Joint savings account for unmarried couple

butterfly72

Hi, quick question. Once each party has put there cash into the account, assuming both have access, can one couple really just withdraw and wipe out the account without implication? Thanks in advance. 

xylophone

Hi, quick question. Once each party has put there cash into the account, assuming both have access, can one couple really just withdraw and wipe out the account without implication? Thanks in advance. 

Yes, unless you have a "two to sign" type account.

This type of account would preclude internet access (except on a "read only" basis).

You would need to complete and both sign a form every time a withdrawal was made and either take or send it to the branch.

eskbanker

butterfly72 said:

Hi, quick question. Once each party has put there cash into the account, assuming both have access, can one couple really just withdraw and wipe out the account without implication? Thanks in advance. 

If you're having doubts about the arrangement (as implied), it might be worth reconsidering if pooling money is appropriate for you?

colsten

eskbanker said:

butterfly72 said:

Hi, quick question. Once each party has put there cash into the account, assuming both have access, can one couple really just withdraw and wipe out the account without implication? Thanks in advance. 

If you're having doubts about the arrangement (as implied), it might be worth reconsidering if pooling money is appropriate for you?

May be the question comes from the party who can’t believe their luck that there would be such an easy money-making opportunity? 🤣

butterfly72

xylophone said:

Hi, quick question. Once each party has put there cash into the account, assuming both have access, can one couple really just withdraw and wipe out the account without implication? Thanks in advance. 

Yes, unless you have a "two to sign" type account.

This type of account would preclude internet access (except on a "read only" basis).

You would need to complete and both sign a form every time a withdrawal was made and either take or send it to the branch.

Thank you. Really useful information and what I needed to know.