Saturday, October 24, 2009

How do we set up a joint account that we all can contribute to in order to pay for a group trip?

I am planning a group trip for 14 friends and we would like to have money deducted from our accounts on a weekly basis to pay for the trip. Most banks do not allow this type of transaction for so many participants. Does anyone have any suggestions, or has anyone managed to do this?
How do we set up a joint account that we all can contribute to in order to pay for a group trip?
You're right that most banks don't want to do this for so many people. You could each open up something like a "Christmas club" account. You could each then have that money deducted each month and at the end of the term take the money and combine it. Just make sure that, if you'll need the money in less than a year, you will have no penalty for not completing it and that you can withdrawl it when you need it.





For that matter, you could just step up a couple different savings accounts and put 4 or 5 people on each one. I would also suggest you set it up that you need 2 or 3 signatures for any withdrawl, just as protection.
Reply:We deposit money into our MasterCard account then draw money out from an ATM when we are at our destination.

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