Joint Bank Accounts

[Forzacitizens]

Hi guys

I'm moving into a house with 5 of mates next month. We would like to get sky tv. Obviously you have to pay by direct debit, therefore we need to set up an account between us. Does any one know if you can set up a joint account between 6 people? We would deposit money in this to buy essentials when and if we need them. Are they any bankers on bluemoon?

thanks in advance

 

[TFC]

There are a lot of bankers on bluemoon mate ;)

Not sure about a 6 person account, but if you do get one, make sure every fooker is paying the same in. Theres always one who tries to get away with not paying their share...

 

[Eddie]

*screams aghast*

Don't do it! WHy not collect the money up front for 12 months subscription between the six of you and pay it one hit. No issues over debt, access to money and risk that can crop up with a joint bank account.

 

[Forzacitizens]

ideally that's what i'd like to do, however, because we're poor students atm, some people get there money in september. Therefore, the reason i suggested this was we can pay the first couple of months, and those who can't pay at a certain time can pay later, using the overdraft.

 

[Eddie]

From my own viewpoint, I'd say it's horrible, dodgy ground and asking for trouble in all honesty and it's something I just would not entertain if I were in that position. Maybe any of the bankers on this site can advise you better/differently.

 

[scall11]

Maybe just get two of the most sensible ones to get the joint account, and make get everyone to set up a standing order NOW to get the money going in. If it's not starting till September, then tell them to set up it now, but each time their money goes in, you'll transfer it back to them. Just so that they get used to the money coming out of their account each month.
Or better still, get a month or two as a buffer in there already just in case.

Sharing bills between 6 people could f**k up big time, but make sure a standing order is set up, because it's just done automatically then.

 

[bumbleblue]

I would give this a swerve mate. I think that there are legal obligations on joint accounts that mean you would all be jointly responsible for any debt etc accrued so if one of your mate legs it, it would leave the others to bail or if one of the names took on a debt in that account eg set up direct debits or whatnot you would all be liable for that . Pls check things out but am fairly certain of what i have said but i am not a banker or a legal practitioner. I have seen a close friend ripped off to the tune of thousands though.

 

[Forzacitizens]

cheers for the advice lads, not going to rush into anything. The standing orders idea sounds a good one

 

[Blue Genes]

Try and convince one of the others to get it in their name, and set up standing orders from the others accounts into his. Always try to get someone else's name on the utility bills because its a pain if your name is on it and someone drops out during the year - my daughter was in this situation and was owed money because someone moved out but the gas company didn't care as the account was in her name - she was the one threatened by them and I had to cough up the money :-(

 

[denislawsbackheel]

just make sure you're not the signatory to the Sky contract. You won't be allowed to sign up 6 of you for that and the poor sod who takes it on has to be responsible for returning the skybox to them or paying hundreds. look at the small print!