Can you explain joint checking liability?

Answer by  Carol37 (569)

If you have a joint checking account you are each responsible for the whole. You bounce a check the other party's credit gets dinged and vice versa. Each can write a check and empty the whole balance without the other knowing.

Answer by  k99 (489)

It means that your both liable for the account. If you or the other signer bounce a check your both liable and it will affect both your cedit scores.

Answer by  Travis404607 (3916)

If two people have a joint checking account, they are basically each liable for the account when they sign up for it. If one person bounces a check on the account, it is the responsibility of all people assigned to that account. This is why you should be very careful.

Answer by  Sylvia56 (87)

Joint checking account means you are sharing the account with another person. If one of you writes a check and it bounces both of you are legally responsible.

Answer by  GoBraves20101 (15)

"Joint checking liability" means that you're both liable for any debts on the account - fees for overdrafts or bounced checks, or what not. All people on the account are fully responsible for paying the debt due and it affects both credit histories of the account holders.

Answer by  bassmaster76 (62)

If you have a joint checking account, you are both equally liable for any debits that pull from the account. If you have too many overdrafts and the institution decides to close the account and report it to chexsystems, you will both have a record with them.