Your Joint Bank Account May Not Be As Joint As You Think

Many couples open a joint bank account, believing it creates full transparency. Two people. One pot of money. Shared responsibility.

That's what my wife and I thought. We were wrong.

Many banks structure joint accounts so that information is separated from individual online profiles. While balances and transactions may look the same, payments scheduled by one partner through their login are often invisible to the other.

That means one partner can set up bill payments that the other cannot see, manage, or confirm. And that's what happened to us.

Because we didn't realize this was the case, we were unaware of an automatic payment set up through my wife's profile to pay property taxes on property we no longer owned. My wife noticed the transaction first. I reached out to the auditor's office and the bank to stop the payment from processing. 

Below is a screenshot of my correspondence with our bank. 

The Solution

You and your partner login to your accounts to update you auto payments.

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Three General Tips to Avoid Other Joint Account Problems

Here are three general ways for avoiding other joint account problems.

1. Create a shared bill master list

Do not rely on the bank to be your single source of truth. Create a shared document listing every recurring payment, including the amount, frequency, due date, and the account it pulls from. This becomes your household reference point, regardless of who set up the payment.

Click here for a free downloadable bill calendar created by the CFPB. 

2. Assign ownership with visibility

If one partner owns a bill, both partners should be able to see when it runs and how much it costs. The owner is responsible for execution, not for holding the information alone.

3. Hold a short monthly money check in

A money date is a scheduled conversation between you and your spouse in a comfortable setting to discuss your shared goals, values, and your relationship with money.

Money dates keep couples on the same financial page -- allowing both partners to control money in the relationship. Click here to learn more. 

Professional Support

I support couples who want to better manage money or the home as a team in their relationship. I am also available for group coaching events.

I'm the only Certified Financial Therapist™, Accredited Financial Counselor®, and Fair Play Facilitator®, empowering high-achieving couples with systems to manage money and the home as a team — drawn from decades of national leadership and lived experience.

Click here to schedule a free 15-minute exploratory call.

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