Millennials, those defined as people from ages 18-34, keep an average of $2,241.20 in their checking account, surpassing Gen X-ers and Baby Boomers, a TD Bank survey said.

While Gen X-ers (ages 35-54) keep $2,081.80 on average in their accounts and Baby Boomers (ages 55 and older) keep $3,447.80 in their accounts, millenials come in just above Gen X-ers. And, it's likely because they carry more debt.

"Millennials have higher balances than their counterparts because this group has more debt," said Ryan Bailey, executive vice president of deposits and payments for TD Bank, the Cherry Hill, N.J.-based financial institution. "They have more payments -- credit cards, car loans, mortgages and others. If you have 15 to 20 payments, you have to keep a little more in checking to have the protection." 

A Millennial, Sean Devlin, 23, agrees. He says people in his age group have to have more money in their checking accounts that they can access to pay their monthly bills. Devlin even carries an extra cushion in his account for emergencies like car repairs.

"Many of us are new to the working world and having money to spend at hand is a luxury of sorts," he said. "I've been employed full-time for around six months. This goes with the theory of us young people thinking we're invincible." 

Devlin added that many Millennials are recent grads and aren't used to receiving regular paychecks. He says many don't plan for the future.

"There is an attitude of living in the now that my generation maintains and I fully support," he said. "For better or worse, it's just the nature of the beast. I was born in 1990 and I'm very curious to see what the generation 10-15 years behind me does with their finances." 

Another reason to keep more money in checking accounts are the recent fees in checking accounts. Many accounts require a certain minimum balance or required direct deposits.

"People are frustrated with fees and they want to have many options," Bailey said.

Even more alarming for Millennials is their lack of savings. Some don't have savings accounts, which can be disastrous if they lose their job or become sick.

"Without a well-funded savings account, Americans are left with less than ideal resolution options when an unplanned event occurs," said Gail Cunningham, vice president of public relations for the National Foundation for Credit Counseling. "Taking money from a higher priority such as rent or utilities, borrowing from friends and family, charging the expense, or high-interest loans can all trigger a negative spiral that aggravates an already shaky financial situation. The good news is that people are aware of their need to save. People may feel they can't afford to save. I say they can't afford not to." 

So, if you're a Millennial, next time you head to the bank, remember to put some funds into your savings account.