 TITLE: Should Married Couples Have Joint Checking Accounts? CONTENT: What Is a Joint Checking Account?\n---------------------------------\nA joint checking account is exactly what it sounds like: a checking account that belongs to more than one person—in this case, a married couple. Either person can add money to the account, withdraw from it or use it to make purchases.\nThe type of joint accounts most married people open qualifies them as equal co-owners in the eyes of the law, which means each person is entitled to half the money regardless of how much they've contributed. At any time, either account holder can withdraw up to 100% of the funds and can close the account without the approval of the other party. If one spouse dies, the account may also stipulate survivorship rights that pass the balance of the account to the surviving account holder without going through probate. For these reasons—and many others—opening a joint checking account is an act of trust.\nEach account holder is insured up to $250,000 by the FDIC or NCUA, meaning your joint account carries twice the coverage of an individual account. END