I have a question about checking accounts

My Fh and I bank at different banks.

Both of us have things automatically debited from our accounts (student loans, car payments etc.) we are having a difficult time deciding what bank to use after we get married, b/c it means that one person has to close the account and sometimes with things getting debited automatically, the payments can get screwed up! I don't know what to do!

Re: I have a question about checking accounts

You could always keep seperate accounts and one person give the other money towards joint bills.

Keep a joint checking and/or savings for shared stuff.

I'm not sure what FH and I will do ... good one to think about.

Re: I have a question about checking accounts

FH and I are getting our own accouts & have a joint one for the house.

Re: I have a question about checking accounts

FH and I opened a joint account which we each automatically contribute a set amount from each paycheck which we use to pay all household bills and do grocery shopping and stuff like that and we've maintained our personal accounts. It's been working well for the past 3 years so I don't know if we'll change it or not after we get married.

Re: I have a question about checking accounts

If you have separate accts now, and like it the way it is, you don't have to merge them, you can just add each other's names onto the accts, but not use it... DH and I will be soon doing that, b/c having separate accts seemed to have worked in the past and we have different banking styles

Re: I have a question about checking accounts

Well I used to be with one bank..but they had a membership fee.. monthly around $30. So I switching. My office gives us access to a large bank that has no fees. I set up FH as a co-signer.

I'm waiting for a small amount to build there before I shut down my first account and move my direct withdrawals.

He has a no fee bank too. So he's keeping it.
I have one from Texas (Federal Credit Union) which I'm keeping.

We will have two solo accounts and one joint.

Re: I have a question about checking accounts

Did I mention No FEES!!!


It was our driving issue with the accounts.

Now we have no fees period on any of the three.

Re: I have a question about checking accounts

why combine them, then? do both of you have fees associated with your checking accounts?

my advice is:
either keep it as it is and if you want one joint checking acount then open another one at your bank or FH's bank

keep it as it is and open one joint savings account at your bank or FH's bank


I don't know if you can have more than one checking account under one name at one bank. if you can then: one of you close your account. move to the other's bank and have 2 separate accounts for your checking where your debits come out of and share a savings account.

does that make sense? i would just keep it as it if you guys get alot of stuff debited out automatically.

Re: I have a question about checking accounts

we switched everything to one bank (his). there are more branch locations of his bank near our house. i will probably close my old account after the wedding to avoid paying the monthly fees.

it was a bit of a pain to switch everything over, but it just took some time for the payments to adjust.

Re: I have a question about checking accounts

Since I am 10000000xs better an money than him, we will probally have a joint account for bills, a joint for savings. I will probally have to make a designated amount to be deposited into each account (checking - bills & savings). Otherwise nothing will get paid on time.

I figured what's left in our own accounts will be our 'fun money'

Re: I have a question about checking accounts

If you want just one account, make sure all of the automatic payments are switched to the new account before you close the old account, and make sure there is some money to cover anything that might not get switched.

Re: I have a question about checking accounts

Sounds worse then fighting over what brand of toothpaste to use!!!!! (BTW- Crest)

Re: I have a question about checking accounts

Nora, please tell me you didn't actually have a fight over toothpaste!!!

FH and I are going to maintain our own checking and/or savings accounts, but we'll also open both checking and savings accounts jointly. It will likely be at my bank, since I handle all the finances and bills, but that's not set in stone. He already gives me a set amount of money each week, so little will change.

Re: I have a question about checking accounts

Why do we have 3 accounts?
Each of us has a separate account at a separate bank. We share one account in one bank as well.
3 banks, 3 accounts.

Why?

Because life is cruel. I love him to death (do we part and all that jazz) but you never know. I've seen such horrible things happen to women who were really in love. I've helped at women's shelters and use to listen to the stories they told. Anything can happen. I want at least a thread of independence.

It's sounds terribly untrusting of me, I know.

He is ok with that. My parents are divorced, his are too. Every single family member in my family has been divorced execpt one uncle and the two (including me) cousins not married yet.

We put a happy spin on it... we just said that's where our gift funds will be. So we won't know the exact amount withdrawn from the account.

Re: I have a question about checking accounts

Xelindrya, I'm just like you with that. I never want to have to depend on anyone else should I need to take care of myself (and my children some day) without the benefit of a second income. Although I'm making diddly squat right now, I don't intend to be working in public interest the rest of my life, and do intend to make a comfy living. I do not intend to let FH have his discretionary funds without having my own, and I have absolutely no intentions of relinquishing control over the finances in our home. I want to be informed of everything that our money is being spent on and every bill that is coming in. I never really liked the idea of FH having money in his own account that I didn't know about, since I'm so open with how much (or little) I have, but over time (and with some therapy ), I've learned that just because we live together in a single household doesn't mean that we have to merge every single aspect of our lives together. Should there be more money in the household funds than the individual funds? Absolutely. Should I get a say in how and when he spends every penny he makes? Hell no, and neither should he.

So whether you choose 1 set of joint accounts and nothing else, or 1 joint account and 12 individual accounts, as long as the money is going towards the right things, I don't think it should matter who moves to whose bank. It is, however, something that should be decided on without emotions getting involved. His bank, your bank, a third bank...just pick the one with the lowest fees and highest interest rates.