Adding someone as a joint checking account owner

[meg200418]

My grandmother has three bank accounts. One at US bank, 53rd bank and Park Federal Credit Union. She wants to add me to these accounts in case something happens, such as death. I currently have a checking and savings account at 53rd bank but recently applied at another bank for a checking account and was denied. I'm assuming this is due to a old checking account I had in which that bank closed b/c of overdrafts. That checking account ended up being a few hundred dollars neg. when closed and I have never paid it back so I am assuming I'm in chexsystems. I'm wondering if it would be possible, if we go to these banks, to add me on to her accounts? They are all checking accounts and maybe a savings account. Do these banks run someone though chexsystems to add them to another persons existing accounts? Please help...

 

[Theresagail]

Almost all banks and credit unions will pull your credit-- and cross reference you with any of their bad accounts. If you owe $$ to them, you may have to pay it back or they will just transfer it from your grandmothers account ( if they have the cross collateralization clause in there contracts, most do).

If you have any judgments etc... And these folks find out about these checking/savings accounts they may garnish those funds even though it may be your grandmothers money. You may want to check to see if you have any of those things before you put your name on grandmas money.

 

[Antigone]

Definitely let your grandmother know that you may not be able to be added to her accounts in that way. She can certainly change the titling on the accounts to add you as a beneficiary (POD). This may be safer for your grandmother, but I would like to also add that your grandmother should be seeking the advice of a CPA or attorney to look at her whole financial picture and advise her properly.

 

[janestock]

hi

consulting an attorney may certainly help you