A new marriage generates many symbols of itself. Naturally, some include the wedding ceremony, the honeymoon, the purchase of a new home or rental of an apartment, and the beginning of a family. Perhaps the most practical newlywed symbol is the arrangement of a joint bank account. Should Couples Open A Joint Bank Account?
A joint account is a true indicator of trust between two people. Finances tend to be one of the last things shared by couples, even after living space and biographical details. It may be that acting with caution is a good thing; however, there are also many advantages to joint accounts.
The most basic definition of a joint account is one in which two parties jointly control what goes on with the account. You can arrange the account so that one person can make transactions without the other’s authorization, or else make it so that some require both parties to sign off. If you are still hesitant about giving your partner complete control of your money, you may want to have 2 joint accounts. You can arrange one to have the money for daily and group expenses to which both parties have access. The second account might have your shared savings; however, to withdraw or transfer money would require two signatures.
#2 Type of Accounts
Joint accounts are not restricted to wives and husbands. Joint accounts can be a good option for committed couples, business partners, and sometimes friends. When such situations arise, it is important to carefully form the parameters of the account. Trust is good, but prudence is best. The versatility of these accounts makes them extremely attractive. Banks typically will allow you to create personal withdrawal limits and form additional parameters to monitor what is being done on each account.