And, lastly, you’ve passed through high school graduation. Congratulations, but your true path starts right now! Probably, there is some money left after the party and it’s time to think about how you will spend it. Joint account opening sounds like a grown-up thing to do, but, in fact, it is nothing else but a giant trap.
To be clear on this issue, you should never open a joint account with your friends or even your new boyfriend/girlfriend. What does “joint” mean? It means that the bank considers you two to be one person and your roommate can withdraw the entire sum to purchase sneakers. The bank will not even blink saying, “Sorry, dude, but you were reckless enough to share your account!”
Just in case you don’t believe, you become responsible for each cent your roommate spends. Even if he or she overdrafts your account by $50, the bank will ask you to pay for overdrafts. No matter who ordered the pizza – you pay for everything. It is a terrible way to start your adult life.
The only case you may consider opening a joint bank account is in relation to your parents. For example, maybe, you are getting ready to go to college and want to transfer money easily. This case a joint account in Chase or Bank of America is just what you need. But keep your personal money in your personal checking account.
However, if you are ready to open a joint account anyway, it is quite simple. Both you and your roommate need to have a driver’s license or state ID. It is better to visit the nearest branch as it is more difficult to create an account online. Just fill in the documents and deposit minimum – $25.
You’ll receive your debit card in one week. Make sure to secure your PIN code and install the mobile app immediately to track the transactions. You should know what happens with your money.
Think twice before opening a joint account and open a High Yield Savings Account instead. You will be able to find it in Ally Bank or Marcus by Goldman Sachs. Save your money and protect your friendship from a late-night Uber Eats orders.