Coinjoin

Everyone in your family has a gas station credit card with the same account number. One invoice is received each month listing everyone’s gas purchases, and one payment is made, hopefully by someone reliable. Known as a conjoined account that has more than one account holder, if the bill isn’t paid, everyone whose name is on the account will have their credit score affected.

A conjoined account can be for a credit card, checking or savings account, or a line of credit. Married couples often have a conjoined checking account, as well as parents with children who might not qualify on their own for a credit card. With a conjoined checking account, if you have a child, it’s a good way to keep an eye on their spending until they prove themselves trustworthy (usually around 40). If someone is simply an authorized user as opposed to a conjoined account holder for your credit card, they are not responsible for paying the bill.

It’s always a good idea to appoint one person to monitor all the conjoined accounts and to pay the bills. However, this does not mean they don’t have to share information, and they can do their own spending in secret. Just like being joined at the hip, a conjoined account should be a true partnership.