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Joint account customers 'realising legal dangers'
More people are becoming aware of the legal dangers associated with having a joint account, one financial expert has said.
Annie Shaw, editor of CashQuestions.com, remarked: "Having joint accounts can be useful where people are running a household together and need to access their funds jointly, perhaps [for] paying bills or other expenses."
However, she warned that users are jointly liable for the account if it runs into its overdraft as well as obligations such as direct debits. Problems can also occur if couples split up.
"I think that there is an increasing tendency for people to want to look after their own money, and be responsible for their own money, and perhaps if they have joint bills to each pay half of each bill rather than pay money through joint accounts and settle bills out of that joint account," Ms Shaw advised.
Last week, HSBC announced it is to launch text alerts for customers as they near their overdraft limit, helping them avoid fees.
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Annie Shaw, editor of CashQuestions.com, remarked: "Having joint accounts can be useful where people are running a household together and need to access their funds jointly, perhaps [for] paying bills or other expenses."
However, she warned that users are jointly liable for the account if it runs into its overdraft as well as obligations such as direct debits. Problems can also occur if couples split up.
"I think that there is an increasing tendency for people to want to look after their own money, and be responsible for their own money, and perhaps if they have joint bills to each pay half of each bill rather than pay money through joint accounts and settle bills out of that joint account," Ms Shaw advised.
Last week, HSBC announced it is to launch text alerts for customers as they near their overdraft limit, helping them avoid fees.
Copyright
Published: 10/05/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.