Happy Couple Calculating Invoice

A joint account is a collective bank account to deposit and use funds in common, in mutual trust between co-owners.

A 85% of couples decide to open a joint account. Be careful, just because they have one doesn’t mean that couples share everything. Everyone can keep their personal account and only contribute to the joint account the amounts intended for household expenses.
However, joint accounts are recommended in certain situations, for example when two people are required to repay a mortgage. It is accessible to everyone, whether married, in a relationship or cohabiting, including of the same sex. Each co-holder can operate it alone, as if he were the sole holder: pay with a credit card, sign a cheque, set up a transfer, everything is possible without the need for the other’s agreement. But it does not only have advantages and also imposes certain responsibilities.

Thus, madame is responsible for debts and payment incidents contracted by Monsieur on the account (and vice versa). In other words, you may find yourself banned from banking because your spouse has issued an NSF cheque. It is obviously in the event of separation of the couple that this responsibility can become very heavy to bear. It is then better to take the lead and ask for its closure, or to dissociate oneself from it.
“It is strongly recommended to keep a separate account in addition to the joint account. This avoids difficulties in the event of separation or the death of the spouse”,
insists Alix de Renty, private banker at Oddo Private Bank and co-founder of The Ladies Bank, which aims to encourage women to take care of their finances. The joint account is not blocked in the event of the death of one of the holders, unless the deceased’s heirs so request, which may happen in the case of a child of a first bed.

Mireille BASSA


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