Is it legal to have a joint account with your roommate?
- Anonymous1 month agoBest Answer
Yes, it's "legal" but DON'T do it! There are several issues with having a joint account with your roommate: If your roommate bounces a check, you are liable. If your roommate deposits a check that bounces, you are liable. If your roommate overdraws the account, you are liable. If your roommate withdraws all the money and a draft of yours bounces, you are liable. You are 100% liable for EVERYTHING your roommate does on the account. In addition to this, if your roommate gets hold of a check that is written to you, s/he can deposit the check into the joint account without your signature and withdraw the funds - without your consent!
- 1 month ago
Definitely, Yes!!! Just ask yourself, whether that person with whom you are going to open the joint account is reliable or not. The moment you get this question in your head, it will strike back within no seconds that " whether that person is reliable or not."
- tiescoreLv 51 month ago
There are two types of Joint Accounts: Tenants in Common (if you die your half goes to your estate), and Joint Tenants with Right of Survivorship (guess who gets this when you die? Your roommate). So be careful what KIND of joint account your getting.
- BLv 71 month ago
yes, as long as they are not a minor
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- babyboomer1001Lv 71 month ago
Bank account, investment account, utility account - HELLO!!!
- STEVEN FLv 71 month ago
It is legal to have a joint account with anyone that can legally have an account.
It is rarely advisable to have a joint account with a roommate, but not illegal
- PearlLv 71 month ago
i would ask your bank this question
- A.J.Lv 71 month ago
Yes you can have a joint bank account with anyone. Normally it is either-or so either person can pull out all the money at any time. There are special business accounts setup to require two signatures, but they are not common as we went electronic.
- JudyLv 71 month ago
- CBLv 71 month ago
Sure you can have a joint account with anyone, but beware a falling out and you could be left with zero account balance.