Jim and I have always had separate checking accounts and we have a joint household account that is used for household expenses, etc. My checking account is with a separate bank from the joint account and I can pay almost any bill within 24 hours using online billpay.
I recently set up the online billpay using the joint account and was unpleasantly surprised both with the way it is set up AND the fact that it takes 5 business days to pay accounts. The ONLY time it takes 5 days to pay anything from my account is if a check has to be mailed out (ie a non-electronic transfer). Quite a disappointment to me, so I guess I'll just keep using my account for everything and simply withdraw funds from the joint account.
Do most banks take 5 days to pay your accounts?

 

I'll have to look. If it is a company the bank is set up for electronic transfer, then the payment can be made immediately. Others do take 3-5 days.

 

I pay all of my bills online. They usually process within one day, two at the most.

 

Same here and most of my creditors send my bills to my bank. I get an email from the bank that the bill has come in and with 2 clicks of the mouse, I set them up for payment. I notice that service isn't offered with our joint bank.

 

My bank - USAA - does not hold checks to clear, though they ask me to wait one day if I do an electronic transfer into a checking account. I do have an agreement with the bank that if for any reason I ever overdraw a check, it will be backed up at any time by my credit card.

 

My wife and I have three accounts at Hancock Bank, one for each of us and one that we call the "common account" for bills, etc. Pretty much like you guys, Val, except they are all with the same bank. Hancock is like your bank...bills that can be paid electronically are handled in a day or two.

We have several recurring bills that require the bank to mail checks which does take five business days (although sometimes its actually a bit less.) On these, I just make sure I put the payment request in with extra time to spare.

I highly recommend seperate personal accounts for couples who then contribute to a common account for household bills and expenses based on an agreed upon formula of some kind. It cuts arguments over money and spending almost to zero and it also tends to make you consider purchases from your personal account with much more circumspection.

 

^^ Add to the separate checking accounts separate bathrooms and you've eliminated any need for argument or distress.

 

personally I've never understood separate checking accounts.
you both 'own' the money, it's not mine and hers, it's ours.
it's worked for us since about a week into our marriage when she took over managing our accounts.

I'm quite happy with that trade.

 

and im much richer today for it

 

^^ We have a joint household account from which our major debts are paid and from which we can make withdrawals. Many couples who have only one checking account make the mistake of going out and writing checks independently of one another. It can cause overdrafts, accounting errors, etc. For our personal affairs, he has his account and I have mine. The major portion of our money goes into the household account.