Toni B.:

I agree wholeheartedly with Edey

On the flip side of that, having sole access to an account means that if one spouse should have an accident or die, the other can not access those funds. For lower income families, this could mean the difference in being able to cover medical costs, feed the kids or pay bills that are coming due.

 

Brandy:

 

Toni B.:

I agree wholeheartedly with Edey

On the flip side of that, having sole access to an account means that if one spouse should have an accident or die, the other can not access those funds. For lower income families, this could mean the difference in being able to cover medical costs, feed the kids or pay bills that are coming due.

 

My ex had access (it was a joint account) but he didn't have an ATM card or a checkbook, because he'd forget to tell me about taking money out - but he could access the account by physically walking into the bank.  He knew I'd be notified of that, so he didn't do it.

In case of emergencies, my mother is a cosigner on my checking and savings accounts - but since she lives in another state, where this bank doesn't exist, and doesn't know my internet access, I'm not too worried!

karenteacher:

Brandy:

 

Toni B.:

I agree wholeheartedly with Edey

On the flip side of that, having sole access to an account means that if one spouse should have an accident or die, the other can not access those funds. For lower income families, this could mean the difference in being able to cover medical costs, feed the kids or pay bills that are coming due.

 

My ex had access (it was a joint account) but he didn't have an ATM card or a checkbook, because he'd forget to tell me about taking money out - but he could access the account by physically walking into the bank.  He knew I'd be notified of that, so he didn't do it.

In case of emergencies, my mother is a cosigner on my checking and savings accounts - but since she lives in another state, where this bank doesn't exist, and doesn't know my internet access, I'm not too worried!

Oh I agree Brandy - its a catch 22 about these issues. Like Karen said, you can get someone else to be on the account in case of an emergency but not let them have access to the checkbooks, ATM cards and online passwords. My friends husband passed away and they had to close out their joint account and she had to re-establish all new accounts in her name so Social Security could deposit her pension in the new account. Had she already had a separate account or a joint account where her name appeared as the primary, then she could have by-passed that process. By the way even utility bills can get complicated if something happens to the person who established the account. We discovered that even though the electric bill is under DH's name, I could not be given any information about the account unless I was listed with the utility company as an authorized agent. They will accept payment but no information beyond that.

 

Toni B.:

By the way even utility bills can get complicated if something happens to the person who established the account.

That's very true.

 

Toni B.:

By the way even utility bills can get complicated if something happens to the person who established the account. We discovered that even though the electric bill is under DH's name

Agree with that: When our utility accounts were first set up years ago, the companies only allowed the wage-earner to be the name on the account, in our case Dh. However he never wrote the checks for the bills, or called the company if there was a problem, I took care of that. Finally when they changed their rules, they did allow me to be a contact on the bills, but it had to be with Dh's verbal permission, and he identifying himself with his social security no. to them. Since that change there has never been a problem.

Edey 

Brandy:

sole access to an account means that if one spouse should have an accident or die, the other can not access those funds

The way mine is set up, Dh is beneficiary upon my death.

we don't have joint accts....we should get around to putting our signatures on the accounts in case of death..just like getting a will.   we married in our 30's and supported ourselves for years alone so merging would be hard for us.  I think it would drive us nuts not knowing how much money we had in our accts because of each others spending.   not that we don't discuss things just that we tend to be responsible for different things, me household stuff like groceries, kids clothes etc and him bills, tools etc.  we go back and forth between being a one income household.   money transfers into my acct on a reg basis.

Now everything is in our joint names like mortgage, line of credit etc. we each are each others beneficiaries.  

I am on some bills. I think just electric and gas.

This is an interesting article about joint accounts and what could go wrong. Its on the current Dollar Stretcher website

http://www.bankrate.com/finance/debt/double-trouble-joint-account-garnished.aspx

No way! I don't know why their parents don't advice them to not do it. Why would they even think of such a dreadful idea. If you've watched Judge Judy just once you'll see the amount of young people suing each other for stuff after they've broken up. On a serious note. While I'll say no to the question. I've always had a joint account with my husband. Both earnings go into the same account and we pay everything out of it. We trust each other implicitly and have never had any problems, since we're both VERY sensible with money. We're not misers, but we have kids, so are careful with our hard-earned money. We see the money as 'ours' so a joint account for us is not a problem. I hope and pray our kids won't move in with people before they're married. If they do, I'll be making sure they know the dangers of having a joint account with a boyfriend/girlfriend.

I have joint account with DH , with my DIL and # 1 son   with my Aunt and my Uncle and my Sil  and with Granny ( she not blood realtion but she is in my heart )   I also have an account with my DS