Joint Checking Liability

[dude123456]

I'm signed onto my Mom's checking account in Texas. Am I liable for her finances?

 

[Duranie]

Yep. If that account goes overdrawn, the bank will go after you too.

 

[Antigone]

Yep. If that account goes overdrawn, the bank will go after you too.

Yep, and if you have another account with that bank, the can setoff OD from her account with your money.

 

[army judge]

I'm signed onto my Mom's checking account in Texas. Am I liable for her finances?

You have no liability for your mother's finances. You do have a potential liability if the account is overdrawn. And, as others have said, if you have an account at that bank; they'll satisfy any over drafts by seizing assets from your other account.

Why do you pose the question?

 

[dude123456]

I do not have an account there personnally. What I'm really curious about is if she files bankruptcy or racks up a bunch of credit cards on a perpetual weirdo spending spree...or loses her house. Will I be liable for those entities? Thank you for your replies.

 

[army judge]

I do not have an account there personnally. What I'm really curious about is if she files bankruptcy or racks up a bunch of credit cards on a perpetual weirdo spending spree...or loses her house. Will I be liable for those entities? Thank you for your replies.

No, you have a potential liability ONLY on the checking account.

If you have no checking account at that bank, all they can do is harass you; should she have unpaid overdrafts!

Any other financial liabilities that your mother incurs are NOT your responsibility!!!

 

[Duranie]

However that bank account you share is subject to levy's by her creditors. If you honestly are worried about this, then dont do it. Moms a big girl why does she need you on her acct?

 

[dude123456]

I am on her checking account. How can I remove my name? The bank says she has to be there. Is this a State Law that she does? I mean...the account is in good standing and all.

 

[army judge]

I am on her checking account. How can I remove my name? The bank says she has to be there. Is this a State Law that she does? I mean...the account is in good standing and all.

That may a bank policy to have both parties present.

It doesn't make sense, because you could close the account without her consent.

Just tell your mother that you don't want to be on the account any longer.

Ask her to go with you to sign off the account and to ensure that nothing happens to her money.

She'll go, because she'll want to protect her assets.