Westend61/Getty Images 6 minute read Published June 02, 2022
Bankrate logo At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict ,
this post may contain references to products from our partners. Here's an explanation for . Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and
CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Opening a joint bank account is a big step for a lot of couples. For some, it happens when they move in together, get engaged, or get married. Other times, couples keep their finances separate at first and then later decide that they want to mingle their money. (And sometimes, even married couples choose to keep all of their accounts separate.) For people who share expenses, it's often easier and more practical to have at least some of their money in shared accounts, which makes it convenient to pay for joint expenses like housing, food, and other regular bills. While couples often share savings and investment accounts, too, a joint checking account can be a good place to start. Key Takeaways
Who Should Open a Joint Checking Account?Couples (whether married or not) who are in committed, long-term relationships are good candidates for joint accounts. You need to fully trust the person you open a joint account with since each account holder has full access to the money held by the account. That means that either person could withdraw money or even drain the account and close it without the other person's consent. This equal access comes in handy during illness or other times of crisis; for example, if one of the account holders gets sick, the other can access funds and pay medical bills as well as keep the household running. And if one person dies, the other will have continued access to those joint funds without needing to deal with a will, probate court, or lawyer, as long as the account has the right of survivorship. Newly married couples managing money together aren't the only people who will benefit from a joint account. Parents and teens—as well as adult children caring for their aging parents—may want to consider a joint checking account. The parent of a teenager can then monitor their child's account activity and deposit money on their behalf. And caregivers of older or ill adults can easily access funds to pay for care. How to Open a Joint Checking AccountOpening a joint checking account is very similar to opening an individual checking account. Select "joint account" when you fill out your application or, after you fill in one person's information, choose to add a co-applicant. Both people may need their Social Security number, birthdate, mailing address, photo ID, and information for the accounts you plan to use to fund your new account. Another option is to add one partner to the other partner's existing account. In a joint bank account, each account holder is insured by the FDIC. That means the total insurance on the account is higher than it is in an individual account. Things to ConsiderManaging money as a couple requires clear communication and expectations. It's important to discuss how you'll each deposit money into the account and use the money once it's there, ideally before you open the account. Remember, each person can access joint funds and talk to the bank without notifying the other person. Additionally, any money in a joint account may become vulnerable if one person has unpaid debts, as creditors can, in some cases, go after money in the joint account. Keeping Some Money SeparateOpening a joint checking account doesn't mean you need to close your individual accounts. Many couples keep individual accounts for personal expenses, as well as joint ones for household and other joint expenses. In some cases, each partner contributes an equal sum to the account each month. Or, each person contributes an equal percentage of their take-home pay. Whichever path you choose, be sure to clearly lay out the expectations for both deposits and withdrawals. What Do You Need to Open a Joint Checking Account?What is needed to open a joint checking account is the same as what is needed to open a regular checking out. These items include proof of identification of both individuals, personal identification such as Social Security numbers, proof of address, and possibly cash to fund the account. Can I Open a Joint Checking Account With Anyone?Yes, individuals can open a joint account with anyone. Most often, however, joint checking accounts are opened between partners or family members, but any two people can open one together. Do Both Parties Need to Be Present to Open a Joint Checking Account?Both parties do not necessarily need to be present to open a joint checking account. Many accounts today can be opened online, therefore, both parties do not need to be present but the identification of both parties will need to be provided. The Bottom LineA joint checking account can be a good place to start for couples looking to merge their finances. Having a joint checking account comes with many benefits, such as better protection and an easier way to pay for joint expenses. Can I open a joint account online with Chase?If you don't want open an account online, you can always visit the nearest Chase branch and open a checking account in person. You'll need to provide the same information and documents outlined in the previous steps. If you want to open a joint account, applying in person is the only option.
Can I open a joint account with Chase?Chase joint account
Chase's consumer checking and savings accounts are all eligible to either be opened as a joint account or to have a co-owner added after account opening. To add someone to an account, the primary owner and the other person can visit a Chase branch together with two forms of identification.
How do I add a joint to my Chase account?Here's how to add a Chase authorized user online:. Log in to your account at Chase.com.. Go to the “Accounts” tab.. Click the three dots on the far right under your card, then “More options.”. Click the “Account Services” dropdown menu.. Select “Add an authorized user.”. Make an ID and password for your authorized user.. Can you open a joint account online?Opening a joint bank account is similar to setting up individual accounts. Most banks will allow you to sign up online or in person as long as you have the required information for both owners.
|
How to open a joint bank account chase
Related Posts
Copyright © 2024 toptenid.com Inc.
