Keeping too much cash in your bank account could be a costly mistake — here’s how to know if you’ve got too much

Cash is king, right? Well, not always. Sometimes you can have so much cash sitting around in your bank account that it turns into a wealth-devouring demon. Must Read On average, American families had about $62,410 in their checking accounts, according to the Federal Reserve’s 2022 Survey of Consumer Finances. For most people, that balance is simply too high. Here’s why keeping too much cash on hand could be a serious mistake and a significant drag on your financial health. The inflation tax As of Sep ...