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Home >> Accounts >> Savings Accounts
Joint Account with Hold: Not My Debt!
I have a checking and savings account with my boyfriend, and a hold has been placed on it for a garnishment. Can they do that even though my name is on the account as well, and it is not my debt?
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 Opening a joint account is a risky business if the other joint owner has problems managing a bank account or personal obligations. Most joint accounts are set up so that each joint owner has access to all the funds in the account, regardless of who deposited them. Most bank deposit contracts for joint accounts make each owner liable for any overdraft in the account, regardless of who created it.
If a creditor of one of the joint owners finds out about the account, the creditor can use garnishments, writs of attachment, or other legal process to reach any of the funds in the account, regardless of who deposited those funds or who the other joint owners are. As with all such legal process, state or federal law may place certain amounts in the account outside the reach of creditors, so yes, a creditor can take your money if it is in a joint account with a debtor.
Published on BankingQuestions.com 11/19/09
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