04/27/2008Joint Bank Account. Any reason not to apply for one?
- I have a friend who wants to open a joint bank account with me. We are not a couple and never will be, just good friends. She says she needs it if she goes overseas so as one card is here and the other is with her.
I guess her friends could use the card with acess to her PIN. She also said she doesn't want any of my money in it. I dont know the tax laws here in Australia about joint accounts and i'm also a tad suspicious about the idea. What are the pros and cons with having one?
- Best Answer:You can be a co-signer on the account, I am on my daughter's and the other half is on our son's. The down side is if she bounces any checks, it can come back on you and your credit report. At least that is how it is here in the US.
So make sure you find out from the bank what all will apply to you even if you are just on the account as a co-signer.
- Answer:Something does sound suspicious about that. She could get her own bank account, and set it up so her friends can access it just as easy, if not easier than also involving you.
One thing I do know when it comes to money, and people... If your not sure about it- don't do it!
- Answer:Managing such an account is a chore; one person can have activity that the other doesn't know about. Better to have single accounts -- with, if you wish, joint signatory capacity.
- Answer:It's a bad idea. If you guys argue, she could take all the money out.