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USAA joint account

AlyceInWonderlandAlyceInWonderland Registered User regular
edited July 2010 in Help / Advice Forum
I have a quick banking question. My boyfriend and I are looking to get out of Bank of America because they suck, a lot, and we've decided to go with USAA because they're infinitely better. Now, I know military personnel can join, and I also know civilians can get a Checking and Savings (Not eligible for car insurance/etc if not in the military) , but is it possible for my boyfriend (who's military) and I to create a joint account? I know it's possible if you're married. We're looking to combine finances, and we were wondering if we could do it with this particular bank.

Thanks!

AlyceInWonderland on

Posts

  • UsagiUsagi Nah Registered User regular
    edited July 2010
    I think that if he's the primary and adds you as an authorized user, you'll be able to do it (that's how Navy Federal works at least, and they have very similar guidelines).

    Usagi on
  • underdonkunderdonk __BANNED USERS regular
    edited July 2010
    My ex-wife and I had a couple of joint USAA accounts, and I remained on one of them after our divorce (she's in the one in military). I know it's not exactly your situation, but we are no longer married, and I was in fact listed on an account.

    underdonk on
    Back in the day, bucko, we just had an A and a B button... and we liked it.
  • TachTach Registered User regular
    edited July 2010
    USAA should allow you to do joint banking. My wife and I are now on a joint credit card through them. You both have to be available to set it up though, so make sure you set aside 20-30 minutes together.

    Tach on
  • oldsakoldsak Registered User regular
    edited July 2010
    I'm not familiar with the USAA, but any bank should allow you to open a joint account with pretty much anyone else.

    The question I have is: are you sure you want to do this?

    What exactly are the benefits you hope to get from having a joint account, and do they outweigh the potential complications having a joint account with your boyfriend can create?

    For one, if one of you defaulted on a debt, a creditor could attach the joint account to satisfy the debt. Then of course there could obviously be complications if the relationship runs into trouble down the line.

    I hate to be a buzz kill, but I think you should really reconsider unless the benefits seriously outweigh the potential problems it could cause.

    oldsak on
  • mrt144mrt144 King of the Numbernames Registered User regular
    edited July 2010
    My fiancee and I have had a joint banking account since long before we got engaged. Why? Cause we spent so much money together and moved in together. No debt between us though. Not until we're married.

    mrt144 on
  • underdonkunderdonk __BANNED USERS regular
    edited July 2010
    oldsak wrote: »
    I hate to be a buzz kill, but I think you should really reconsider unless the benefits seriously outweigh the potential problems it could cause.

    Speaking from experience, yes, the benefits outweigh the drawbacks when it comes to USAA given the point that these two likely are in their relationship.

    underdonk on
    Back in the day, bucko, we just had an A and a B button... and we liked it.
  • AlyceInWonderlandAlyceInWonderland Registered User regular
    edited July 2010
    oldsak wrote: »
    I'm not familiar with the USAA, but any bank should allow you to open a joint account with pretty much anyone else.

    The question I have is: are you sure you want to do this?

    What exactly are the benefits you hope to get from having a joint account, and do they outweigh the potential complications having a joint account with your boyfriend can create?

    For one, if one of you defaulted on a debt, a creditor could attach the joint account to satisfy the debt. Then of course there could obviously be complications if the relationship runs into trouble down the line.

    I hate to be a buzz kill, but I think you should really reconsider unless the benefits seriously outweigh the potential problems it could cause.


    Luckily my boyfriend and I have really good credit, and the only debt we have is from my college loans. He and I have talked a lot about this, and decided it would be a good path for us as we're living together, and the things we spend money on are usually for both of us (besides food and clothes).

    Thanks for the replies everyone! It's good to know that I can be a part of USAA too. I'm so sick of BoA. What a horrible bank.

    AlyceInWonderland on
  • RUNN1NGMANRUNN1NGMAN Registered User regular
    edited July 2010
    Have you called USAA and just asked? Because of USAA's rules, I would not be surprised if you could be listed as an "authorized person" or something like that, but that the account would still technically be your boyfriend's rather than a real joint account.

    You definitely can't become a USAA member through your boyfriend unless you get married, so you wouldn't be able to use any of their services on your own.

    Also, this really doesn't need to be said because it seems like you've thought about this, but have a contingency for the worst-case scenario. What happens if you break up? Your assets aren't legally protected like if you were married. If the account's still completely his (which is likely considering USAAs membership rules) and then things go sour (no matter how unlikely that may be), will he be able to lock you out of the account?

    RUNN1NGMAN on
  • geckahngeckahn Registered User regular
    edited July 2010
    Schwab is almost on the same level as awesome as USAA, so you might want to just get a separate account with them and skip the whole possible issues with a joint account thing.

    geckahn on
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