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The Pros And Cons Of A Joint Checking Account

Wednesday, November 20, 2013 - 6:38 AM
If you are familiar with banking, you have probably heard of a joint checking account. If you were recently married or are considering opening one for you and a loved one, you should weigh both the pros and cons of this type of account.
ShorebreakShorebreak2,696 posts since
Apr 6, 2010
Rep Points: 14,620
1. Wednesday, November 20, 2013 - 6:50 AM
One can get the better of both; having individual accounts as well as a joint account for common purposes.
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
2. Wednesday, November 20, 2013 - 7:57 AM
Always remember to put beneficiaries on all accounts no matter how it is titled. 

We were married over 50 years ago. I always took care of the finances in our family because my husband was not good at it. He only cashed one check in the 52 years we were married and he always had spending money in his pocket and a credit card for emergencies. He used the credit card only once when on a golfing trip with the guys and the driver's car broke down and they need a rental and no one had a credit card except my husband. Not even the bank president from the bank that I worked for. We only had a credit card cuz you were given a free checking account in the 60's if you had a credit card with them. This was the first time it was used and it was at least 10 years later. We never let the bank president live that one down. 
Ally6770Ally6770942 posts since
Jan 16, 2010
Rep Points: 2,741
3. Wednesday, November 20, 2013 - 11:20 AM
Goodness Ally, it sounds like you had the same arrangement with your guy as I have with mine.  I allow him to carry the credit card for emergencies only and I always put a few dollars of cash in his wallet so if he gets lost in a store, he will have money to get back to our apartment.  If anything needs to be charged, I do it with the card I carry.  We have joint accounts but I do all the banking.  The other day I let him actually come in and cash a check so they will recognize him in case something happens to me.  They were so excited to see he was actually a real person! :)
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152