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In South Korea where I live, joint accounts are illegal. You can share cards and PIN numbers with your spouse, and that practice is at least informally accepted
by seoulbigchris 3y ago
In South Korea where I live, joint accounts are illegal. You can share cards and PIN numbers with your spouse, and that practice is at least informally accepted. But it’s not a true joint account and doesn’t have the benefit of survivorship.
- vsskanth 3y agoDoes the no survivorship benefit also apply to retirement and investment accounts ? What happens to the money when someone passes away then ?
- seoulbigchris 3y agoThe money / property passes through normal probate process. It’s not automatic like would be in a joint account.
- em-bee 3y agoyou can have a bank account only in one persons name, but that doesn't mean you can't treat the account as a joint account.
- seoulbigchris 3y agoPractically speaking, yes. I am not sure it’s completely legal. For example, my wife made such an account in her name and the reason she said was for our savings. A week later the bank shut down the account be side they said an account can’t be shared. It that’s just one anecdotal story.