Customers are confused over joint accounts
MANY BANKING customers signing up to a joint account with a partner could be at risk of being pursued for serious debts they did not realise they were liable for, research warns.
Banks are being urged to spell out joint account terms more clearly as a survey found confusion among consumers as to how these accounts work. Three quarters of people do not realise that either person is liable to pay the debt on a joint account.
SavvyWoman.co.uk says it receives emails from those who have been left “high and dry” after their ex has run up debts on a joint account. Sarah Pennells, founder of SavvyWoman.co.uk, said: “We’re now going to campaign to get all banks to do their bit to make joint accounts clearer so couples know exactly what they’re agreeing to.”