Joint bank accounts enable couples to set up a shared account . It is not intended solely for married couples to set up. A joint account can also be set up between relatives and friends. And because it is a shared account, people are advised to think carefully before trying to set up such an account with someone. There are advantages that may be involved with opening a joint bank account.

Joint accounts are more open for abuse.

This is especially true if either one of the joint party may not be too careful with handling money. It can be easy for one of the joint account holders to easily have access to money that the other may have taken quite a lot of time to save up. Setting up a joint bank account should first be based on trust and confidence between the two people who may be sharing it.

Joint accounts may further complicate legal battles.

Having joint accounts may further complicate divorce proceedings. Money inside a joint banking account can be contested in court by the other party and may take quite some time to settle. It can also be vulnerable to creditors of any of the joint account owners and go after the money it contains for credit disputes.

Relatively few safeguards.

Joint bank accounts may not have enough safeguards that may limit a joint account owner's activities without the consent of the other. Although some banks may have such a policy in place, other banks may not offer the same convenience as part of their policy.

Before you consider opening up a joint bank account with someone, make sure that you know quite well what you may be getting into. The only way to make a joint bank account work well is by having a high level of trust with the person you may be opening a joint account with. Anything less may signal possible problems and complications later on when it comes to the money that you may put into the account.