Chapter 7

Choosing and Sharing Accounts

If you share an account, select one person as the account manager. With more than one account user, monitoring transactions can be complex. Think carefully before agreeing to have a joint account or becoming a co-signer on someone else’s account – if they mishandle the account, you could be held responsible for the errors.

Consider all of your account options before deciding which is best for you.

• Individual – An account owned by one person. This is a good option for those who want to have total control over the account.
• Joint – An account owned by two or more people, usually sharing a household and expenses. Each co-owner has equal access to the account.
• Senior/student checking – Many financial institutions offer special checking programs for students and senior citizens.