Should You Have a Joint Bank Account with your Parent

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  • Опубликовано: 3 окт 2024

Комментарии • 19

  • @SpringRubber
    @SpringRubber 9 месяцев назад +2

    Mostly good info but I think it's wrong about reporting interest because only the TIN of the primary owner reports interest. Like a joint account of a married couple, only one spouse reports the interest.

  • @ForClosure
    @ForClosure 2 года назад +6

    She forced me into one before I knew as much as I know now, and I would love to get out of it

    • @manicmurph
      @manicmurph 4 месяца назад

      Same here. My mom lied to me and said nobody could see it but me and that I had to go on to her account to get certain benefits. Then months later when she starts asking me why I spent money on whatever I got pissed and she said there is no benefits so I said "well then why the hell did you tell me to go on your account"? It's cause she's nosey and wants to see what I spend my money on. I'm about to go there tomorrow and get my own.

  • @downtoearth1950
    @downtoearth1950 10 месяцев назад +1

    When my wife passed away the Bank seized the account, then froze it for nearly a year untill forced to surrender it with zero interest paid. My eldest daughter now has total electronic access and has power of attorney 😊

  • @williewonka6694
    @williewonka6694 7 месяцев назад

    My mother was diagnosed with progressive supranuclear palsy, a degerative neurological condition that eventually results in mental incapacitation. She asked to put my name on her accounts and power of attorney and manage her affairs. I was dreading this situation much. Our prayers were answered when it became clear after a year, that mental degredation was not occurring, and the Neurologist changed the diagnosis to a generalized palsy that better fit her balance issues. My mother was so worried over her condition, its a blessing that worry is gone.

    • @manicmurph
      @manicmurph 4 месяца назад +1

      I hope everything is going okay for you now.

  • @colleenmarin8907
    @colleenmarin8907 9 месяцев назад +1

    I had a joint account with my father in the last year of his life, upon his request; I never used it until the bills came after he passed. I would never do this with my mother, because I don't trust her

  • @MENSA.lady2
    @MENSA.lady2 10 месяцев назад +3

    No. Never have a joint account with anybody. When SHTF you can be held liable for their debts.

  • @kutatm
    @kutatm 5 месяцев назад

    I added my daughter as Payable On Death or POD on my checking account. She gets access upon my death but has no access while I’m alive.

  • @mshaikh4879
    @mshaikh4879 Год назад

    Scenario . What if joint account is made by parent when child was minor . Minor grew up handled account even after parent death . Then bank closes and merges with some other , account somehow declared dormant. Now needed signature of both for money release . Bank not informed as parent bank said cannot locate mandate and original terms but willing to release . Account was expatriate not of citizen . Can bank release half money without getting into other formalities concerning parent as that takes time ? . Can a bank deny showing terns of deposit to joint child now adult or deny mandate examination ?

  • @Happyday914
    @Happyday914 9 месяцев назад +1

    Video 4:20 why do the bank don’t tell us. Now my siblings don’t believe me.

  • @wickedbird1538
    @wickedbird1538 10 месяцев назад

    😮😮A coworker got hit with a tornado. She did NOT qualify for Federal assistance because the money in the joint account with her mom gave her too many assets.

  • @iceshcratiote3635
    @iceshcratiote3635 Год назад

    What if?

  • @j.gutierrez5195
    @j.gutierrez5195 2 года назад

    Do you know if I can create a checking account? My previous accounts I messed up something and my accounts were closed . Now my parents won’t give me a joint account they say that’s my punishment for not being careful. Any suggestions I should do ? Please 🙏🏾

    • @THESIGMAHOOPER
      @THESIGMAHOOPER Год назад +1

      Are you over there 18? If so then go for it

  • @ironknightgaming5706
    @ironknightgaming5706 Год назад +1

    Don't...
    Trust me.

    • @THESIGMAHOOPER
      @THESIGMAHOOPER Год назад +2

      My mom made one before I even became 10😂