Joint Bank Accounts: Good Or Bad Idea?
The Morning Mash Up’s associate producer, Alex D, just opened up a joint bank account with her boyfriend. Rich and Ryan don’t think this is a good idea. Rich thinks splitting up the bills is the best method when in a long term relationship, and it has worked for him.
Ryan’s experience is that his ex tried to get all the money from their joint account when they divorced. However, Nicole doesn’t see anything wrong with having a joint account. She thinks that once two people are together they are pretty much sharing everything.
Stanley T has a joint account with his wife, but they also have their own separate accounts. Alex D opened the account with her boyfriend so that they can save up for a very specific purpose, and they’re putting in a certain amount each month so they’re won’t be any fights as to someone taking money out that they shouldn’t or who put in what amount.
Do you think it is ever a good idea to have a joint account. or will that only cause problems? Will they only work if they’re designated for a specific purpose with specific rules (i.e. for bills with each person contributing the same specified amount)? What are the rules to joint accounts? Do you have both separate and joint accounts? Ok, now our heads are spinning. Help Alex D figure out what is best!
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12 comments
I work at a bank and have seen this go wrong way to many times. Boyfriend and girlfriend accounts are always a bad idea. Once you add someone as an owner to an account you can’t remove their name without closing the account so everytime someone breaks up it’s a mad dash to see who can get to the bank first and take all the money!
I have a joint checking and savings with my wife. I also have my own account. The joint account is for bills and food, stuff for the house. My personal account in my spending money, gas money and the like. If you are in a long term commited relationship there should be some level of trust, and a joint account is fine. I still perfer a private account to so I can do special things and surprise my honey.
The rule for joint accounts is have a complete agreement what the money will be used for and how much each other is putting in. If this is a bill account setup a budget for the money and agree on it. Communication is key.
My wife and I prefer having joint bank accounts also have 2 acounts at 2 differant banks! Mainly due to traviling, if we need cash away from home, we can access cash at one or the other branch ATM,if the other bank doesnt have a branch in that city! That way possably, we wont have an ATM charge out of network.
It took me seven years and two kids later to put my husband on a joint account (and we were married). I only did it because we had children and something were to happen to me, he would need the money for the kids. He doesn’t use the account, only because he doesn’t know how to use an ATM machine. I know,,, don’t ask….
I’ve been with my boyfriend for over 5 years. We’ve done everything together from co-signing on each other’s cars to buying a house together. After buying a house together (which is completely different from living in an apartment), I realized we need a joint account. It’s hard to pay bills or go grocery shopping because they need the actual person who owns that card. I have access to my boyfriend’s checking/savings account and any other bills in his name. I know his password and PIN number and same goes for him on my accounts.
Although, he feels he’s not ready for a joint checking account. He thinks the way we are doing (He pays a certain amount of bills and I pay the other half), he thinks we are just doing fine with that. After thinking for so long about it, I decided not to push the joint account idea to him. So at this point, we are not doing a joint account unless we have a child involved.
Joint accounts are for marriage, not for dating. I believe in keeping one account for all income to go into and all expenses to come out of. I think if you are married and maintain separate checking accounts, you are just being prepared for the divorce that will happen.
My husband and I seperated our checking accounts 6 years ago and we have not had a bad fight since. Before we fought over $5.00 toys I bought the kids. So I think it is a fabulous idea and it saved my marriage.
Are you out of your f—— mind if you are not married for at least 2 years dont even think of that it will be a disaster
My husband and I always thought it would be best to keep our separate bank accounts since money is the #1 cause for divorce in this country. But, when we began saving for a bigger house and thinking of starting our family and he bought a new motorcycle, it became quite clear that a join account was the way to go! We still have our own accounts too, but it consists of whatever $$ we have left over after all bills are paid and some of each of our paychecks are put into savings. It is working out very well for us. I would NOT advise anyone just dating to do this. This is only for the seriously committed!
my now husband and I set up a joint savings account when we werer dating. We had it set up to require both signatures to take out any money and it works great we also now that we are married have both our names on all the accounts.
My husband and I have been married for 12 years and together for 16. We have always had 2 checking and 2 savings accounts. We have access to the accounts, but neither uses the others. It works great for us.
I am not married or dating,nor plan to be but if I was I would have my account seprate then add some money to a joint account.That way if for some reason;cheated on,money issues,etc. I would have my own money and be fine on my own.Seeing as I plan to be a coroner I think that is the safest course of action.
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