Do I have to have someone on my checking account? I don't over draw.?

Question

What happens if I say no and they insist. I'm not on a conservatorship. Don't I have rights?

Answer 1

If you are paying your bills and not overdrawing your account and have been responsible for a long time then you shouldn't even want anyone else on your account. Get a lawyer if someone is trying to force their way into your financial life. If it's a child doing this don't let your love for them influence your decision. Maintain your Independence at all costs.

Answer 2

Maybe there is a bit of confusion. I know when I opened an account in the West after leaving the East 4 years ago they asked for a reference and also for someone that could have access to my account in case of my demise. He cannot write checks or get to my account without me going--you know what's up. I was always on my great aunt's account, she had no children and was afraid if she got down she would need someone to carry out routines--she never kept less the 25k in the account--the only time I ever used it was when I took her shopping to buy some new jammies. I wanted to buy and she inisited. Don't let anyone write checks on your account.

Answer 3

Are your children behind this by any chance? My siblings stole all my mothers investments and money and then when she couldnt pay her rent and was going to be evicted and her phone cut off they couldnt have cared less, as if it had nothing to do with them. I had to step in and pay her expenses. Be very very careful who you let handle your financial affairs for you.

If its your kids tell them to take a hike, and you are capable of handling your own affairs.

Added: no one should have access to your bank account in "case of demise" as one person said, when you die the account immediately becomes part of your estate, and is transferred to the "estate department" with your bank, the bank then requires a copy of the death certificate and your will.

Your excecutors have to pay your taxes and bills before the bank will release the funds. These expenses are paid through your estate, the executor sends all related expenses to the bank and they pay them from your account.

Or the executor can accept responsibility for paying bills themselves and are legally responsible to do so.

This sounds a lot like how my mothers estate was handled and it was all carefully manipulated so that my siblings received all the money and I got the bills.

IF you become incompetent prior to death your family or the state can apply for a Power of Attorney to handle your affairs. The Government can designate a Guardian for you, who is a Government employee and he/she will handle your financial affairs if the Courts feel a family member shouldnt do so.

I learned an awful lot about wills, estates, POA's , how vulnerable seniors can be etc when my mother died. I wouldnt trust a family member any further than I could see them

Answer 4

you do NOT have to as others have stated, however, a good reason for having a second person would be ( GOD forbid ) you would become incapacitated for some reason or other and your bills would need to be paid out of the checking account. I always had a second signature on mine and was a second signature on others just for this reason. But the choice is up to you.

Answer 5

You do not have to have anyone on your account. If they want they can go to court and prove you are incompetent. That is very difficult. If someone is trying to get you to and you are insistant stick to your guns. If they want to be helpful and you trust them you can have them look over your finances but you need not have any one on your account. So in saying you have rights and every state will recognize it.

Answer 6

If you do put someone on your account make sure you put POD then their name. This means only if you are dead do they get the money.( I know that sounds gross) It doesn't matter who is on there. Really you don't need anyone on your account. Tell them that. If they don't like it... go to another bank/ credit union. Also... I use to work for a bank... the FBI agent that talked to us said it isn't a good ideal to put your address on your checking account. He said just your name. It is a hassle but he said it was worth it.

Answer 7

I had a brother-in-law that came back from the Viet-nam war who came back with manic depression and other disorders. He was eligible for disability. He was not able to have a checking account of his own. He had to assign a guardian as a 2nd party. He was not able to withdraw any money out of his account. The bank required his guardians signature as well as his. If you don't have any sort of disability to hinder you from withdrawing your money, you have every right in the world to have your checking account in your name only. Check with the Bank Manager and find out their reasoning, or try to another bank.

Answer 8

What? You have EVERY right to you own checking account. If they insist, and you have not known them over a period of time, and you are NOT married to them, you can ask them for personal info to conduct a credit check. Tell them to get their own.

If this is an institution that is telling you this, look for another.

Answer 9

I have no idea why that would be a requirement of your bank. My account is in my name only [at age 65] and will stay that way until I need a rep-payee if at all.

My mom who is 88 has her account only in her name [although we do have limited power of attorney]

Answer 10

No you sure do not. And no you don't have to have some one on it. Change banks now, My aunt in Chicago was ripped off by a person in the bank she was trusting.