Joint account.

In plain English

Joint ownership means full, independent access for every name on the account: either person can withdraw everything, legally, at any time. Most joint accounts carry survivorship, so the balance passes directly to the surviving owner outside of probate. The flip side is shared exposure: one owner's garnishment or judgment can reach the account, and FDIC coverage applies per owner (effectively doubling protection on a two-person account).

01Why it matters

Couples default into joint accounts at the "merge finances" moment without anyone explaining that joint means each person can drain it, and that adding someone (an adult child to help with bills, a new partner) is a legal ownership transfer, not a convenience setting.

02The math, step by step

A parent adds an adult child to their checking account for bill-paying help. The child's old credit judgment surfaces and the creditor levies the account, reaching the parent's money. A power of attorney or an authorized-signer arrangement lets another person pay bills from an account without becoming an owner of it.

03What this is NOT