Just married with no joint account.

gettingtheresometime

tyllwyd wrote: »

Would it be possible to set up a joint savings account maybe? (Just wondering, no advice, I have no idea if this would/wouldn't be a good plan.)

This would link the OP and her OH

Dearbecks_2

Thanks for the replies, will try banking it through the quick deposit box & keep my fingers crossed!

GlamGirlie

Peter333 wrote: »

I am sure you can just put it in your account. If your name is on it. I THINK so anyway. Just ask your bank.

In fact this is illegal under the Cheques Act (1986).

Any bank that does accept it does so at its own risk, it is not obliged to accept it.

GlamGirlie

Dearbecks wrote: »

Thanks for the replies, will try banking it through the quick deposit box & keep my fingers crossed!

Don't be surprised if you get a call or letter saying they won't accept it.

All the quick deposit boxes do is avoid a queue at the teller's counter... a person still processes them back office.

hawk30

Edwardia wrote: »

Whe I was at uni, one of my lecturers had a friend come in as guest lecturer right at the start. He was an economics lecturer and he did a lecture and seminar on finance as a student.

One of the things he impressed upon us, was not to have a joint account.

Other person can look at balance, forget or conveniently forget that there are bills to be paid and go splurge on.

You might think that your marriage will last but the divorce rate is high. S/he could clean joint current and savings account out and run off to the Bahamas or er Blackpool.

And then there is the credit rating issue. While one poster says her partner shared, I lived next to a couple who could only get a mortgage on her salary and credit rating bc husband's debts were so bad. If she had linked her finances to his, she told me, they never would have gotten a mortgage.

My father's IFA told me not to get joint account bc husband had bad credit rating and debts. It's excellent now and almost all debts gone.

Supposing you have good job, solid work record, great credit score. You're married, struggling financially because of his debts and suddenly you need to find dosh for a new boiler in winter. If you have a joint a/c with him you're less likely to be able to get an overdraft or credit card.

So keeping finances separate can be a lifeline. Don't let rose-tinted specs blind you to the possibility that he could push you into more debt or leave with the savings. I'm not saying it happens all the time obvs.

But when economics lecturer, IFA and banker friends ALL told me don't have a joint account then I took notice.

In 21st century do women need to prove their love by handing over name and getting joint account ?

I've had a joint account for years and he's not run off with my money yet. And a joint account makes life so much easier, especially for us now there's now only one wage coming in. Although I quite like the idea of having separate accounts and giving him his 'housekeeping' at the beginning of the week. I could then spend the rest on handbags and books.

lazer

gettingtheresometime wrote: »

This would link the OP and her OH

Savings accounts don't show up on a credit report so won't link you together credit wise.

Another alternative is some of those cheque cashing places but there will be significant fees

penguingirl

This thread has made me glad that if ever I write a cheque for a friend's wedding, I always only write it to the groom as I never know whether they have a joint account and what the bride's banking name is. It always feels very wrong (particularly from a feminist point of view!) but I'd hate them to have difficulties paying in their gift and I know most people would be very embarrassed if they had to ask for it to be re-written.

And as for not having joint accounts. Do we also avoid joint mortgages? It wouldn't be difficult to get a secured loan against a jointly owned house and that's not that different from running off to Blackpool. If my OH ran off to Blackpool I reckon he'd be back within the afternoon

WillowCat

The council once issued me a council tax refund cheque in joint names despite the original payment (DD) coming out of my single bank account. My bank returned the cheque to me (bizarrely the council actually sent the cheque to my bank themselves so it was the first I knew about it...)

Fortunately my OH's bank accepted the cheque when we went into a branch together and I showed them my ID.

Slinky

I had a woman in my bank querying a dividend cheque of under a fiver as it was made payable to Miss 3 first names, surname and my account name is Mrs 3 first names, surname as the company registrar hadn't updated their records properly when I sent them my change of name. Given that my 3rd first name is actually my maiden surname and is not a 'normal' female first name, if you put my name combination into an internet search engine, there is only me with this combination of names coming up on the planet.


The woman in the bank said 'how do I know there isn't a Miss 3 names first name, surname living at your address also'. I pointed out that she was the first person in the bank to query it and it had been wrong for 8 years, but she was still arsey about accepting it.

Dearbecks_2

Just to update you all, my husband deposited the cheque through the quick deposit box & it has been paid into his account so thanks for the advice. I see someone posted that joint savings accounts do not link you financially, is this correct? My husband has had defaults in the past therefore we can not be financially linked (yet) as this will affect my mortgage.