5 ms·

Are you under the impression that joint accounts require both partners to consent to a transaction?

scarface_74 3y ago
It does just for logistics. If we have $1000 in our joint account and we both spend $600 without talking to the other, it’s going to overdraft. On the other hand, if we both have our “own” account even if they are really joint accounts, that’s not a problem. My wife doesn’t work now. I put money into “her” account every pay period based on what we agreed on - and to make her whole once I “retired” her. She has access to credit cards and our joint savings account if something comes up. She isn’t really a big spender and neither am I.
- sooheon 3y ago
  > I put money into “her” account every pay period based on what we agreed on She can continue to spend the amount you guys have agreed on from a joint account.
  - scarface_74 3y ago
    It’s much easier just to open your bank app and know whatever is left in there you can spend until the next pay period.
  - brazzledazzle 3y ago
    I think sometimes people need a show of things to feel secure, even if there’s no functional benefit.
  - bluefirebrand 3y ago
    But in a shared account she could spend more than the agreed on amount.
- hashmush 3y ago
  How does this work? You have $1000, spend $600. You now have $400. How does the bank allow an overdraft here? Why isn't the transaction rejected? I guess this is a debit vs credit card thing?
  - scarface_74 3y ago
    You can have your bank account set to allow overdrafts or reject them. But even then, it works different if you’re using it at a point of sale with your debit card and a scheduled payment that doesn’t immediately show up as pending. It’s just a hassle that can easily be avoided by separate joint accounts. Of course we have a small savings account that takes care overdrafts automatically (with a $12 fee).
- kedean 3y ago
  If you both spend more than half your liquidity without consulting your committed life partner, there's bigger issues at hand.
  - scarface_74 3y ago
    If your “liquidity” is in a checking account, there is an even bigger issue..

It does just for logistics. If we have $1000 in our joint account and we both spend $600 without talking to the other, it’s going to overdraft. On the other hand, if we both have our “own” account even if they are really joint accounts, that’s not a problem. My wife doesn’t work now. I put money into “her” account every pay period based on what we agreed on - and to make her whole once I “retired” her. She has access to credit cards and our joint savings account if something comes up. She isn’t really a big spender and neither am I.

sooheon 3y ago
> I put money into “her” account every pay period based on what we agreed on She can continue to spend the amount you guys have agreed on from a joint account.
- scarface_74 3y ago
  It’s much easier just to open your bank app and know whatever is left in there you can spend until the next pay period.
- brazzledazzle 3y ago
  I think sometimes people need a show of things to feel secure, even if there’s no functional benefit.
- bluefirebrand 3y ago
  But in a shared account she could spend more than the agreed on amount.
hashmush 3y ago
How does this work? You have $1000, spend $600. You now have $400. How does the bank allow an overdraft here? Why isn't the transaction rejected? I guess this is a debit vs credit card thing?
- scarface_74 3y ago
  You can have your bank account set to allow overdrafts or reject them. But even then, it works different if you’re using it at a point of sale with your debit card and a scheduled payment that doesn’t immediately show up as pending. It’s just a hassle that can easily be avoided by separate joint accounts. Of course we have a small savings account that takes care overdrafts automatically (with a $12 fee).
kedean 3y ago
If you both spend more than half your liquidity without consulting your committed life partner, there's bigger issues at hand.
- scarface_74 3y ago
  If your “liquidity” is in a checking account, there is an even bigger issue..