Can I put restrictions on joint account?

Business 3 views 2 answers
Is there a type of account were the spouse can put limit on each other. Like, if my husband wants to draw some money from our account, I have to give him permission to do so...and vise versa. I has to be a shared account, but it has to have some restrictions. Or there is a head of the account....like even if we share a account, I have more authority, so when my husband wants to draw money out I have to know about it and I have to agree to the withdraw. I just want to have more control over our "shared" account. Any help would be very appreciated.

Attorney Answers

2
Bryant Martin ·
Ask your banker. Accounts requirng two signatures are common in business. You should be able to do the same.
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Edward G. PuhlBanking Law AttorneyGettysburg, PA ·
While it's easy enough to create a checking account that requires two signatures on every check, in practice, it may not give you the control you want. One reason is because of automated check processing; only checks made out for larger amounts are visually inspected. The second reason is because accounts can be accessed online and money transferred without using checks. The third reason is debit cards, which also eliminate the need for checks. I agree you should discuss this with your banker, but please be aware of the limitations.
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