Maybe you’re getting tired of managing bills, worried about what would happen during a hospitalization, or simply want an adult child to help keep an eye on your finances. Adding their name to your checking account can seem like the easiest solution, but it can give them considerably more authority than you intended. The FDIC explains that co-owners of a qualifying joint deposit account generally have equal withdrawal rights, and either owner may be able to withdraw the entire balance without the other’s approval. Before giving an adult child bank access, decide what you’re actually trying to accomplish: help paying bills, emergency backup, protection from scams, management during incapacity, or something else. One of these five alternatives may provide the help you want without unnecessarily turning your child into a co-owner of your money.
