Joint Checking Accounts in California

Joint Checking Accounts in California

​Read the article on the next slide then answer the questions. Open the article in a new tab so that you can refer back to it if you need help.

Joint Bank Account Rules: How Do They Work? - ValuePenguin

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Multiple Choice

What is a joint checking account?

• An account shared by two or more people.

• One account shared by only two people.

• An account for only married couples.

• An account for parents and kids only.

Multiple Choice

Only married couples can have joint checking accounts.

• TRUE

• FALSE

Multiple Choice

Opening a joint checking account is best done in person at a bank.

• You only need one person there to open the account.

• All the people on the account should be there.

• The person with the most money should be there.

• Only the person who pays the bills should be there.

Multiple Choice

If you deposit money into a joint account, 

• that money only belongs to you.

• that money belongs to everyone on the account equally.

Multiple Choice

Anyone on a joint account has the right to close the account.

• TRUE

• FALSE

Multiple Choice

Anyone on a joint account has the right to withdraw or transfer all of the money out of the account.

• TRUE

• FALSE

Multiple Select

What are some tips for opening a joint checking account.

Choose all that apply,

• Hire a private detective to follow account users.

• Use phone tracking to spy on account users.

• Only open joint accounts with people you trust 100%.

• Set up automatic mobile notifications on account activity.

Multiple Choice

What happens if one of the account holders dies?

• The money goes to the government.

• The money goes to the other account holders.

• The money goes to the bank. This is how the bank makes money.

• The money goes to the persons surving relatives.

Multiple Choice

You can set up a joint account so that your half is distributed according to your will when you die.

• No, the money will always go to the other joint account holder.

• Yes, this is called "tenancy in common".

• Yes, this is called "right of survivorship".

Multiple Choice

Any account holder has the right to change the beneficiary of the money when the account holders pass away.

• TRUE

• FALSE

Multiple Select

What are some benefits of joint accounts?

• Easier to understand and mange household budget.

• Simplifies payments of shared bills.

• Makes it easy to share funds.

• Having someone else be responsible for your money.

Multiple Select

What are some negatives of joint accounts?

• Exposes all account holders to the actions of one.

• Can impact your financial aide benefits because it makes you look like you have more money than you do.

• Can complicate divorce and taxes.

• Can be difficult to keep track of the account balance.

So what happens to a joint checking account if you get a divorce in California?​

Read the article on the next page and ​answer the questions.

Joint Bank Account Laws During Divorce in California | LegalMatch

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Multiple Choice

If a couple divorces, the money in a joint account goes to.......

• whomever put the most money in the account.

• whomever withdraws all the money first.

• both account holders equally.

• whomever opened the account.

Multiple Choice

If you are in the midst of divorce and you withdraw large amounts of money or try to withdraw all the money, a court can file a restraining order. This order is called.....

• a restraining order.

• temporary order not to steal money.

• temporary order not to sell assets.

• court order.

Multiple Choice

You can be charged with theft or fraud if you take money from a joint account when you have a "temporary order not to sell assets."

• TRUE

• FALSE

Multiple Choice

Is it okay to get married but want to keep separate accounts?

• Yes,

• No

Open Ended

What were you surprised to learn about joint accounts?

Open Ended

After reading the last two articles, what advice would you give a friend about opening a joint account?