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My uncle told me to always keep a month's pay in my checking account
He said it was to avoid fees and have a buffer, so for years I kept around $3,500 sitting there. I finally talked to a banker last month who showed me how much interest I was missing. I moved all but $1,000 to a high-yield savings account making 4.5%. That old advice cost me hundreds. Has anyone else gotten similar 'safe' money tips that actually held you back?
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leo_kelly2mo ago
Honestly can't believe you kept that much cash in checking for years. Tbh the real shocker is your bank never said anything sooner. They see that balance every month and just let you miss out on free money. Makes you wonder how many other people are getting the same bad advice from family.
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the_wesley2mo ago
Right, the bank sees that balance every month and just stays quiet. Their customer service probably has a secret award for who can help the least. "Congrats, you successfully avoided giving good financial advice for the 10th year in a row!
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alices1616d ago
Right? It's wild how banks won't say a word about that stuff. My grandma told me to keep everything in checking too, said it was "safer." Had six months of expenses just sitting there for years before I realized I was losing hundreds in interest each year. Makes me feel for everyone else getting the same outdated advice from well-meaning family.
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