| Banking is one of those life skills that we learn by | | | | checking account at a time. There is no law against |
| doing. Unlike taking driving lessons or getting on-the-job | | | | having multiple accounts. Of course, to be efficient in |
| training for a new job, there are few tutorials or | | | | your handling of two accounts at once, it is a good |
| courses available to most of us on how to do banking, | | | | idea to differentiate them somehow. For example, you |
| what it's all about, or how it all works. | | | | can use your first account for receiving your |
| For most of us, we start with our first bank account | | | | paycheck (via direct deposit), as well as for paying all |
| when we are kids. Often, this first account is a savings | | | | of your monthly, automatic withdrawals. Meanwhile, |
| account. As young people or young adults, we scrimp | | | | you can use your new account as a source for cash |
| and save to put away a few bucks into our accounts, | | | | (via the ATM) and for non-recurring payments or for |
| watching them grow over time. | | | | those that are not on automatic withdrawal. |
| Then, as our needs change, we open our first | | | | There is no limit to the number of checking accounts |
| checking account. A checking account allows us to | | | | you can have. Just make sure that you are mindful of |
| have a debit card to make purchases at retailers and | | | | any fees you are paying to maintain the various |
| merchants around town. And, of course, with a | | | | accounts. In some cases, to save money on fees it |
| checking account we can actually write checks to | | | | may be best to consolidate into just one account. |
| other people! | | | | Note: if you are interested in opening a second or third |
| But, as you progress in life, you may be faced with the | | | | account, make sure you shop around: your account |
| question, "Can I have more than one checking account | | | | should be FDIC insured. Also, look for an account that |
| at a time?" This question can arise if, for example, you | | | | does not charge overdraft fees (banks offers these |
| move far away and your new residence is not | | | | accounts are rare, but they are increasingly available). |
| anywhere near a branch belonging to your first bank. | | | | Our banking system is set up to give you the |
| Often, in this situation, you may find yourself having | | | | maximum number of banking choices. There are |
| multiple "connections" to this first checking account, | | | | thousands of banks to choose from, but they are not |
| such as already-established automatic withdrawals, | | | | all the same. Make sure you carefully research your |
| direct deposit from your employer, etc. In this case, you | | | | choices before opening a new account. You may just |
| may not want to close your first checking account just | | | | find you are pleasantly-surprised by the options |
| because it is easier not to. And yet, for convenience's | | | | available to you, including the ability to conduct online |
| sake, you will want to open a second account, as well. | | | | banking and the need to never pay an overdraft fee |
| The answer is: yes, you can have more than one | | | | again in your life! |