Joint bank account question

[venom123 32]

I'd like to get a joint bank account with my wife. Just a bit confused by the whole thing, would it be okay to structure our account like this?

 

1. Checking for me

2. Checking for her

3. Savings for us

4. Credit card 

 

Is having 2 separate checking accounts within the same bank account okay? Or would this be a red flag? My wife spends her money very quickly and if we shared checking accounts it'd all be gone.

 

Going to wait until I get my SSN first (upon NOA1 receipt) before I open the bank account and apply for a credit card. Any recommendations here? 

 

We'll most likely go with Citi Bank as they're closest to us. US bank, Wells Fargo and Bank of America are all 30 miles away from us. 

Edited July 9, 2017 by venom123

[Lemonslice 4,836]

It is ok to have joint savings, however you usually can't pay bills from a savings account, so it might make it harder to demonstrate you are comingling finance if you can't pay anything "together".

 

We have: 

Spouse A - Savings+Checking+IRA+other investments+credit card 

Spouse B - Savings+Checking+IRA+other investments+credit card

Joint: Checking where we each transfer some % of our income, credit cards, assets (real estate, car), insurance

 

Credit card recommendation: depends what you are looking for, many cards have no fee and still some rewards/cash back benefits.

Edited July 9, 2017 by Lemonslice

[venom123 32]

2 hours ago, Lemonslice said:

It is ok to have joint savings, however you usually can't pay bills from a savings account, so it might make it harder to demonstrate you are comingling finance if you can't pay anything "together".

 

We have: 

Spouse A - Savings+Checking+IRA+other investments+credit card 

Spouse B - Savings+Checking+IRA+other investments+credit card

Joint: Checking where we each transfer some % of our income, credit cards, assets (real estate, car), insurance

 

Credit card recommendation: depends what you are looking for, many cards have no fee and still some rewards/cash back benefits.

I see, if I did it your way wouldnt USCIS ask why we have separate checkings and savings? Won't they ask why we only put a percentage of our income into our shared checkings/savings? 

 

Surely that'd be suspicious? 

Edited July 9, 2017 by venom123

[Lemonslice 4,836]

You wrote: "My wife spends her money very quickly and if we shared checking accounts it'd all be gone." --- well, this is something you will have to manage together, one way or another, no?  If you each contribute to the joint account in proportion of your income and pay joint expenses from there (cell phone, rent, insurance, grocery, etc.) I don't see how it can look suspicious.  

 

That is a personal decision, you manage your finances how it works for your marriage.  Some people put it all together; others do it separately.  My husband and myself keep very little together all things considered, it works for us, but it does not mean it is appropriate for others.

 

 

[venom123 32]

3 hours ago, Lemonslice said:

You wrote: "My wife spends her money very quickly and if we shared checking accounts it'd all be gone." --- well, this is something you will have to manage together, one way or another, no?  If you each contribute to the joint account in proportion of your income and pay joint expenses from there (cell phone, rent, insurance, grocery, etc.) I don't see how it can look suspicious.  

 

That is a personal decision, you manage your finances how it works for your marriage.  Some people put it all together; others do it separately.  My husband and myself keep very little together all things considered, it works for us, but it does not mean it is appropriate for others.

 

 

But wouldn't USCIS ask why me and my wife don't combine ALL of our finances? Only a select amount?

 

I really like the way you and your husband have set up your bank account. I'd love to do this with my wife, but I just don't want them to be suspicious that we don't COMPLETELY share our finances by just having 1 checking and 1 savings we combine everything in.

 

Are all the accounts you mentioned within the same bank account?

Edited July 9, 2017 by venom123

[Wuozopo 4,293]

12 minutes ago, venom123 said:

But wouldn't USCIS ask why me and my wife don't combine ALL of our finances? Only a select amount?

 

And you have a perfectly good answer if they ask--"My wife spends her money very quickly and if we shared checking accounts it'd all be gone."  

 

They have a good good sense of who is real and who is scamming. They never asked us why the house and bills were only in one name. Or lots of other things. People have reasons for managing their household the way they do.

 

And you may not even get interviewed

 

[Ebunoluwa 6,136]

11 hours ago, venom123 said:

I'd like to get a joint bank account with my wife. Just a bit confused by the whole thing, would it be okay to structure our account like this?

 

1. Checking for me

2. Checking for her

3. Savings for us

4. Credit card 

 

Is having 2 separate checking accounts within the same bank account okay? Or would this be a red flag? My wife spends her money very quickly and if we shared checking accounts it'd all be gone.

 

Going to wait until I get my SSN first (upon NOA1 receipt) before I open the bank account and apply for a credit card. Any recommendations here? 

 

We'll most likely go with Citi Bank as they're closest to us. US bank, Wells Fargo and Bank of America are all 30 miles away from us. 

You can't have 2 separate checking accounts within the same bank account, either it is joint or separate.

What do you mean by within the same bank account ?

Yes, you can both have your own account and one joint one, a savings, some credit cards.
You have to start establishing credit before you can have a really good credit card. If your wife has one then she can add you as an authorized user.
You will probably have to start with a secured credit card where you pay in anywhere from $50 to $200 in order to charge on it with a low
credit balance of $200 or so but if you pay the whole balance off every month you will build credit quickly and then switch to a regular
card. This can be done online, you don't have to go inside a bank, don't focus on the closest bank but on the best rate and best overall
card that fits you. You can talk on the phone and fax items they may ask you for.
My spouse started out with a Capital One secured card and he quickly established credit, then took a loan out for a car
and offers have been pouring in constantly. He is very responsible with paying more than the minimum due and keeping the
utilization rate to a very low percent, his credit score is now better than mine and heading towards 800 credit score which is terrific.
Research how to get a good credit score online, it takes about 6 months to a year to show up on the credit reports after you get a cc.

A high credit score it is very helpful for your future in regards to interest and more.

 

[venom123 32]

6 minutes ago, Ebunoluwa said:

You can't have 2 separate checking accounts within the same bank account, either it is joint or separate.

What do you mean by within the same bank account ?

Yes, you can both have your own account and one joint one, a savings, some credit cards.
You have to start establishing credit before you can have a really good credit card. If your wife has one then she can add you as an authorized user.
You will probably have to start with a secured credit card where you pay in anywhere from $50 to $200 in order to charge on it with a low
credit balance of $200 or so but if you pay the whole balance off every month you will build credit quickly and then switch to a regular
card. This can be done online, you don't have to go inside a bank, don't focus on the closest bank but on the best rate and best overall
card that fits you. You can talk on the phone and fax items they may ask you for.
My spouse started out with a Capital One secured card and he quickly established credit, then took a loan out for a car
and offers have been pouring in constantly. He is very responsible with paying more than the minimum due and keeping the
utilization rate to a very low percent, his credit score is now better than mine and heading towards 800 credit score which is terrific.
Research how to get a good credit score online, it takes about 6 months to a year to show up on the credit reports after you get a cc.

A high credit score it is very helpful for your future in regards to interest and more.

 

Wow that's great! I didn't know about secure credit cards.

 

Should I wait until I get my SSN before I open a secured credit card?

 

I should get my SSN withn a month as I'm sending off my AOS packet tomorrow. I should get my NOA1 within a week or so then I'll go into an ssn center and apply there. 

 

Would it be a joint secured credit card account? 

 

My wife already has decent credit from paying her car lease payments on time for over a year 

 

also, I had a word with my wife. She said she wants to do the joint bank account and only wants to put a little bit each months into our joint savings, and then in the future she'll start putting more. We'll put equal amounts in the savings each time so we can save up for vacations.

 

she is very open to the joint credit card idea 

Edited July 10, 2017 by venom123

[Ebunoluwa 6,136]

4 hours ago, venom123 said:

But wouldn't USCIS ask why me and my wife don't combine ALL of our finances? Only a select amount?

 

I really like the way you and your husband have set up your bank account. I'd love to do this with my wife, but I just don't want them to be suspicious that we don't COMPLETELY share our finances by just having 1 checking and 1 savings we combine everything in.

 

Are all the accounts you mentioned within the same bank account?

No, they will see nothing wrong with that as long as you do have at least one joint account showing monthly activity from both of you with
deposits and expenses. You take ALL bank statements to your interview, not just one. Throw everything that is co mingled in a box
and collect more as time goes by for the interview.
Again, it's not possible for all accounts to be within the same bank account. Each account stands on it's own and can't be
within any other account. Different checking account numbers mean different accounts. A joint account means both of your names
are under the same account number. Clarify what you mean by "within the same bank account".
 

[Wuozopo 4,293]

7 minutes ago, venom123 said:

I should get my SSN withn a month as I'm sending off my AOS packet tomorrow. I should get my NOA1 within a week or so then I'll go into an ssn center and apply there. 

 

You are going to need an approved EAD (work authorization) card in hand before you are eligible for a SSN. Count on four months. Three if you get lucky.

 

Same for driver's license.

Edited July 10, 2017 by Wuozopo

[Ebunoluwa 6,136]

5 minutes ago, venom123 said:

Wow that's great! I didn't know about secure credit cards.

 

Should I wait until I get my SSN before I open a secured credit card?

 

I should get my SSN withn a month as I'm sending off my AOS packet tomorrow. I should get my NOA1 within a week or so then I'll go into an ssn center and apply there. 

 

Would it be a joint secured credit card account? 

 

My wife already has decent credit from paying her car lease payments on time for over a year 

 

also, I had a word with my wife. She said she wants to do the joint bank account and only wants to put a little bit each months into our joint savings, and then in the future she'll start putting more. We'll put equal amounts in the savings each time so we can save up for vacations.

 

she is very open to the joint credit card idea 

Yes, wait for the SSN.
Your wife should apply for a cc and have you on it as authorized user, then apply for a secured cc and go from there to a
joint different cc with better rates (for example no interest for the first year or travel points/rewards )

Store cc are sometimes easier to get like Walmart, JCP, Macy's etc. and go from those to Visa/Master cards.
Communicate about the joint bank account and set limits so one does not go crazy spending while the other gets resentful.
Use it for paying bills, buying groceries, going out for dinner etc....joint expenses.
Keep utilization rate under 20% and pay more or all than just the minimum amount due.

 

[WandY 430]

11 hours ago, Wuozopo said:

 

You are going to need an approved EAD (work authorization) card in hand before you are eligible for a SSN. Count on four months. Three if you get lucky.

 

Same for driver's license.

Not true. You can get a SSN upon arrival in the U.S. My K-1 fiancee received one a few days after POE. She (obviously) didn't have a GC. However, she did need the GC for a driver's license.

[ekim 10]

If you want to open a savings account, I recommend opening a high yield savings account. These are examples of online high yield savings account. It has a higher APY than regular savings account from local banks. Deposit and withdrawal takes a day or 2 but you don't need a lot of withdrawal transactions since it is a savings account.

 

Discover 1.10% APY - https://www.discover.com/online-banking/savings-lng-01/

Ally1.15% APY - https://www.ally.com/bank/online-savings-account/

 

Me and my wife has an American Express high yield savings account.

https://personalsavings.americanexpress.com/home.html

 

Edited July 10, 2017 by ekim

[ekim 10]

11 hours ago, Ebunoluwa said:

Again, it's not possible for all accounts to be within the same bank account. Each account stands on it's own and can't be
within any other account. Different checking account numbers mean different accounts. A joint account means both of your names
are under the same account number. Clarify what you mean by "within the same bank account".
 

 

Maybe he mean same bank/branch

 

[Wuozopo 4,293]

1 hour ago, WandY said:

Not true. You can get a SSN upon arrival in the U.S. My K-1 fiancee received one a few days after POE. She (obviously) didn't have a GC. However, she did need the GC for a driver's license.

 

According to his timeline, he came on Visa Waiver in January and instead of leaving before his 90 days was up, he applied for AOS and stayed. He has no visa. He is currently an overstay tourist who is not eligible for a SSN. He thinks his NOA1 will allow a SSN, but he has no status until he gets at least EAD.