kind of of spinoff of the hide your money thread

Just wanted to post a tip to anyone who shares any kind of account with a family member or friend. Make sure that your accounts are at a different bank. Why you ask?

You and your husband are on the joint account at bank A.
You have a personal account at Bank A that your husband is not on.
Husband decides to leave you and take all the money. You have $1K in your joint account and another $1K in your personal account. He writes a check for $1K at Bank A to get your joint money (which he can). He then goes to another bank or check cashing place and writes another check for $1K. It will bounce on your joint account BUT Bank A will take the money out of your personal account to cover it since you are a co-signer on the bounced account.

I know a person that was a co-signer/owner on her fathers checking account. She also had her family's accounts at the same bank (small town, one bank). Dad gets a girlfriend and puts her on his checking account without telling daughter. Girlfriends spends all Dad's money PLUS $10K of daughter's money before daughter even realizes it (the bank is taking the funds from a savings account she gets a statement monthly). She is FURIOUS but the bank is within it's legal rights to recover the money from any account that a signer has at their bank.

So beware and be careful!

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Proud to say I haven't shopped at a Wal-Mart since Sept 2003

Great tip. Hadn't thought of that. THANKS!!!

no problem. I am on my parent's account (in case of death I don't have to wait for the whole *process*) but I then had to move our personal accounts to another bank to avoid any problems

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Proud to say I haven't shopped at a Wal-Mart since Sept 2003

Thats what we are doing dh & I have joint accounts at one bank & all my personal accounts from years ago are at a different bank & will continue to be thier. BTW he has tried to get me to move them & I wont LOL

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mom of 3 greats girls