How To Check Account

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How To Check Account

Should you go in for a joint checking account with your spouse or not? Read on to know the laws that govern these accounts, before arriving at a decision.

Joint checking accounts refer to those bank accounts that are co-jointly held and operated by two people. They are mostly opted by lifetime partners, such as married couples or by a parent and a child, so that they can put their funds together, to make joint payments. There are many advantages of opening a joint account. Firstly, opening such an account can save money for the couple, as the bank fees for a joint account is the same as that of a single account. Secondly, if one of the parties has some credit obligations which he has not been able to fulfill, he can utilize the entire money to fulfill that. Lastly, in case one of the partners die, the entire funds automatically become accessible to the other partner, without any kind of legal hassle.

These accounts have many advantages. Before opening it though, the partners should be aware of the rules and rights. Here are the important laws that govern these accounts.

Rules and Regulations


Rights

Both the owners have equal rights and responsibilities. Both the owners have an ATM card and can access the account. Both can write a check and have access to Internet banking. The amount of money deposited by each owner is irrelevant as both have equal rights over its usage. An owner can use the entire amount in the account, without the approval of the other owner, and can even close the account. The other owner can not hold the bank liable for his loss of money, in such a case.

Equal Liabilities

In a joint checking account, any liabilities that may arise, will be equally shared by the co-owners. For example, if one of the owners gets entangled in a lawsuit and the bank account gets attached, in such a scenario, both the owners will have no access to the money. That means the other owner too will lose all his money.

Taxes

Income tax on the interest earned through the money in this account, is levied on the person whose name appears as the first owner in the bank documents. In case of death of the primary owner, the balance in the account is added to all his assets, to calculate the estate taxes.

Joint Checking Account After Death

In case of death of any of the owners, the survivor gets full authority and rights of the account. All he has to do is to take the death certificate of the co owner to the bank to get the deceased owner's name removed. Once this is done, the surviving owner has full access and rights over the account.

Joint account, as you can see, has its advantages and is especially beneficial for couples. However, it has certain drawbacks too. For example, if one of the owners is an impulsive spender or has huge debts, it can put the other owner's money at risk. Also, in case of a fight or a divorce, a co-owner can take out all the money from the account, without the knowledge of the other person. Thus, trust and clear communication between the co-owners is extremely important before going in for a joint account. Updating each other of all the deposits as well as withdrawals on a regular basis is essential too. To avoid any future hassles, keeping a separate personal account for personal expenses and debts, along with a joint account to pay for shared expenses, is an arrangement many couples go in for these days.



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