A confusing web?
Over time, our finances may start to resemble a confusing web with countless threads going in all directions… Dozens of credit cards, multiple checking accounts, online savings accounts, savings bonds from childhood, brokerage accounts, your employer’s 401k plan, FSA accounts—well, you get the idea! Some account diversity or redundancy is good: if one checking account gets hit with fraudulent activity, for example, banks can move at a glacial pace to sort things out—in the meantime, you need access to your money. So it makes sense to have a second checking account somewhere. But holding too many accounts can lead to headaches, security issues and—perhaps worst of all—lost money. This is particularly true when it comes to credit cards. Photo Credit: Getty Images