Every few months, my wife will have me transfer money into our main ‘household’ checking account. It’s the account that groceries, utilities, and everyday expenses get paid out of, so it’s always running dry.
I have a few accounts to pull $$$ from, including our one big money market savings account. Our smaller accounts have gotten so small over our first five years of retirement that it is probably time to ‘sweep them up’ and retire them as well.
One was my original MegaCorp Savings & Loan account. It’s hard to wax nostalgic about a checking account, but I opened this one in 1989 when I got my first job at MegaCorp. It’s been consolidated twice with other S&Ls into a generic ‘City-County Savings & Loan’ and I’m not even set up on their online portal right now. That one should close.
We have another small account that has been the source of our electronic car insurance payments for decades. That’s the only use of the account. Rather than ‘sweep’ the money into a different account and rearrange the electronic payments, we’ve just let it be all these years.
In addition to these two, we have a handful of other savings, brokerage, and miscellaneous accounts that could be consolidated and closed. It just takes some time to make sure they aren’t electronically linked to anything important and transfer out the money.
Still, it’s going to be 84-degrees and sunny today. A nice day to take a little day trip out of the city for a hike or explore a small town. So why put chores before having some fun? 🙃
How organized are you in ‘sweeping up’ loose accounts?
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