Halifax joint account query

nanto3girls

I always thought if you had a joint account, both parties had to consent to withdrawals or transfers. Apparantly this is not correct. My son has split from his wife and she has transfered all the money from the joint account, into an account that is in her name only.

premierfella

Once upon a time that may have been the case, but the vast majority of joint accounts are "either to sign" these days, hence why partners should think carefully before opening one and deciding how to use it. What has happened to your son is far from unusual and is probably taught as part of "Break-up 101".

opinions4u

nanto3girls wrote: »

I always thought if you had a joint account, both parties had to consent to withdrawals or transfers.

Halifax offer savings customers a choice of withdrawal on either signature or requiring both.

Current accounts only require one signature (or online click, or ATM card and PIN etc) for obvious reasons.

Apparantly this is not correct. My son has split from his wife and she has transfered all the money from the joint account, into an account that is in her name only.

Make sure the time and date of the transfer is clearly indicated and retain details for solicitors and divorce courts.

While it doesn't help now, a phone call to Halifax to tell them the account is in dispute would have stopped withdrawals until the two of them reached an agreement over the funds.

davidgmmafan

Both parites can access the cash in full, just as both are liable for any debt in full. Its more viable to have a savings account with either to sign to prevent such problems (if you want a joint account at all). An either to sign current account to the best of my knowledge doesn't exist as it simply wouldn't work.

jonesMUFCforever

davidgmmafan wrote: »

Both parites can access the cash in full, just as both are liable for any debt in full. Its more viable to have a savings account with either to sign to prevent such problems (if you want a joint account at all). An either to sign current account to the best of my knowledge doesn't exist as it simply wouldn't work.

Did you mean to say a ''both'' to sign wouldn't work as most joint accounts nowadays are either to sign>:D

nanto3girls

Thanks for all the replies, it's much appreciated.