How do I Manage a Joint Checking Account When Two People Are Using Debit Cards?
- 1). Discuss the purpose of the joint checking account and how the debit cards will be used with the other account holder prior to opening the bank account. Decide whether the account will be used for all expenses or just smaller ones and how much money will be put into the account by each party. Consider whether the debit cards will be used for daily expenses, such as groceries and gas, or whether it will be used for larger purchases, such as home appliances, car payments or mortgage or rent payments. Each person should have a clear understanding of the purpose of the account and the debit cards prior to opening it in order to manage it later on.
- 2). Create an account maintenance plan and decide how expenses and deposits will be tracked. Decide whether one person will be in charge of collecting the debit card receipts and entering purchases and expenses into the register on a daily or weekly basis or if each person will enter the information when the account is used.
- 3). Keep all debit card receipts in one location to reconcile the account once per month. Place the debit card receipts in one location each day so that the receipts can be compared to the bank's account statement every month. Check the statement against the receipts to ensure that there are no mistakes and that all debit purchases are accounted for.
- 4). Check your account balance before making a debit card purchase. Using either your bank's online banking service or telephone banking service, check your bank account balance prior to using the debit card to ensure that you have enough money available to make the purchase. With another person using a debit card as well, purchases may have been made that you are not aware of.
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