Everyday Freethought

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Update On Moving Accounts

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Posted by Everyday-Freethought on 2014-11-29 at 11:24:23

I have moved my checking and savings accounts away from JP Morgan Chase.

Granted, in the big picture it is not that big of a deal. Until rich people and large corporations start using credit unions or there is more regulations on banks not much will change.

I think we should go back to Glass-Steagall. Things were fine with Glass-Steagall for decades. It gets repealed, and everything falls apart in about eight years. I know a lot of people love to say that correlation is not causation. But sometimes it is a reason to pay attention.

I think other countries should also look at how Canada regulates its banking sector. Canada is the only country that did not have to give its banks any money. No Canadian banks failed during the Great Recession, and I do not think any big Canadian banks merged.

I still have two credit cards with JPM. I might keep one of them. One I have had for twenty years. It might hurt my credit score to get rid of it.

When I started my current job, I had a lot of money in savings, and about $4K in checking. When I made this move, I had about $30K in checking. I have had my paychecks go into my new checking account. I moved my old checking account into a second savings account. I may try living off of that. I will see what I spend each month, and transfer that amount to my new checking account. I think it would be interesting to see how long my smaller savings account would last.

I don’t know if I will be in Texas for the rest of  my life. If I ever move back north, I think I will go with a Canadian bank. Some of them have branches up north.

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