Cus­tomers are con­fused over joint ac­counts

Yorkshire Post - - NEWS -

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.

SavvyWo­ 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 SavvyWo­, 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.”

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