Post # 1
My Fiance and I have already agreed that we would both prefer that we maintained separate checking accounts. So it’s not a question of whether we should have a joint account or not. My question is, will it be wrong or even just terribly inconvenient for him and I to have accounts at different banks? He has Chase, (which I used to bank with and will not bank with again) and I have Wells Fargo. I felt that we should have separate accounts but with the same institution so that if there is ever an emergency or anything while we are apart (he travels a lot with his job) we should be able to transfer money into one another’s account immediately instead of the 3-5 business days when transferring into another bank. We could continue using western union/ moneygram when this happens, but I find it inconvenient and unfair to have to pay so much for this when we could be using this same kind of service for free. Am I concerned with this for no reason? Or are there other reasons why we should try to bank with the same institution? Thank you for your responses in advance.
Post # 3
I… Does this happen a lt? You make it sound as if it’s a pretty frequent occurance. Which of you is the one who usually needs money transfered in?
Post # 4
When my First Hubby & I married we had accounts at different Banks… after we married we opened accounts at the Same Bank & Branch… cause YES it was easier.
It makes transfers easier at the branch or out… including on-line etc.
I don’t know if you’ve read my story… but I cannot recommend not combining monies in a Marriage.
It is my experience that when you have seperate monies you aren’t truly a real partnership… there are secrets. Money secrets can lead to other secrets.
And that isn’t good… especially so when Money on its own is a major source of fights and Divorces statistically.
I would never marry someone and not have combined Finances. I learned that lesson the hard way.
I am now a big proponent of an equally divided pot A+B = C / 2 (or what I call the A to L Method, that I saw on Tv on “Til Debt Do Us Part”)
(I get that it is a personal choice whether you keep your money seperate or combine it… so you’ll do what you want… just that A to L type of 50/50 after expenses works out a lot better in my mind than going by percentages to pay for expenses. Because ultimately when you go by percentages someone always ends up having more money to spend… and that puts imbalance in the relationship. When you are part of a couple it shouldn’t matter WHO is the Higher or Lower Wage Earner… it should be ALL ABOUT BEING AN EQUAL COUPLE / PARTNERSHIP)
Hope this helps,
Post # 5
My Fi recently left Wells Fargo and moved to my bank. We have seperate checking accounts and a joint account. I’d be a lot easier if you were at the same bank. We can easily transfer eachother money or move money into the joint account to pay bills.
Post # 6
@joious2: We plan on keeping our two seperate accounts at two seperate banks for a while. We use email money transfer (each of our banking plans includes 2 per month) if we need to transfer funds to each other. We don’t even have to talk to the bank. We agreed that if this doesn’t continue to wor for either of us that we’ll re-evaluate in a while, but for now it’s what we both want. And my only spending secrets are poutine and Christmas presents.
Post # 7
Since we have bills from before we married that woudl be easier to handle if we didn’t combine everything, we keep separate accounts, but at the same credit union. We also put each other’s names on each of our accounts. We can both see all of the accounts and can transfer money easily. We also both have debit cards for each of the checking accounts.
OP, maybe you could get debit cards for each other so you can get to each other’s funds in an emergency without having to scramble to transfer money?
Post # 8
@joious2: We bank with different banks. I don’t think you should have all your eggs in one basket. There have been a number of instances over the years (luckily not with either of our two banks) where banks have had errors or gone out of business and people are stuck because all of their money is in the same place. Something happened last year and the wages system broke and people couldn’t pay their mortgages, etc. If you have another bank to fall back on then you’ll be fine.
ETA: we also have a shared bank account that we use for holidays. We can also use this for emergencies, but it doesn’t get used often.
Post # 9
Would you consider adding each other on as joint owners, but still treating them as individual accounts? My husband and I have a few joint accounts, but also kept our original accounts as well and just added each other on. We treat those accounts as individual, but know there is access if there’s an emergency.
Post # 10
We both have separate accounts, and then a joint checking account that we feed money into for our household expenses. That’s working okay for us – it’s a bit of a headache in terms of organization, but we use mint.com to help us out with that! 🙂
Post # 11
maybe you guys can find a local credit union that you can both agree on to set up separate accounts. Even in non-emergencies it can still be useful to be able to transfer funds between the two of you. my name is on the account for most of our bills and utilities, so SO transfers money to my account each month to cover his part. It’s so much easier than trying to keep track of who paid what and when. We do have a joint credit card for things like groceries and going out.
Post # 12
- Wedding: September 2015 - Ketchum, ID
@joious2: it won’t be difficult. Just use Chase Quick pay.
Post # 13
- Wedding: October 2013 - Vine Street Church
Our personal accounts are at different banks (him at BoA and me at a local bank with two branches) and our joint account is at a credit union. It works well for us.
Post # 14
@Bracelet00: In the past usually me, but recently he needed it the last two times.
Post # 15
Poutine! Love it. I am very much for pooling assets but from logistics and ease of transfer I would probably want the same bank even if we were separate.
Post # 16
@MrsBee2B: Wow, I never even thought about that. You bring up a good point.