My name is on both of my college-aged kids' checking accounts so that I can write checks for them or tend to any other financial business if I have to while they are away.
If they should happen to bounce a check does that reflect on my credit? Our oldest is the "artsy" type and isn't always prompt at taking care of things or keeping track of balances. On the other hand, he is also very frugal and doesn't usually spend one penny more than necessary.
2006-11-20 03:51:58 · 7 answers · asked by Anonymous in Society & Culture ➔ Etiquette
Yes, if your name is on it, you will be responsible for the account too.
2006-11-20 03:53:33 · answer #1 · answered by Justsyd 7 · 0⤊ 0⤋
It can reflect on your credit since your name is on the account. If the account ends up in a poor standing, or checks bounce frequently, then it does come back to you as well as your child, because most banks now use a program called ChexSystems to check your credit and see if you have any records of bad checks or overdrawn accounts when you go to open one. If the account goes into the negative and stays that way, and the bank closes it due to inactivity, then it is reported to all three of the major credit bureaus as a black mark on you credit report.
2006-11-20 03:57:05 · answer #2 · answered by stacijo531 3 · 0⤊ 0⤋
Bank accounts do not show up on your credit report, but overdrafts will affect your relationship with the bank making it harder to get loans and have future fees reversed. It is time your son learns how to promptly take care of things and keep track of balances. Talk to him about how you can help him develop those skills and consider removing yourself from his account so he can start to function like an adult.
2006-11-20 04:33:09 · answer #3 · answered by pdx 2 · 0⤊ 0⤋
Artsy? I'd say more like careless. If he is in college, and he still does not know how not to to bounce checks, well...good luck to him.
2006-11-20 03:55:08 · answer #4 · answered by YoMamma 2 · 0⤊ 0⤋
Get overdraft protection on both accounts..
No, bounced checks do not effect your credit...
2006-11-20 04:00:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes it will effect your credit same as if you co sign a loan with them
2006-11-20 03:53:15 · answer #6 · answered by missscs326 2 · 0⤊ 0⤋
Yep, if your name is attached, it affects you!
2006-11-20 05:33:17 · answer #7 · answered by Goose&Tonic 6 · 0⤊ 0⤋