easysurfer
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jun 11, 2008
- Messages
- 13,151
I've got this elderly friend that I help out who isn't the best at managing her money. Also he isn't that well so is fearful that when she goes into the hospital (a likely possibility) she wants to make sure her bills don't lapse. The other day, she suggested that we open up a joint checking account that way if she goes into the hospital I can use that to make sure her bills are paid on time.
I the idea of a joint account a good one or a terrible one.
I know a disadvantage of having a joint account is that either party can drain out the entire account without the other person's knowledge/permission. Additionally, if there are overdrafts, does that go on one's credit, and would that make your credit score lower. Even more, say if one party has creditors, can the creditors go after other accounts owned by a joint account owner or only on that joint account?
On one hand, I surely want to be helpful, yet on the other don't to regret a good plan that turns out bad.
Looking forward to your insight, experiences that I can learn from.
I the idea of a joint account a good one or a terrible one.
I know a disadvantage of having a joint account is that either party can drain out the entire account without the other person's knowledge/permission. Additionally, if there are overdrafts, does that go on one's credit, and would that make your credit score lower. Even more, say if one party has creditors, can the creditors go after other accounts owned by a joint account owner or only on that joint account?
On one hand, I surely want to be helpful, yet on the other don't to regret a good plan that turns out bad.
Looking forward to your insight, experiences that I can learn from.