Should couples operate joint account?

IF some people who are terribly sick,  cannot sign cheques,  cannot go to the bank or  have died were

informed earlier that their money deposited in their accounts  cannot be easily accessed by their loved ones or that some percentage of whatever amount deposited in their account will be taken by any establishment in Nigeria, they would have operated joint  account-with their spouses or  family members.

    Joint accounts are most likely to be used between relatives, couples or business partners who have a level of familiarity and trust for each other, as this type of account typically allows anyone named on the account to access funds within it.

    This type of account can be established on a permanent basis, such as an account between a couple where their salaries are deposited or may be temporary. Such as an account between two parties who contribute funds for a short-term purpose.  In the event of  death  of one of the account holders, the remaining account holders will have sole access to the funds, as well as any deposits associated with the account.

    Where individuals fail to use joint account, Automated Teller Machine (ATM) is now available. All that will be required is just to get a  trustworthy family member who know the ATM card number and the secret code to avoid  frustrations of many deceased famly members of  so many deceased persons face and often times, out of frustration a good number of people abandon huge amount of money of their loved ones in the bank.

    Often, people reject the idea of having joint account with their family members to avoid misuse of fund by the other party.  Just as it is found in the holy book that, “men should avoid accumulation of wealth, the reason being that the son who will inherit such wealth may not be a wise person”

    People reacted differently on couples operating joint account, a former senior staff of Federal Ministry of Education, Lafia, Nasarawa state, Rose Ezemakam said “Each couple should operate separate account, especially if the couple are civil servants to enable them receive their salaries through the account. Continuing Ezemakam said, if the couple can have common understanding without any party seeming so hard to deal with both of them can open joint account”.

    She said that it will help them carry on any project they  desire to embark”.

    While in his contribution, Assistant Director, Army Public Relations, Nigerian Army Training centre, Niger State, Emmanuel Onyeachonam suggested that couple should have joint account so that during the time of sickness, or death, the other party can access the account without any hitch. He butteresses his point by narrating a true life's story of an ambassador who was in  coma and could not sign any cheque for the family to make withdrawal for the payment of his medical bill, the family suffered so much and had more problems when the man died. The family of the ambassador was living in Penury because of  not having a joint account with the Spouse or any member of the family.

   In his contribution, a staff of department of State Security Service Jide Afolabi said it is  right thing for a family to have joint account as it will enable the family to attend to their financial commitments.

     Afolabi stressed further and said that “This is more Practicable especially when the couples are gainfully employed or they have business they manage” he went on to say that “This might not be easy if either of them have nothing doing. This is  because the jobless one would not be confident to make suggestion as regards family expenses.

    Contributing, a staff of National Youth Service Corp (NYSC) Catherine Chukwu said “It is very good for couple to have joint accounts, it is easier to get fund by either of them if one is not around or is sick”. Or in the case of death, it will be easier for any of them to still operate the account or make withdrawals”

     Chukwu suggested that joint account can help to checkmate expenses of either party  and help them to plan and budget for expenses.

     She was optimistic that it will be difficult for any bank to take any percentage from such an account if one party dies.