What Do the Words “Joint Checking” Mean to You? | First Volunteer Bank

Did you know that about 80 percent of all weddings happen in the six months between May and October? Therefore, chances are you or someone you know either got married recently or is about to get married. So the team at First Volunteer Bank thought now would be the perfect time to bring up the idea of joint checking and talk about how to decide if joint checking is right for your relationship.

Saying, “I Do,” to a Joint Financial Account

When you join together in marriage, you also often join together in financial health, which is why many people will recommend having the financial talk long before you walk down the aisle. While you may have talked about your finances and how you handle your own personal finance, you may not have joined together your accounts. However, now that you’re finally married, it’s time to truly decide whether you want to keep finances separate or invest in a joint account.

Utilizing a joint account can help to “join” the marriage. Because both people will see their finances going into one account, it will push them into conversations that some people might not have otherwise, such as what amount should be spent on groceries, entertainment and other common expenses. When should you splurge and when should you save?

As a result, communication is the first thing a couple needs to work on when combining finances. Because it will be joint money, joint decisions need to be made when it comes to purchases—both big and small.

You also will need to sit and talk about bill payment. Will you put one person in charge of paying the bills from the account each month? Will you set up automatic payments where possible? Will you split the responsibility or pay the bills together? By having clear communication about all aspects of finances, you’ll help make sure nothing falls through the cracks.

To learn about the personal checking account options available to you, visit the First Volunteer Bank website!