Banking and saving

I did hear back from my side job lady about my email regarding getting their savings into something higher paying. I guess one of their concerns is having balances over the $250,000 FDIC insured limit in one account. So, that is mainly why they have all the money split up into 3 different banks. I emailed my regular boss, to ask her what she thought of it, since she has the company money all in one bank, way over the FDIC insured limit, and I wanted her thoughts since she originally came from a banking background.

She's pretty conservative with money, but said she's willing to take the chance on it. She said it's her understanding that the FDIC was put in place way back in the depression era, in order to encourage people to start putting their money back in banks and to her knowledge it's never had to be used by the government. Her feeling is if the economy ever gets to the point that FDIC insurance is needed, we're probably all screwed anyway, LOL. So, she's willing put all the company savings in one bank/account and earn the highest interest possible. I doubt my side job will do that, but at a minimum they should move these savings accounts into higher paying Money Market type accounts and could definitely be earning more than they are currently. And I'm guessing companies/people with many more millions than we have don't split it all up into hundreds of bank accounts to not go over $250k per account, LOL. I am glad of the way my boss handles the money - much simpler to have one bank, that's for sure, not to mention we are earning a good rate on it.

I also still need to find out what that deal is on my mom's "money market" that SB set up with her investment firm account, where it appears she's earning literally pennies on the funds from her house sale and it's costing her $175/year fee to have the account. If I'm correct, then obviously we will want to move it at least just into her regular savings, but I'm kind of thinking just wait 2-3 months until she gets moved over here by me and do it then. She will have to open a bank account here, as there isn't a BofA in our area. Ugh. I was hoping there was a BofA here, but nope. We are so backwards, LOL. I used Chase and she used BofA, neither of which are in this state. Aside from local banks, the only "big" banks in the city seem to be Wells Fargo, US Bank, and First Interstate. 

Speaking of Chase, I still have a checking account with them and just have my MTurks earnings and blog earnings (which is like every 4 months, haha) deposit into it. But, I just received a letter that they have been waiving the service fees on it (for like 3 years now!) and will stop next month. It's a $12 a month fee. Either I need to direct deposit a total of $500 a month into it, to waive the fee or just close it out, because I'm obviously not paying $12 a month. The reason I never had fees all the years I had it was because I had a mortgage with them and my paycheck direct deposited. I haven't yet decided what to do. I kind of like that that extra income is separate from my regular money, yet I'm not sure I want to divert $500 a month from my paycheck to it, just to have to spend time taking it out again. Maybe I can just set up a recurring payment out of it, so it's automatic.