Question about 'Authorized Signer' on Checking account?
SO / co-owner of home - (we're NOT married nor Registered Domestic Partners)- MAY be having surgery in a couple months. If he has this surgery, there's possible chance he may be on some heavy duty pain meds for up to 6 weeks.
We've always kept everything (our bills, bank accounts, etc.) seperate - except the home-ownership/mtg.
We do not have any 'joint accounts', 'authorized user' on credit card, etc. I don't want it, and neither does he.
IF he has surgery and IF he is so drugged up - I'm wondering how he will be able to pay (actually write out the checks) HIS part of household bills.
So, I'm wondering if anyone knows what this "Authorized Signer" IS, (for checking accounts), how it works, and pros/cons about it all.
I do not want to 'mesh' our bills or finances, (and FICO) but IF he's going to be laid up for awhile and bills need to be paid...is this an option?
Should we BOTH become 'Authorized Signers' on each others' bank accounts? (We both have automatic deposit)
I've never done this before, and don't know a thing about how this works.
I just want to be assured that IF he can't (physically) pay bills, then "I" can pay them for him - out of his bank account.
Anyone know how this works?
p.s. - many years ago when I was going thru some horrible stuff, I gave him some blank/signed checks...'in case something happened to me', so he could pay bills. I retracted those checks a few years ago and have not issued more.