrong place.

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