ABA-AARP Joint Accounts Infographic

Joint accounts may be a great way to share financial responsibilities (income and expenses).

Other Reasons People Choose Joint Bank Accounts

• Extra pair of eyes to monitor someone else's finances for them.
• Assist with managing money to easily assist someone with paying bills and other banking needs.
• Post-death distributions to easily transfer money after the death of an account holder.

What You Need to Know

• The other account holder could withdraw money out of the account without your consent or knowledge.
• You may become responsible for paying taxes on the account.
• Your funds could be taken if the other account holder is sued.

Safer Alternatives to Joint Bank Accounts

• View-Only Account gives someone you trust the ability to watch and protect your account without the ability to access funds.
• Convenience Account or Special Financial Power of Attorney allows someone you trust to use your account for your benefit.
• Payable Upon Death Form allows you to name the person to whom you want to leave the money in your account by completing a bank form.

If you are considering a joint bank account talk to your banker about the alternatives.