Last year, Texas resident Madison Machen was on a flight to New York when she received some unexpected advice from her seatmate– open a joint bank account with her best friend that could be used to fund their hang outs and travels. "I loved the concept so much, I went home and I called my best friend and I was like, I think we need to do this," Machen told CNBC. Six months later, Machen and her bestie had saved more than $1,000 in their shared Cash App account. The pair is one of a handful of duos who ...

Core Insights - The article discusses the implications of closing a joint bank account, particularly in the context of financial infidelity and relationship dynamics [1][4][5]. Group 1: Financial Infidelity - Financial infidelity occurs when one partner mismanages or hides money, jeopardizing shared finances, and is characterized by secrecy rather than just large sums [3][4]. - A 2023 study indicates that couples with merged accounts tend to have stronger relationships, highlighting the importance of transparency in managing joint finances [2]. Group 2: Joint Account Management - Most joint accounts allow either party to make transactions independently, but some banks require mutual consent for account closure, especially if the account has a significant balance [1][5]. - If one partner wishes to close the account unilaterally, it could escalate tensions without addressing underlying issues [5][6]. Group 3: Steps for Closure - If a partner decides to close the joint account, they should first open a new personal account and transfer automatic payments to avoid disruptions [14]. - Negotiating how to divide remaining funds in the joint account can help prevent further conflict [15]. Group 4: Financial Planning - Establishing clear boundaries around discretionary spending and creating a household budget can improve financial communication between partners [8]. - Seeking assistance from a couples' therapist or financial advisor may facilitate better discussions about money management [8][9].