My wife and I are opening a joint account. If she does transactions that exceed our balance, can I be held liable?
Take a look at your deposit account agreement. The basic law says that the person who signed the check or benefited from the proceeds is liable for any overdraft, but the law also says that a bank may, by contract, change that to make all parties on the joint account liable, and most banks have incorporated such a provision. If your bank does, the answer is "Yes, you can be held liable."
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Take a look at your 