checking account Archives • Bitches Get Riches

Cheat on Your Bank—It’s Not Your Girlfriend

February 21, 2023February 21, 2023 Piggy 16 Comments

Did you know you can have more than one bank?

It’s true! And in fact, it could actually be good for you and your financial situation. You can spread your money out among as many banks, credit unions, and investment firms as you like. Fidelity (the act of being faithful, not, y’know, the giant international banking corporation of the same name) counts for very little in the world of money management.

This topic was inspired by some of our wee baby bitchlings agonizing over the idea of spreading their money around to two or—gasp!—even more banks. These aspiring rich bitches came to us, all cute and nervous because they were worried about being disloyal, or even risking punishment by starting a savings or investment account outside of their primary bank.

“Am I allowed to put my money in multiple banks?” they asked. To which we replied: “Cheat away!” As Camilla Parker Bowles-Windsor is my witness, side ~~chicks~~ banks are totally allowed.

It’s one of those things no one really tells you when you’re first getting your adult finances together. Because of course you can use more than one bank!

And in fact, it may even be in your best interest. Here’s why.

What’s the Difference Between Savings and Checking Accounts, and How Should I Be Using Them?

May 19, 2020January 8, 2022 Kitty 6 Comments

What Piggy said last week is very true: sometimes we’re so eager to lunge ahead and answer the most complex, interesting questions that we forget to cover the absolute beginner basics. So this week I’m going to take you to church (or, I guess, school) on the difference between savings and checking accounts.

These are the two most common kinds of bank accounts in America. So if you’re new to banking, the first account you get will likely be one of these.

The features of these accounts were very consistent for several decades. But the past few years have changed the dynamics of how we use savings and checking accounts. And as a result, we’re changing our advice on how and what they should be used for. And even those of you who are rock-solid on this topic are going to want to hear that! (We think.)

So let’s get into it!

How the Hell Does One Open a Bank Account? Asking for a Friend.

November 11, 2019June 3, 2022 Piggy 10 Comments

When I was about thirteen or so, my mom brought me down to the local branch of the regional bank and helped me set up my first checking account. I had diligently saved $100 of my babysitting money, which I deposited in my brand new checking account.

And suddenly, I was an individual with a bank! I had the ability to deposit and withdraw cash from that account. I could use my debit card to buy things with the money in that account. And I could transfer money from that account to others as I grew older and my financial needs expanded. When I got my first jobs, my employers could automatically deposit my paychecks directly into that account. Heckin’ magical.

I thought this was a pretty damn normal step toward adulthood. So imagine my surprise when I learned, years later, that not everyone goes through the rite of passage of opening a bank account when they’re young. Or at all.

There are, in fact, 17 million American adults who do not have a bank account of any kind. These individuals are known as the unbanked. The unbanked or underbanked represent 25% of U.S. households. And while many of them choose to be unbanked for various legitimate reasons (a distrust of financial institutions, for example), many of them are unbanked because of circumstances beyond their control (an inability to open an account due to legal status, or an inability to maintain minimum balances due to long-term poverty, for example).

Having a bank account is important and useful. So allow your beloved Internet auntie to take you under her downy, cloud-like snow goose wing and walk you through everything you need to know about how and why to open your very first bank account!