Joint Bank Accounts - Checks & Balances?

[2Confused]

What is the name of your state? Oregon

My brother wants me to share in an interest earning CD and money market with the idea that with our money pooled together we would be in a better position to negotiate a better yield. His desire is to “keep it simple” by having these be joint accounts with both of us investing equal shares.

My concern is that with joint accounts there are no checks and balances. Or is there? What type of contract could be used that would limit him, or me, from running off with more than 50%? And, would there be such a contract that could be fluid enough to account for changes in investment percentages?

 

[Dandy Don]

Please do not fall for this.

Even if there was a benefit from pooling your monies, the benefit would be very small. Only benefit would be in interest and there would not be that much more.

Let HIM work the numbers to prove his case--otherwise, he can put his money wherever he wants to and tell him you know this is not a good idea.

 

[2Confused]

I’ve been rejecting this idea since day one, and I’ve read some of the horror stories posted by other members, however in an ever-changing world it wouldn’t surprise me that I could be overlooking something. Some safeguard?

I suppose that the benefit in perhaps gaining what could be perhaps a quarter percent in interest is all relative. The amount in this case could be in the thousands, however I’m not one for playing Russian roulette. Perhaps there’s a safety on the gun, but the nature of this game still spooks me.

Thanks for the input.