Joint Accounts for Cohabiting Adults: Easier Management and Protection
This new law makes it easier for cohabiting adults to open joint accounts with service providers like utilities and internet companies. It aims to simplify bill management and information access, while also ensuring privacy protection and the ability to seek recourse if issues arise.
Key points
Allows cohabiting adults to open joint accounts with various service providers (e.g., electricity, gas, water, internet, phone, rentals, mortgages, childcare).
Ensures full access to joint account information (bills, correspondence, service details) for each account holder.
Requires companies to inform cohabiting adults about what information will be shared on joint accounts.
Enables individuals to sue for up to $1,000 if a company fails to meet the law's requirements.
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