What is your minimum checking account balance?

How much money do you keep in your checking account on a daily basis? I keep my checking account balance very low because my current brick and mortar bank does not offer interest on the checking account. I keep the rent money in my checking account so that I can walk in to the office and pay the rent and get a receipt.

Now I could pay the rent through Electric Orange but I have decided to keep the physical paper checks because there have been some issues with the rent checks being deposited late and then the office sends out notices to residents that the rent is late. It actually happened to me once but I had a receipt from the office so I got that cleared up and did not have to pay te late fee. I just wanted to get rid of all the hassle so I decided to keep the rent money in the checking account.

I also have about $40 above the rent money floating in my checking account. This is to cover instances where I will need cash like to get quarters to do laundry. I also have the extra money for little emergencies that might come up like when I need to get stamps because the post office at school does not take credit cards. The checking account money also comes in handy when I need to pay someone right away because most of the people I go to school with have some sort of fear of online banking…..I have no idea why.

So how much do you keep in your checking account on a daily basis? I would love to know how you manage your bills and online action with the paper checks that you get from the bank. Comments are open!

Author: Lulu

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  1. Typically I have about $200 over what covers any outstanding checks/billpays in my checking account.

    Most bills I use my credit card or have it drawn from my savings account. However there are some that I have to bill pay or draw from my checking account (AMEX, power company, water company) but I will normally just transfer those from my savings account the day before they are needed.

    I rarely use paper checks anymore. Mostly just for gifts and a few things that still need them (my basketball league only takes a check or cash). I have about a zillion boxes of them from 2 addresses ago that I am still trying to go through.

    The $200 (hopefully) covers any cash I need to take out or if I make an error balancing my checkbook.

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  2. I’m down to about $40.00 just for laundry. My rent and water get auto deducted from my Electric Orange. I can’t get a receipt, but hey. It’s auto deducted.

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  3. I don’t feel comfortable unless I have at least $400 or so on tap at all times.

    When I need more, I just draw it from my savings account. The transfer only takes a day, so no worries there.

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  4. There are no interest in most checking accounts and it’s not wise to put money there more than what is necessary. It’s advised to have a separate account for savings so that it earns interest.

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