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When two people decide to get married, they may consider opening a joint bank account. The best times to do this are when the two people trust each other enough to combine their finances. It seems that it would be a given that two people who are married would trust each other, but this is not always the case. The other reason two married people may not combine finances is if their spending and saving habits are at opposite ends of each other. At any rate, there are some advantages to having joint bank accounts.
Pros for Joint Bank AccountsThe joint bank account is highly convenient for each person. Both couples deposit their paychecks into it and they both know how much money they have to pay bills and to purchase the things they need to buy. Because both of their names are on the account, they can both make withdrawals. If, unfortunately, one spouse passes away, the surviving spouse has immediate access to the money in the joint bank accounts because it is not subject to probate.
Cons for Joint Bank AccountsSome disadvantages also exist with joint bank accounts. Each spouse will have to check with the other one before making any withdrawals, otherwise, the possibility of overdrawing can come up. If one spouse checks the balance and sees there is enough money to cover what he has to pay for, he may not be aware that his wife wrote a check the very same day for another expense. These types of transactions can lead to a few unpleasant discussions.
The other thing is that married couples often divorce. Whoever gets to the joint bank account first has the right to empty it. Joint bank accounts are community property, so the other spouse has the right to receive half of what was in the account, but having to settle this issue in court may take a long time and a lot of hassle. At the end of the whole ordeal, the other spouse may have already spent the money and the suing spouse will not see a dime.
To make joint bank accounts work, two spouses can plan how much to deposit, how much needs to go toward bills and how much each can withdraw. With a plan, joint bank accounts can work.
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∙ 11y ago
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Can the lady friend of your just deceased uncle freeze his bank account?
If she is a joint account holder the account would now belong to her. If there is no joint account holder then the account would be legally frozen until an Administrator is appointed for your uncle's estate. Until then no one has any authority to access his bank account. You should make certain the bank has been notified of his death.
Can you put your payroll check in your girlfriends bank account with your name on it?
Yes. The account is considered a joint account and both individuals can deposit as well as withdraw funds from the account. There is no restriction as to the individual or individuals with whom one can make a joint account.
How do you write a letter to the bank to make a single account to a joint account?
Your bank will not make any changes to your account as a result of you writing a letter to them. It will be necessary for you and the individual whom you wish to become a signer on the account to visit your bank, with proper identification, in order to provide that identification to the bank and sign any applicable documents in person.
Your mother died and left her daughter a joint account can anyone draw money out of that account?
No. As with any bank account only the account owner can withdraw money from the account. If the mother set up the account as a joint account with her daughter (with both mother's and daughter's name on the account as joint owners) the full ownership of the account passed to the daughter when the mother died. No one else can make withdrawals.
Can a husband get information about his wife's account from a bank?
If the account is a sole account and not connected to any joint account the husband should not be given any information whatsoever. If the bank supplies any information you should make a complaint to the legal department and change banks.
Can you use your deceased mother's bank account?
Not unless you were also named as a joint owner of the account. If you and your mother had a joint account the full ownership passed to you upon her death. If the account was your mother's sole account you would need to forge her name to make any withdrawals. That is not legal. The account is part of her estate.
How do you remove a name from joint account when a person is no more?
You need to take the death certificate of the person who is no more to the bank and submit it to them along with your details. After verification the bank will remove their name from the joint account and make you the sole beneficiary. In case the other person has a different legal heir, then you may need an No Objection Certificate from them before the account becomes your single operated account.
Does using and or or' in the wording of the ownership of bank account make a difference when one owner dies?
Generally, either word will create a joint account. The balance of the account passes to the survivor and bypasses probate.
Can you make a bank account without a parent?
A minor needs to have a joint account, with someone legally able to sign a contract (no one under 18 can sign a contract) in the USA.
Can you legally withdraw money from a joint bank account that you did not deposit?
If the bank account is in your name (ie it is a joint account with your name on it) then you have the right to withdraw funds from it or to deposit funds into it. However if you feel that you should not be withdrawing money because it will upset the other person who jointly owns the account then perhaps you should discuss this with them before you make the withdrawal - there is more to life than the simple legal niceties.
Should you notify a creditor that your income is exempt from being garnished and inform your bank that your account may be 'frozen' due to a civil lawsuit?
Yes, it may or may not make an impact on the creditor's decision to pursue litigation, but it can do not harm. In the case of the bank, the bank can be notified that the account holds exempted funds, but it is the decision of the bank whether or not to comply with the judgment writ. If an account is joint or the funds in the account are questionable as to exemption or ownership, the bank generally request the court to 'freeze' the account and make rule on the validity of the judgment levy.
Can you remove your name from a joint bank account?
Yes This actually depends on your Banks Policy. Some banks will only remove someone that is deceased. Most banks will actually make you close the account and reopen a new account.
