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comment by OftenBen
OftenBen  ·  2269 days ago  ·  link  ·    ·  parent  ·  post: Pubski: January 10, 2018

    (i have a bank account for each bill now, essentially - I recommend this btw)

Is this something native to your bank, or did you literally make like 7 new checking accounts?





_refugee_  ·  2269 days ago  ·  link  ·  

Savings, actually. My bank allows you to have as many savings accounts as you want and you can open 'em all online. So I have like 7 savings accounts tied to my current checking, that all have the bill $ auto-deposited. About half are auto-debited as well.

I'm about to transition my active checking account - I noticed with all the linked savings it's really easy to shuffle the money and play "funny money" if I'm short - so I'm severing that link and just opened a new fee-free checking at another bank. Once I fund it with DD and get the card, I'm going to cut up/hide my old debit card to make the bill funds more difficult to access.

OftenBen  ·  2268 days ago  ·  link  ·  

Because I'm not especially financially literate, does this do anything to your credit score or likelihood of being audited by the IRS?

_refugee_  ·  2268 days ago  ·  link  ·  

Credit score absolutely no, IRS probably not, honestly totally happy to finance nerd out with you in PMs/DMs/text.

If they were all checkings there would be more potential for credit score impact but honestly that would depend more on the account and tied functionality (like if there was a tied line of credit to the account(s).) there is also a separate system banks use to rate depositors (much like a credit score but for - well, deposits instead) however maintaining multiple accounts shouldn’t impact that negatively.