 TITLE: Should Married Couples Have Joint Checking Accounts? CONTENT: Downsides of a Joint Checking Account\n-------------------------------------\nJoint checking accounts can also create—or highlight—financial problems. Before signing up, consider the following:\n**Coordination is hard.** With a joint account, either party can withdraw money at any time. This is a problem if your partner is the type to run off to Las Vegas with all of the money, never to be heard from again. But it's also problematic if either partner is careless. Overdrafts can easily happen, as can late deposits, crossed wires, simultaneous spending—the list of potential issues is long.\n**You're on the hook for each other.** If one of you overdraws the account, you are both on the hook for fees. If one of you owes money, a creditor can go after your joint funds. If one of you spends the money that was earmarked to pay the mortgage or a credit card bill, the late charges and possible delinquency could affect your credit.\nWhen deciding whether to open a joint account, consider the potential downsides to your marriage as well as the financial downsides. It's a fact that money can be a major source of tension in relationships, and if you think the stress of maintaining a joint account will outweigh its benefits or jeopardize your marriage, maybe it's best to avoid one. END