Is it normal for a couple to join their everyday banking accounts into just the one?

Question

Hi there

My husband and I were discussing about closing one of our everyday banking accounts and getting our pays going into the one account, basically living out of one account but combined. We have had a joint savings account pretty much from when we got engaged 2 and a half yrs ago and we've been married 3 months.Few q's, answer one or a few, I just want an insight

1. Is this a 'normal' thing couples do? I know from a few people I know that they choose to keep everyday accounts separate. In our opinion, what's the use? Doesn't matter what account the bills need to be paid from, they still need to be paid, right?

2. Say if we were to close his account and get everything one from mine, do they put him down as a secondary person or what?

3. I'm also going to put my married name on the account. Do I need to tell work of this change for the pay?

Thanks for your time, Best Answer will be given today :)

Answer 1

Well, yes, if you are married then what's yours is his and what's his is yours.

It is completely normal for you to have one joint account as a married couple.

If you do transfer it all to your account, yes, you will have to put him down as the other name on that account so that he has equal access to it as you do.

Hopefully when you got married you told your work about it and they have you down as your married name.

If you are automatically depositing money into your account, then all your work needs to do that is the routing number and account number for that, the computer doesn't care what name is on it.

Answer 2

1. Is this a 'normal' thing couples do? I know from a few people I know that they choose to keep everyday accounts separate. In our opinion, what's the use? Doesn't matter what account the bills need to be paid from, they still need to be paid, right?

I don't know that there is a 'normal' situation.  Many couples do combine their finances and others don't.  Personally, I would prefer combined accounts and for all of the budgeting to be done together.  That helps to keep both of you on the same track and makes it easier to reach common financial goals.  But, it really all comes down to personal preference.

2. Say if we were to close his account and get everything one from mine, do they put him down as a secondary person or what?

His name can be added to the account and he will have full privileges on it.  He will, however, be added as secondary.  The only thing he won't be able to do is close the account. You'll be required to initiate that.  They'll require his signature so it can be on file for verification if need be, but that's about it.  When you have the checks printed, make sure that the name section reads "Person A or Person B" instead of "Person A and Person B".  Not everyone pays attention, but some goofball could read the "and" and expect both of you to sign a check before they'll accept it.

3. I'm also going to put my married name on the account. Do I need to tell work of this change for the pay?

Yes, you should inform your work of the name change... especially if you're recieving a hard check instead of direct deposit.  It can be a pain in the neck depositing or cashing a check if the name on the check and the account don't match.  When you change your name with your employer, you should also go to the Social Security office and change the name on your Social Security card.  The IRS expects the name on your W2 form to match the name that they have on file.  You could run into difficulty when filing tax returns if you don't.

Answer 3

You can have a joint account with anyone

I have had joint accounts with first husband and not with second

If you live in US you need change your SS number to your new name after you get married. And you have to notify your employer.

I would personally recommend starting a new account at which bank you like best in both of your names. Then after you are married you can close the individual pre marriage accounts

Answer 4

1. I think it's normal, but what's "normal" for one isn't normal for the other. Everyone feels differently when it comes to finances. We have our main account together, and our savings account. I have an extra small account that I put my Mary Kay income in, but I rarely use it & if my husband needed access to it he could since it also has his name on it. Do what works for your marriage, that's what matters.

2. I'm not sure if they call it "secondary" but he can certainly be on it as well.

3. I would tell your work, just in case. You never know what information they need to have to continue paying you the way they are now.  

Answer 5

Join them and quit acting single.

Answer 6

Yes it's commom to have 1 joint account

You'll probably need to close both individual accounts and open a new joint account.

You should talk to your HR person about the name thing. Im not sure it will matter.

Answer 7

I have did it with a friend and yes it's normal once your married.  You  both control the account though and either of you can withdrawal all or some of the money, and either of you can close the account.  That's the way it works.  I wouldn't combine my funds with a person unless I trusted them quite a bit.  I guess you could tell your work if they do direct deposit, otherwise I don't see a reason.

Answer 8

I have been married three times.  In all three, I/we preferred to have our independent accounts.  I believe that is best as it preserves a realm of personal independence that I would like my wife/partner to have and I wish to have.  

Trust is still essential.  Either of us has access to each others' account via joint names.  

Again to preserve a realm of personal independence, each has a personal credit card.  In my marriages, I find the wife needs to spend 80 or so percent of the family funds, while each of us (having some independent sources of money) have space for smaller personal needs, like gifts.

You ask?  Normal?  What is right for your circumstances is the 'normal' thing to do. Marriage one: I had all the income. Marriage two: each had separate business interests. Marriage three: each has separate income and another part is joint income and another part is money from a different country than the one we live in.  See: circumstances and the values you each have.

Good question.

Answer 9

When I got married 2 years ago, we closed mine and just used his. It made paying bills alot easier. You can make a joint banking account so neither of you is secondary. That's what we did. We turned his account into a joint account and moved my money to his. Our paychecks both go directly into it so we always know exactly how much money we have left.

I'd go for it if I were you, it makes everything esier.

Answer 10

Yes, it is very common for married couples to share one bank account, with checking and savings.  All married couples in the area where I live do this soon after the wedding.  But, hope your husband is better than mine about telling you when he uses his debit card.  At least if he could remember to give you the receipt, that would help keep the account balanced.

With my husband's and my account, he is listed as the primary, but both of our names are on the account.

As for changing your name for work, you need to see Human Resources and they will make a copy of your new drivers license and Social Security card for their files.

Oh -- Congratulations!

Answer 11

My husband and I have different bank accounts for different things.  All of them are joint accounts but he uses one checking account more and I use another checking account more.  I set up the various accounts so we could keep track of expenses for tax purposes, and because separate piles of money give me the feeling of wealth and security.

When we were married, I worked at part time jobs, and he had a paycheck that got deposited into an account we called Monthly. I managed all the money and paid the bills from Monthly, and from my check book where my income went.    Now, his income is by the hour and my paycheck is deposited into my checking account, and we transfer money between the accounts on-line. All our checking accounts have free checking.  So, we have his checking account, my checking account, a savings account to pay taxes from, a savings account for vacation money, and another checking account for a business we run together.

Normal is what WORKS for both of you.