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How many bank accounts do you need?

Banking » How Many Bank Accounts Do You Need?

Will there be more fine print?
Will there be more fine print? © Feng Yu/Shutterstock.com

Whether you use a bank or a credit union, you've doubtless encountered a lot of fine print chocked full of legalese. Whenever your financial institution amends its terms of service, you will receive a new copy. The more accounts you have and the more financial institutions you use, the more legalese you're likely to see. Plowing through that documentation is a headache, but it's probably not a good reason to streamline your accounts.

"Most people probably aren't reading the fine print on the first account, so I'm not sure it will make a difference if they have more accounts they aren't reading the fine print on," Euretig says.

But, while he concedes that it's probably the weakest reason for streamlining, McCloskey points out that like every other question, "It's about how much you can manage."

Typically, banks make an extra effort beyond sending new terms of service agreements if they plan to make major changes that cost their clients money, McCloskey says. But even if the bank goes beyond the legally required minimum notification, keeping track of changing rules is a reality these days, and it's one that might be more difficult with too many accounts.

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