Dangers of Joint Account

Hi. Gusto ko po sanang humingi ng advice regarding opening a Joint Savings Account Deposit. My estranged father suddenly appeared and asked me to be in a joint account savings deposit that he has. :eek: According to him, para daw po mabilis magwithdraw para sa gagastusin if ever lang na may mangyari sa kanya and para na rin mas mabilis daw ma-claim ang maiiwan nyang money (versus pag may estate issues pa at tax) if ever mawala cya.

I know medyo cynical to think na baka hindi ito safe, kasi nga po narinig ko na nagsusugal po sya. Question ko po... madadamay po ba ako sa mga utang nya or any issues/risks na possible if I am included sa account nya (co-owner in a joint account). :ohmy:

Maraming salamat po.

If your father is known to be a gambler, DO NOT create a joint account with him.

Since joint yan, your father can withdraw whatever amount he needs from the account if there is no limit set on the terms and conditions of said account. He would most likely empty the account once you put money in there.

It would be wiser for him to create a solo account and for you to just do a bank transfer deposit if he is really in need of money so that you would have control on how much he has.

You should go to a bank and talk to one of their supervisors there for you to seek their advice on the effects of joint accounts, para may second opinion ka rin from the bank itself.

Good luck.

Thank you for your reply Sir!

Yung joint account po contains only his money.

Hinding hindi po ako mag dedeposit doon, para na rin po sigurado.

Kapag ka ganun na pera nya lang, wala naman pong pwedeng maging negative effect sa akin in anyway?

Since gagawin lang daw po nya akong co-owner ng joint account para daw if may mangyari sa knya, mabilis daw makawithdraw ng pera lets say for example hospital etc. ...

Having a joint account has a negative effect on you.

Since nakapangalan ka as co-owner of said account, you may also be held liable to whatever activity the account is embroiled in. For example, your father made a check to pay off his debts using the joint account as source. The check bounced. Since co-owner ka ng account, pwede kang mainvolve if the one who was fooled by the bouncing check will file an estafa case against your father, although of course it depends if you will be made part of the criminal case.

At this point, you should go to the bank you plan to make a joint account with and ask them for any other possible negative effects of a joint account.

I seee...... ( Thank you so much po for your advise Sir!

I am happy to help with what little I know of the law.

I have to admit, those at the bank would know more specifics than I do since they open joint accounts on a daily basis.

Good luck in your situation.