Managing a Joint Account

Whether you’re married, have a business partner, or operate a non-profit organization, chances are good that you have a joint checking account. Chances are also good that you (or another account signer) have had some heartburn managing the account. In times when every penny counts, here are some tips on how to help you keep your joint account worry-free and out of the red.

Tip #1 – Communicate with the other account signer(s).

This simple tip can be the difference between earning interest and paying non-sufficient funds fees. When account signers keep open lines of communication, each will know when deposits are made or when to anticipate or record withdrawals. It’s a good idea to show each other receipts and talk about balances on at least a daily basis, especially if it’s a very active account.

Tip #2 – Take equal responsibility for the account.

Each signer of the account signature card is equally responsible for the account, no matter the account status. When things are good, this is usually not a problem. But when things go bad, all signers are equally responsible for making it right, regardless of which signer may have caused the problem. If you are constantly fighting over who is responsible for making a deposit or keeping track of this or that, then a joint account might not be right for you. All account signers are equal owners in the eyes of the bank.

Tip #3 – Monitor account activity effectively.

Ever wonder what that thing is that comes with your checks that has the calendar on it? It’s a check register. A register is the traditional way to keep track of account deposit and withdrawal activity. Using it will help you avoid fees and headaches related to bounced checks. Don’t write many checks or occasionally forget to record ATM withdrawals or debit card transactions? Home Banking may be a better solution. Regularly logging-in to Home Banking and checking your account activity and balance is a great way to keep up on your account activity. For really effective account monitoring, check-out our FREE FinanceWorksTM tool. It’s easy to use and can be configured to help you manage accounts at over 5,000 other financial institutions and creditors across the country-not just Western Community Bank accounts.

Tip #4 – Communicate with the bank if you need help.

It may surprise you, but we often help people balance their checkbooks and teach them how to manage their accounts. Other places may charge you for this kind of service, but not Western Community Bank. This is just part of what we do. When you’re struggling to manage your finances, it’s worth your time and effort to contact your bank for assistance. This can help you avoid overdrafts and returned check fees, and demonstrates to your bank that you are tying to manage your account and putting forth the effort to keep your account in good standing.

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