Banks offer joint accounts for companies as well as personal use. But such accounts are not secure and there are many drawbacks of these accounts like no account holder can stop a joint account owner from withdrawing all funds. So there are more possible ways to open your individual account for the same purpose with less factor of risk.

Disadvantages of joint bank account

Commonly joint bank accounts are opened with family members and with business partners but still there is a factor of risk in these accounts. Your money is not safe in such accounts and there is no limitation of withdrawal by any partner.

Ownership’s right

Banks are offering joint accounts to e

very body in the world. But the fact is that once you accepted the offer by bank to open a joint account and sign the papers, every partner has 100 percent rights to that account. Normally people accept joint account offer between there good relations like,

• Minor children and parents.
• Elderly parents and adult children.
• Cohabitating couples.
• Roommates.
• Business partners. Read the full story

“The Money Myth Exploded” was one of the first articles of Louis Even, and to this date it remains one of the most popular illustrated story to explain in layman’s language how money was and still is created by private banks as a debt.

1. Shipwreck survivors

An explosion had blown their ship apart. Each one grasped the first bit of wreckage that came to hand. And when it was over, there were five left, five huddled on a raft which the waves carried along at their will. As for the other victims of the disaster, there was no sign of them.

Hour after long hour their eyes searched the horizon. Would some passing ship sight them? Would their make-shift raft finds its way to some friendly shore?

Suddenly a cry rang out: “Land! Look! Over there, in the direction the waves are carrying us!”

And as the vague silhouette proved itself to be, in fact, the outline of a shore, the figures on the raft danced with joy.

They were five. There was Frank, the carpenter, big and energetic. It was he who had first cried, “Land!”.

Then Paul, a farmer. You can see him, front and left in the picture, on his knees, one hand against the floor, the other gripping the mast of the raft.

Next is Jim, an animal breeder; he’s the one in the striped pants, kneeling and gazing in the direction of land.

Then there is Harry, an agriculturist, a little on the stout side, seated on a trunk salvaged from the wreck.

And finally Tom, a prospector and a mineralogist; he is the merry fellow standing in the rear of the picture with his hand on the carpenter’s shoulder.

2. A providential island

To our five men, setting foot on land was like returning to life from the grave.

When they had dried and warmed themselves their first impulse was to explore this little island on to which they had been cast, far from civilization.

A quick survey was sufficient to raise their spirit. The island was not a barren rock. True enough, they were the only men on it at the moment. But judging from the herds of semi-domesticated animals they encountered, there must have been men here at some time before them. Jim, the animal breeder, was sure he could completely domesticate them and put them to good service.

Paul found the island’s soil, for the most part, to be quite suitable for cultivation.

Harry discovered some fruit trees which, if properly tended, would give good harvests.

Most important were the large stands of timber embracing many types of wood. Frank, without too much difficulty, would be able to build houses for the little community.

As for Tom, the prospector, well, the rock formations of the island showed signs of rich mineral deposits. Lacking the tools, Tom still felt his ingenuity and initiative could produce metals from the ores.

So each could serve the common good with his special talent. All agreed to call the place Salvation Island. All gave thanks to Providence for the reasonably happy ending to what could have been stark tragedy.

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