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Joint bank accounts? (22)

Aug 16, 2008 10:30 PM CST Joint bank accounts?
Do you believe in having a joint bank account, or keeping separate accounts and paying individual bills?
conversing grin
Aug 16, 2008 10:52 PM CST Joint bank accounts?
KHD100
KHD100KHD100Edmonton, Alberta Canada165 Threads 3 Polls 4,065 Posts
Lonely1: Do you believe in having a joint bank account, or keeping separate accounts and paying individual bills?


My mother and father have both. Joint account pays all the bills and household needs.

A small personal one, so they can save for something... like a gift for each other.


If I had an account with the ex, I would not been allowed to touch any of the money, even if it was what I earned.


Having my own account, also allowed me to pay for the kids things or for my parents to transfer gift money to the kids. If the ex had of gotten it, we would not have been getting gifts for the kids as my parents would have wanted.

JMO... have both one for yourself and a joint account. If there is a break up in the relationship.... you will still have your own account.
Aug 16, 2008 11:25 PM CST Joint bank accounts?
"JMO... have both one for yourself and a joint account. If there is a break up in the relationship.... you will still have your own account."

That's what I have. I am wondering if there are any pro and cons to having separate accounts. Would welcome experience with this. I believe joint bank accounts is best. Of course there is the trust and maturity factors....innocent devil
Aug 24, 2008 2:45 PM CST Joint bank accounts?
Lonely1: "JMO... have both one for yourself and a joint account. If there is a break up in the relationship.... you will still have your own account."

That's what I have. I am wondering if there are any pro and cons to having separate accounts. Would welcome experience with this. I believe joint bank accounts is best. Of course there is the trust and maturity factors....

My experience was when I had a joint account wit my ex, my money became his, not vice versa. So I am happy to say I prefer my own.
The negative thing about joint account is that someone other than yourself is watching your money, and has plans for it besides the ones you discuss together. The negative thing about separate account is, if you can't take care of your affairs while ill, and you didn't set up an automatic withdrawal plan with the bank, then your bills may go into arrears, and your partner can't do much to help you in that case without your signature.
Aug 25, 2008 8:33 PM CST Joint bank accounts?
mychelle: My experience was when I had a joint account wit my ex, my money became his, not vice versa. So I am happy to say I prefer my own.
The negative thing about joint account is that someone other than yourself is watching your money, and has plans for it besides the ones you discuss together. The negative thing about separate account is, if you can't take care of your affairs while ill, and you didn't set up an automatic withdrawal plan with the bank, then your bills may go into arrears, and your partner can't do much to help you in that case without your signature.


Quite the can of worms here. While I have never had your experience with a joint account, I see your point. There is also the perils of separate accounts.

I hope I never meet someone who did to me what was done to you, because I still believe joint accounts is best, with less headaches. Of course if there is no financial trust it is hard to make the relationship work.dunno
Aug 26, 2008 8:33 PM CST Joint bank accounts?
tunzrok
tunzroktunzroklondon, Ontario Canada1,257 Posts
mychelle: My experience was when I had a joint account wit my ex, my money became his, not vice versa. So I am happy to say I prefer my own.
The negative thing about joint account is that someone other than yourself is watching your money, and has plans for it besides the ones you discuss together. The negative thing about separate account is, if you can't take care of your affairs while ill, and you didn't set up an automatic withdrawal plan with the bank, then your bills may go into arrears, and your partner can't do much to help you in that case without your signature.


It happens in relationships where a joint account is regarded as an open account to both as it should be but for some selfish individuals who are unable to control there spending can cause a lot of stress in a relationship especially if the spending is one sided
Joint accounts can be good for the family bills and a joint saving account for future family vacations I find there is nothing wrong with each individual having there own seperate account for personal savings
I think it is a shame when one individual in a relationship controls the finances and dictates where and how money is spent and invested mumbling devil laugh
Sep 5, 2008 12:10 PM CST Joint bank accounts?
curvychick
curvychickcurvychickToronto, Ontario Canada22 Threads 1 Polls 369 Posts
Lonely1: Do you believe in having a joint bank account, or keeping separate accounts and paying individual bills?


I think that there SHOULD be a joint account to pay JOINT expenses...such as rent/mortgage, groceries, utilities, insurance...etc.... and I also think it is a GOOD thing to have seperate accounts.... so that you can indulge in what it is that you want

I have never been with someone and had a joint account other than my mom....and there were NO PROBLEMOS

PS: IF there is a trust issue about joint accounts, then why are you even with them? doh

no trust? no account...NO RELATIONSHIP! PERIOD!

grin
Sep 5, 2008 12:44 PM CST Joint bank accounts?
kissmedeeply
kissmedeeplykissmedeeplyPetitcodiac, New Brunswick Canada81 Threads 21,310 Posts
Lonely1: Do you believe in having a joint bank account, or keeping separate accounts and paying individual bills?


I quess its up to the individuals and what they decide..

but for me JOINT IS FINEwave
Sep 5, 2008 8:34 PM CST Joint bank accounts?
kissmedeeply: I quess its up to the individuals and what they decide..

but for me JOINT IS FINE


So I guess you have never been burnt. I should have done this as a poll. So far most responses have said joint accounts, which proves that only a few people have been burnt. Hooray for maturity and honesty among couples!!!!

elephant motorcycle bowing
Sep 5, 2008 9:18 PM CST Joint bank accounts?
gemery
gemerygemeryWilliams Lake, British Columbia Canada5 Threads 676 Posts
Lonely1: Do you believe in having a joint bank account....


Instinct says nope. However, the logic behind a joint account for the reasons stated make sense.

geo
Sep 5, 2008 9:42 PM CST Joint bank accounts?
gemery: Instinct says nope. However, the logic behind a joint account for the reasons stated make sense.

geo


so which works for you?
cheers
Sep 5, 2008 10:15 PM CST Joint bank accounts?
gemery
gemerygemeryWilliams Lake, British Columbia Canada5 Threads 676 Posts
That is hard to say until I am in that position. I could probably work it either way.


geo
Sep 5, 2008 11:26 PM CST Joint bank accounts?
thewall2
thewall2thewall2montreal, Quebec Canada68 Threads 13,392 Posts
seperate.........
Sep 21, 2008 12:07 PM CST Joint bank accounts?
MysticalUnicorn
MysticalUnicornMysticalUnicornHamilton, Ontario Canada26 Threads 1 Polls 259 Posts
I had a joint with my ex. I say as long as you both have an understanding, and talk about money. Example; you don't run out and buy something big and expensive without discussing it with your partner first. It takes trust, but then again without trust is it really a good relationship in the first place?
Feb 17, 2021 9:33 PM CST Joint bank accounts?
Lonely1: Do you believe in having a joint bank account, or keeping separate accounts and paying individual bills?
I am surprised this is not archived..
Feb 17, 2021 10:15 PM CST Joint bank accounts?
Lonely1: Do you believe in having a joint bank account, or keeping separate accounts and paying individual bills?
Separate. However, if the marriage is solid, then perhaps a dual account JUST FOR HOUSEHOLD EXPENSE. In the case of not being married but living as a couple, then definitely separate. If purchasing a home together, both parties need monthly legal receipts proving they are paying their fair share...trust me...each party must be able to continue on life if the relationship fails, with as little fiscal contentions as possible. professor
Feb 17, 2021 10:20 PM CST Joint bank accounts?
kissmedeeply: I quess its up to the individuals and what they decide..

but for me JOINT IS FINE
be honest— how many times in your life have you heard someone say, “I never would have believed, in all the world, that (s)he would do that”.? Right...? Right.. separate accounts..end of story.
Feb 17, 2021 10:21 PM CST Joint bank accounts?
Lonely1: I am surprised this is not archived..
Oh, I don’t think it rises to that ...it’s not inflammatory— just discussion.
Feb 19, 2021 7:33 PM CST Joint bank accounts?
rohaan: Oh, I don’t think it rises to that ...it’s not inflammatory— just discussion.
I guess your are right. Or is it that this is in the Canadian forum, which needs reviving? dunno
Sat Feb 20, 2021 10:27 AM CST Joint bank accounts?
secretagent09
secretagent09secretagent09Jersey Girl In, North Carolina USA200 Threads 4 Polls 8,027 Posts
Separate personal savings account, separate credit cards and separate debit card bank accounts.

One credit card for the big items such as appliances.
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