Does having a joint checking account mean that both parties are equally entitled to the money in that account? Apparently not, according to our wonderful bankers at Bank of America.
We ordered Euros through Bank of America for our upcoming trip to Spain. Yesterday, we got a call from Bank of America telling us that our Euros were in and could be picked up at the local branch in Clarksville. So, this morning, Kim headed over there. Much to her surprise, the friendly tellers and branch manager informed her that they weren't allowed to give her the Euros. Since I had set up our online banking (years ago), all of these sorts of transactions are automatically made in my name when they're handled online. That meant that only I could be given the Euros.
Now, Kim's a patient person. If you know her, you know it's very rare for her to get upset, particularly in public. But, she returned home, stormed into the basement, and told me that she needed to punch someone. She relayed the entire episode to me, telling me how Bank of America wouldn't let her have her money. She said she was repeatedly told that both of us should have our own online banking ID. Their primary reason appeared to be "security" in the event that we got separated or divorced.
I didn't understand that logic at all. If we each had our own online banking ID's governing a single joint account, how exactly would that stop one of us from taking out money without the other one knowing about it? Also, if it's so gosh-darned important to Bank of America that each of us be eternally aware of what the other is doing with our money, why are we each allowed to write checks on the account?
In any event, Kim and I decided to head over there together on my lunch "hour" to pick up our money. I had to hear for myself why we both didn't have equal access to our joint account. On the way over, we came up with several creative ways to demonstrate to them that we were, in fact, a couple. You can figure that out on your own.
Sure enough, I got the same speech about how important it was for Bank of America to protect separated and divorced couples who still have joint accounts. I still didn't get it. Finally, I handed over my license to the teller so that we could get our Euros. When the teller at the next station decided to chime in about how "most people have separate online banking ID's for security," I lost it. I didn't feel the least bit guilty about letting her have it.
Our we the last couple in the world (or, at least, in Clarksville) to have a joint checking account? Even if we are, why is the bank's primary concern given to people with failing relationships? Something's not right with our world.
This is where the magic happens.
