05-01-2016 05:42 AM - edited 05-01-2016 05:45 AM
I'm deciding whether to open a joint account, but I don't really know how they work.
What are the risks and benefits of a joint account?
Do individuals have rights under a joint account?
Are these types of accounts more restricitive than an individual account?
Has anyone had a bad experience with a joint account that they would be willing to share?
on 05-01-2016 08:31 AM
I think the most important thing to consider @cgm (as obvious as it is) is that both account holders have full access to the account and the money within it. So I guess this could be both a risk and a benefit depending on who puts more money in and who's spending it But seriously, it's somethign to be mindful of.
There is however an option with some accounts to have a '2 to sign' requirement which means that both account holders need to authorise cash transfers/withdrawals, account closures, etc.
Will wait to see if anyone has stories to share about their joint account experiences.
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