I have a Citi checking account that was opened a while ago, I think when I was in college almost 2 decades ago. Its practically empty but I keep it open in case I need to go to a Citi ATM.
Are there risks to keeping this open from a liability perspective or otherwise?
Edit – I have accounts at other banks. I've left this citi account alone cause of laziness and to avoid checking account fees (parents use citi for retirement, so high enough linked balanced).
Should I close the old joint checking account with my parent?
byu/SnooMachines9133 inpersonalfinance
Posted by SnooMachines9133
7 Comments
yes close it get your own account
Just go ahead and close it.
You can always reopen it if you want in the future as your needs change.
I don’t think bank accounts are like credit accounts in the sense that it’s good to keep the old ones because it’s good for your credit score.
I can’t really think of any reason to keep it open.
I don’t think there are any risks besides it’s a joint account so your parent could take all the money out or that money could be taken for their liabilities. But if there’s nothing in there, I don’t think it really matters
I got an account with my dad I think at 9 years old… I’m 40
We have kept it open and he keeps about $500 in there.
We live around the corner and are constantly “I’m at Costco what do you need” … they are watching my kid for a weekend and want to go somewhere… we go out to dinner and owe someone for the meal. My dad “hides” gift purchases from my mom through me so I grab that money from the account to get the gift cause she’s NOSEY haha.
We don’t nickel and dime. He’s not hitting me up to buy an ice cream for my kid at the playground. And sometimes I “forget” to pull money from him if we hit up a meal together.
Before Zelle it’s been a life saver to have “instant” access to money. I can begin the line at Costco and transfer money before I get to the door and then don’t have to worry about it.
Funny thing is, we go back and forth so much unless one of us buys say – hotel nights or several hundred dollars it always sits about $500 without really adding money.
Also.. he sold a house once and put all the cash from the sale- about $250k into it by mistake.
I opened up my account and it I’ve never seen that much money in my life and thought I was having a stroke.
But then I clicked on which account it was for and I connected the dots.
Called my dad and said I really appreciated the gift 😆
Money was gone a few days later when he paid off his new house.
I’d just close it, the “joint” part is a ticking bomb if they ever get sued or miss a payment, Citi can yank the account anyway
Are there two or three names on the account? Not to be morbid but upon the death of both (if two) or the one parent (if 1), that money would go directly to you without a will or probate.