joint bank account

[mcraig]

Am I right in thinking that with a joint bank account, both parties pay just goes straight into the same account that they can both take money out of??

Is it basically just like pay going into your own account, but instead of only one person's pay, it's two??

[annie0000]

In a word - yes.

Each of you can take out or pay in whatever you want - without the others permission. I am sure that you can set up dual signature accounts, but they are mainly for businesses or where a trust is involved.

You will be individually liable if the account is overdrawn i.e. if your partner empties the account, runs up debts and disappears, you will be liable to repay.........and vice versa.

[mcraig]

thanks, that cleared things up a fair bit!!

[annie0000]

I guess it is down to how far you trust your other half. A good compromise is to set up a joint account with a minimal overdraw facility - e.g. �100. use it to pay all your joint bills and shopping etc. Each of you pay by standing order a set amount into it each month, but mainatin your own account for your salary to be paid into and for any individual expenses e.g. clothes, hairdo's, presents etc.

[annie0000]

If the bank insist that a salary must be paid in in order to operate a current account (some do) then you do the same in reverse - salary gets paid in and then you standing order what you need for personal use back out into your own account, again, keep the overdraw facility at a minimum. If you need to overdraw, keep that on your personal account.

[mcraig]

so how long would it take to get set up and running then? any idea?

[LoftyLottie]

It can be organised so that both signatures are required for every cheque, cash withdrawal from bank, standing order, etc. However, I don't know how this could be applied to using cash cards?

[annie0000]

Haven't worked in banking for quite some time, I don't think it takes long especially if you are staying with the same bank. Everything is done electroncally now - I did get an account set up within a few hours - but it was basically a deposit account that I needed to put some money in as security for a bridging loan. The principal is the same, but it will atke time to contact all the people that have direct debits/standing orders etc.

[innocenti]

My partner and I have just made his account into a joint account. My name was added in a few days and I was operational on it within a week.

[Beebopper]

Yeah, you both get your own debit cards and have equal access to the money in there- just make sure you dont get a "both th sign" account - you cant get access unless they get both sigs - nightmare!