A joint bank account can be an excellent tool that allows two or more people to pool their money and work toward common financial goals. However, opening a joint bank account with individuals you don’t have a close relationship with is unwise. Open and honest communication is crucial. It’s imperative that each individual is comfortable sharing a bank account and trusts their co-owners to be personally and financially responsible. The individuals involved should meticulously discuss the implications of maintaining such an account and collectively agree about boundaries and expectations.