Opening up a joint bank account with your mate is considered a big deal. It’s one thing to be honest about your money, but it’s another to actually share and give your partner access to it. It’s a huge commitment.
But in the case that you do decide to have a joint account with your mate, what are the guidelines? Do you withdraw at your own leisure or do you ask your partner for permission first?
That’s a question that will be tackled on the upcoming episode of Centric’s “According to Him + Her,” hosted by Claudia Jordan and Finesse Mitchell.
The legal answer is no. Joint bank accounts, whether opened with your mate or your best friend do not require you to get permission of any kind to withdraw funds, no matter who opened up the account or who’s actually making the deposits. Once you sign those papers, all names on the account have 100 percent rights of ownership.
Of course, legal and morality don’t exactly go hand in hand. Any true relationship that is built on honesty and respect wouldn’t dare adopt a policy of every account holder for him or herself. With sharing a bank account comes responsibility and accountability. While you don’t exactly need “permission” per say, you owe it to your mate to be able to communicate how much you’re spending, why you’re spending and what you’re spending it on. No one wants to discover that hundreds, or even thousands of dollars have been unknowingly withdrawn.
It’s also important that you and your partner communicate the expectations on how the account is expected to be handled. Is it a savings account for a rainy day? Is it a splurge account for you guys to spend at your own leisure? Or is it more practical for things like groceries and gas? Having a clear, definitive idea of what the account is for will hopefully eliminate any chances of arguments or misunderstandings.
Besides, any real partner would want to be on the same page with their beau when it comes to sharing finances. It’s not only fair, but it cultivates a relationship with love and trust. No one’s saying you’re not entitled to the money, it’s just more wise that you keep the withdrawing as a team effort.
(Photo: RK Studio/Blend Images/Corbis)