A wierd thing happened...I got an email with a comment on my $20 challenge, but I don't see the comment listed. Anyway, the person wondered how I was taking advantage of all of these bank bonuses, between direct deposit requirements and whether or not I'd be blacklisted for opening and closing so many.

I'm allowed up to 4 direct deposits by my employer. (I'm sure hubby's company allows multiple ones too, but I haven't needed to look into that). I have just now reached the point where I need to close out an account in order to make room for another. Many of the accounts I open are either savings accounts or checking accounts that don't require DDs, which is how I've been able to manage so many thus far. (I've also done 529 accounts and Sharebuilder, which don't require dds).

Also, I don't always close the accounts right away. Many posters on this site use an envelope system to help them with their expense tracking. I do a similar thing with my accounts. I have a checking account that I use to pay my property taxes, another for my auto insurance, and I'm going to use one of my new ones for my quarterly federal tax payments. Each month I deposit a set amount into each of these accounts, then pay the respective bills from there. I have a savings account dedicated to my $20 challenge, and another for regular savings. So although some accounts certainly do get closed when the waiting period is over, I'd say it's the exception rather than the rule.

Also, to answer another question about bank bonuses that I've seen, I have not yet had a problem with opening too many accounts. I try to keep it to no more than 4 in 3 months, because I've read that that's the magic number, and I've been fine. The biggest problem is that it's an organizational headache...

For those who are looking to increase their challenge totals, this can be a great plan. I made $710 in 2005 opening accounts for myself (and in some cases hubby and the kids) and my goal for 2006 is $900. Good luck!