Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

What to Know About Joint Checking Accounts

Some of the biggest causes of stress in a relationship stem from finances. If you’re considering opening a joint checking account, there are some things you should know. Here are some common questions surrounding this type of bank account.

Managing a Joint Checking Account

Questions about joint checking accounts often include:

Q: What exactly is a joint checking account?
A: A joint account is a checking account shared by more than one person. Each person on the account may add, withdraw or transfer money and has access to account records.

Q: Who uses joint checking accounts?
A: Joint checking accounts are common among married couples. Adults also sometimes share a joint checking account with an elderly parent or adolescent child as a way of monitoring and managing expenses.

Q: What are the advantages of opening one?
A: Bills and expenses become easier to manage as the two people involved no longer have to determine “their share” of a utility bill, groceries, rent, mortgage or any other expense. With a joint account, any money spent is coming out of the same pile.

Because the income from both parties is combined, the balance on a joint checking account will be higher than it would be for two individual accounts. This increased balance creates less likelihood that checks will bounce and can keep account fees to a minimum.

A joint checking account provides greater transparency of all the finances involved in the relationship and harbors trust and communication.

Q: What should we be careful about?
A: A joint checking account doesn’t offer any financial privacy between partners, as both parties are able to see every transaction that occurs. Additionally, either person has the ability to take all of the money from the account without consulting the other, which can be a problem if a relationship sours.

Checking Accounts at First Bank*

Whether you’re considering a joint account or separate bank accounts, First Bank can help. We have a number of checking accounts designed for different needs that can put you and your partner on your way to financial happiness.


Source:

Investopedia: http://www.investopedia.com/articles/pf/09/marriage-killing-money-issues.asp

Trending Topics

Best Student Checking Accounts – Wilmington NC

First Bank in Wilmington, NC, offers a student checking account designed with college students in mind. With one major university, two private colleges, and a community college, there’s no shortage of individuals...

Community Banks Near Me

Where can I find banks near me? When it comes to banking, customers want banks nearby that are part of the communities where they live, work and play. First Bank is rooted in a community focus that dates back to the days...

How Much Should I Have in Savings at Age 35?

How much money should you have in your savings account at the age of 35? It largely depends on when you started saving, your income and lifestyle, and whether you carry consumer debt. Savings for Adults in Their...

High Yield Savings Accounts in South Carolina

It’s no secret that travel can make you happier, but did you know that it can also improve your social skills, help you accomplish goals, make you more patient, and improve the quality of your relationships? If...

Best Checking Accounts – Florence, SC

If you’re looking for the best checking accounts in Florence, SC, you have a lot of different options. At First Bank in South Carolina, we have two convenient locations in Florence that offer five personal...

Education Savings Account – North Carolina

College is expensive. The cost of tuition, housing, books, food, and transportation starts to add up. The cost of going to college has gone up by over 400% since the 1970s. The average college student’s debt is...

Hassle-Free Savings Account in Asheville, NC

The only thing most people want in a savings account is a safe place to keep their money without being hassled by annoying fees or bothersome requirements. At First Bank in Asheville, North Carolina, you can enjoy the...

Best Savings Account For Kids

Finding the best savings account for kids doesn’t have to be complicated. Savings accounts can foster good saving and spending habits, and your child will probably enjoy watching their savings grow. First Bank offers...

Learn Where to Get Short-Term Personal Loans Today

Wondering where to get a short-term personal loan? At First Bank, we offer a selection of loan products that can help you conveniently pay off unexpected expenses or large investments in a shorter period of time....

Where Can I Get a Personal Loan? – Think First Bank of Asheboro, NC

If you’re looking to get a personal loan in Asheboro, North Carolina, be sure to visit First Bank. Whether you’re looking to finance a wedding or put a down payment on a house, First Bank has a variety of...