Banking and Savings Most Popular Articles

  • cash payment
    5 Strategies to Pay for College Today
    Military.com|
    To help streamline your college banking and find the cash to pay for an education in today's economy, here are five methods and...
  • ATM
    10 Best Military Banks of 2015
    Military.com|
    A study investigated more than 30 military banks and credit unions, and came up with this top 10 list.
  • 70 ways to save money
    70 Easy Ways to Save Money
    Jeff Rose
    Here are 70 ways you can save money in the four biggest budget categories: food, transportation, housing, and health.
  • UsingATMs
    Top Five Military Banks and Credit Unions
    Military.com|
    If you're in the military or are a veteran and are looking for a bank, this list is for you.
  • Your Service Will Get You Great Deals
    Military.com
    Everyone knows that your military ID card grants you access to the many services and benefits available on a military installat...

Joint Accounts: Two Names Are Better Than One

When you're away during deployment, it may make sense to add the name of your spouse or a family member on all financial accounts. This can make it easier for them to handle financial issues, such as making changes to insurance or investments, during your absence. Keep in mind that the cosigner will have unrestricted access to your money, so only create a joint account with someone you trust completely to make responsible decisions.
Account Authority
Adding a second name provides access for both parties. But if your name is the only one listed on a policy or account, you are the only person with the authority to change it to a joint account. So be sure to make this change before you are deployed.
Put It in Writing
A marriage license doesn't always guarantee access to your accounts. Contact your financial institution to ensure both of you have access. Allow transactions to be authorized with just one signature.
Plan Ahead
Discuss financial obligations, monthly expenses and due dates to cover financial commitments while you are away.
If you need more advice about sorting out your family's finances, visit Military.com's Banking and Saving channel.

Military News App by Military.com

Download the new Military.com News App for Android on Google Play or for Apple devices on iTunes!

© 2016 Military Advantage