Why You Should Have All Your Bank Accounts Under One (Red) Roof.

Managing your finances is no simple task, so I do everything I can to make it as easy and uncomplicated as possible.  This is why I often write about the benefits of bill pay, automatic deposits, and My Change Keeper.  It’s also why I don’t have accounts at multiple financial institutions.

Having accounts at several institutions causes chaos in an aspect of your life that demands organization.  With every additional bank comes another mobile banking app and corresponding usernames and passwords.  Every additional bank means another statement to look over each month and a mess of tax documents at the end of the fiscal year.  Further, when it comes time to move money between accounts, it will likely take longer and be more difficult than if you were transferring between accounts at the same financial institution.

Because I have all my financial needs handled under one roof, I’ve gotten to truly know my local bankers as friends.  And because they’re my friends, I have someone I can trust with my questions, problems, and finances.

By Adam Lucas Adam Lucas holds a Finance degree and an MBA from the University of Kentucky. His work has appeared in many major outlets including Yahoo, AARP.org and GoBankingRates.com
Monday on the Money is a weekly commentary from Bank of the Ozarks providing financial advice and solutions important to you and your family.

Share