Joint checking accounts

Birdie1483

I was thinking about this while sitting in rush hour traffic today and I was wondering if those who are already married could give their opinions on their joint checking account situations.

Do you like having a joint account? Did you keep your old account for side money? And did you open your joint account before you legally changed your name and became married?

I'm trying to decide if I want to open an account before we're married or not. I'm just afraid it'll be a big PITA that
1) we're not legally married so I don't know how that would affect permissions for each of us to do things and
2) to change my name when we do get married. Is it easier than I'm making it out to be?

mandapanda78

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_joint-checking-accounts?plckFindPostKey=Cat:Wedding BoardsForum:9Discussion:db2032e0-b01c-4b0e-a6f6-09e25be951b5Post:2ebe9d9a-0a3e-47d6-8d06-7f89f8d6777e">Joint checking accounts</a>:
[QUOTE]<strong>Do you like having a joint account? </strong>Yes, very much. <strong>Did you keep your old account for side money? </strong>Yes, AND keeping a checking account and/or credit card open in your name is a good idea for your own personal credit. <strong>And did you open your joint account before you legally changed your name and became married? </strong>No. I'm trying to decide if I want to open an account before we're married or not. I'm just afraid it'll be a big PITA that<strong> 1) we're not legally married so I don't know how that would affect permissions for each of us to do things and 2) to change my name when we do get married. Is it easier than I'm making it out to be? </strong>I think it might be a whole lot easier after you are married.
Posted by Birdie1483[/QUOTE]

kellyjellybelly

We had a joint account before we were married.  Mostly because our mortgage escrow overage checks had both our names on it, and we had trouble depositing them.  

I just change my name at the bank last week, just had to bring in the marriage certificate and sign new signature forms.  No big deal.

We each still have our own accounts, and probably always will.  

Birdie1483

manda, yeah I'm definitely going to keep my accounts that I currently have. I don't ever plan on breaking up with FI, but if the situation were ever to occur, I'd definitely want to have established credit on my own.

kelly, are they going to just send you a new debit card (if you have one) with your married name on it? That's good to know it wasn't a big deal.

We have a little over a year until we're married and have been together for four years, living together for 2. I have to write a check to FI every month for bills, so it's becoming a PITA in that respect. I feel like it'd be easier to just open a joint account sooner rather than later.

kellyjellybelly

Yes, they sent me a new debit card and new checks.  

apple_green

We opened a joint account when we were engaged and used it for only wedding-related expenses. Now that we're married, we plan to use it for all household expenses - rent, bills, going out to eat, groceries. We did live together before and both paid for these things separately, without really keeping track of being exactly equal.

We are going to both set up our direct deposit to put 50% into our joint checking and 50% into our personal accounts (divided between checking & savings). We're both keeping personal checking accounts, credit cards and savings accounts.

If I ever stop working to be a SAHM we may talk about a joint savings... not really sure yet.

And it's no big deal to open an account with your maiden name and change it later. We were just in the bank this afternoon depositing our wedding gift checks. They said we have to bring in our marriage certificate and that's it.

katiewhompus

We got a joint checking account after the wedding. I was changing my name anyways, and it was an easier process (our bankers are old school and would give an unmarried couple a side eye).
I love having a joint account because it allows me to manage our money from one place. We also have a big difference in income so if we had split accounts it would be a total pita to pay our bills.
I do actually have a separate account, but it was $200 to keep my account open at a local bank. We just moved to the town with that bank so we'll probably move everything into there soon.

ETA: Changing my name on the account was no biggie. I just had to bring in the marriage certificate and new driver's license and sign some papers. I received a new debit card in the mail a few weeks later.

iamjoesgurl

Do you like having a joint account? Yes

Did you keep your old account for side money?  We each have an account where we have our "spending money" direct deposited.  The rest of our paychecks are deposited into the joint account where we pay our bills.

And did you open your joint account before you legally changed your name and became married?  We waited until after we were married.

We didn't consider opening an account together before getting married so I don't know how that works.  I did find out, however, that we could not deposit our checks from the wedding without having us both on the account (unless the check was made out to just one of us).

Birdie1483

Meaghann, that's how I feel too about buying him a present, but my mom looked at me like I had three heads when I mentioned keeping our own separate accounts with a joint account.

psuxray07

FI and I got a joint account when we moved in together 3 years ago.  We were together for 4 years before that.  We only have a joint checking together, where we put about half, maybe a little less into it with each paycheck for our rent and other bills.  We both have our own savings and checking accounts, and credit cards for things that we want for ourselves, or to buy each other, etc...  and it's going to stay that same way after we're married.  I don't think it'd be a big hassle to change your name over at the bank afterwards.  It works out very well for us.

squirrly

Our banking is six kinds of messed up.  I bank with Chase for my personal stuff, including the mortgage on my house in Louisville that's under contract.  There's no Chase branch in Mass. 

H uses USAA, and there are no branches of that here either.  We opened a joint account with USAA, and I opened a personal account there, but I'm not really using it actively yet.  The joint account is just a pass-thru for our bills - we each deposit our half of the bills, and then pay them out of that account. 

Once my house in Louisville sells (February, maybe?), I'll move the rest of my stuff to USAA.

So - I think the joint account is nice to have.  Changing my name at the bank was super easy (excluding the mortgage, that requires a re-fi).  Credit cards were super easy too, btw, both the bank issued MC and my AMEX.  Permissions on the account won't matter whether you're married or not - it's just who has access to the account.  It's really up to you whether you want to have it now or later.  The bigger PITA is if guests write checks to Mr. and Mrs. Birdie - you may not be able to cash or deposit the checks until you get your name changed, depending on the bank's rules.  (Mr. or Mrs. Birdie is much safer, FYI.)

[Deleted User]

We have a joint checking and savings account. H just added me on to his. He uses a credit union which he got grandfathered in from his Grandpa and he didn't want to give it up. He added me on before I had "officially" changed my name, but we brought our marriage license with us. We were able to deposit the checks from the wedding after that.

I like having the joint account, but I still have my old savings account which I am still debating on whether to transfer into our joint account or not. I also have a checking account here locally where we live now bc the first job I had here did not have direct deposit so I had to open a checking account so I could use my paychecks. I will be closing that one out shortly or whenever I get around to it bc I have no need for it anymore.

missy68

Yes, yes, and yes. When I moved in (once it was "permanent" and the furniture was here and I had a job), we opened a joint account at the bank where his mortgage already was.. We linked it and I also opened a separate account. He has a separate account at a credit union.

Our pre-marriage liabilities (credit cards, loans, etc) come out of the separate accounts, and the joint account is our house account and pays all the joint biils. We contribute to it based on our salary - he makes twice as much as I do, so he contributes 2x as much.

The only problem I had is that the bank had trouble understanding that I dropped my middle name and moved my maiden to become my middle. I went through 2 rounds of debit cards (but they came quickly) and my credit card. Checks aren't fixed, but I hardly use them.

tenofcups4me

We opened a joint checking and savings account when we moved in together. No problem doing it with separate names and we were the ones who were able to decide exactly how fluid the accounts were with other accounts (completely fluid -- either one of us can move money back and forth between our joint and private accounts). We also each kept separate checking and savings, though we rarely use them now.

Didn't change my name after we got married so I have no idea if that's a hassle or not, but having a joint account makes depositing wedding checks very easy so it's worth it to open one for that alone in my opinion.

kayakrunhike

We opened our joint account shortly after we got engaged.  More than anything, it was the wedding account.  It also linked our separate accounts so he could give me money for the bills (they're all in my name, since he moved in with me).  We do like it, and it's really convenient for us.

We actually both still have our own savings and checking accounts, but will pare it down to one account each.  We've just been too busy to do so, and we're not terribly concerned about it at this point.  As a PP said, it was super easy to change my name on the account.  I brought in my new social security card and the marriage certificate- I didn't have the paper with my fixed drivers license info at that point.  It took less than 15 mins, and they ordered new cards for me right away. 

Oh, and a bit of advice if you didn't know, since the PP brought it up.  When you get checks with your new last name, before the wedding, go talk to your bank.  Wachovia told us to write something like 'deposit only' on the back of the checks when you sign them, and then drop them off.  That way you can still deposit them, but you only won't be able to cash them that day.  We were worried, since our HM was 3 weeks after the wedding, and we couldn't change my name yet because the tickets were in my maiden name.  A month is an awful long time to wait  to deposit all those checks. 

Calypso1977

after a year and half of completely separate money, we finally combined everything into a joint checking.  it sucks so far, but only because my H wont allow me to use a debit card with the account.  he's afraid our money will get drained if someone gets the card or number.  legit point, it does happen, but its embarrassing writing checks at the grocery store, dry cleaners, etc.

we each have about $200 a month going into our own separate accounts for spending money.

Birdie1483

Calypso, FI had both his debit and credit card compromised this summer (from the same place). About 5 people in his office did as well, so they assumed it was from when they went to lunch at BW3's and all used their cards. Somehow the CC system got hacked and there went their info.

Anyhoo, our bank was pretty good with dealing with it quickly. They put a stop on his debit card within an hour of it being used elsewhere. The money never did leave his account since they knew it was fraud. He just had to wait for a new debit card. Same this with his credit card a month or two later. The idiots racked up $800 on FI's card, but he never had to pay on a balance or interest while the paperwork was going through with the bank to close that account and open a new one.

If it really bugs you (it would drive me nuts) using checks, I would talk to your bank about what type of fraud protection they offer. Have your H be there as well.

eriley333

Do you like having a joint account?  My FI and I love having a joint account. When having a joint checking account you dont have to decide who pays for what.

Did you keep your old account for side money? No, we are having one joint checking and one joint savings.

And did you open your joint account before you legally changed your name and became married? We have already created a joint checking account together. We are not married yet (10-2-10) either. Getting a joint checking account was not hard at all. When we went to the bank, we informed them that we would be getting married soon. We asked what the process was for changing your name on the account and all you have to do is bring in a certified copy of your marriage license.  It was a breeze

Calypso1977

birdie, i've tried everything.  the man wont even get direct deposit becuase he "doesnt trust it".

SummerBoston10

We did not have any joint accounts before we were married.  This is what we did.  I went to the bank and changed my name on my accounts and added my husbands name to my accounts.  I had not yet changed my name with SS and all they required was the marriage certificate.  He kept his checking account open for a few weeks so that he could transfer direct deposits and bill payments, etc. to our account and then he closed his old banking accounts.  We have since opened up other new savings accounts that neither of us had before. 

Finances are such a personal thing though.  Both of us wanted everything to be completely joint and shared so we don't plan to keep separate accounts of any type but that is a personal choice and there are many different schools of thought on it. 

Regarding the name change, its not that complicated.  It was even easier at the bank because they did not require ID, or SS card with my new name, only the marriage license.