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Difference between revisions of "Older People and the Law"
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Older People and the Law (view source)
Revision as of 22:52, 1 February 2023
, 22:52, 1 February 2023→Joint bank accounts
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A '''joint bank <span class="noglossary">account</span>''' is held by two or more people. Any person whose name is on the joint bank <span class="noglossary">account</span> can put money into the bank <span class="noglossary">account</span> and take money out of it. | A '''joint bank <span class="noglossary">account</span>''' is held by two or more people. Any person whose name is on the joint bank <span class="noglossary">account</span> can put money into the bank <span class="noglossary">account</span> and take money out of it. | ||
Sometimes people put their bank <span class="noglossary">account</span> into joint names with a relative or | Sometimes people put their bank <span class="noglossary">account</span> into joint names with a trusted relative or friend so the other person can help with banking, shopping, and taking out cash for spending. But any person named on the <span class="noglossary">account</span> can use all of the funds as their own and take out all the money. This is a downside of joint accounts. | ||
An option to lower the risk is to open a second, smaller bank <span class="noglossary">account</span>. You can ask your bank to regularly move funds from your main <span class="noglossary">account</span> into the second <span class="noglossary">account</span> to pay for what you need each month. You can tell the person who is helping you with banking and shopping that they can withdraw money from this <span class="noglossary">account</span> but not the main <span class="noglossary">account</span>. The main <span class="noglossary">account</span> stays in your name only. | An option to lower the risk is to open a second, smaller bank <span class="noglossary">account</span>. You can ask your bank to regularly move funds from your main <span class="noglossary">account</span> into the second <span class="noglossary">account</span> to pay for what you need each month. You can tell the person who is helping you with banking and shopping that they can withdraw money from this <span class="noglossary">account</span> but not the main <span class="noglossary">account</span>. The main <span class="noglossary">account</span> stays in your name only. | ||