Joint Account

A joint account is a shared account between two people, typically relatives, couples, or business partners who are acquainted and trusted with one another.

Yet, because they typically allow all participants full access to the funds, joint accounts can be problematic. Hence, if one partner struggles to rein in their spending, it may have an impact on the other spouse, who may be more frugal. Because they are labeled as joint account holders, the thrifty spouse cannot dispute the withdrawals or transactions of the other spouse with the bank.

With shared accounts, it's also important to remember that anyone with access is accountable for any fees or penalties.

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