No joint bank accounts?

[matsuki]

The locals I talked to thus far all seem bewildered by the concept of a joint bank account and say it's unthinkable/impossible in Japan. Obviously not the norm but are they really impossible and what do you married folk do with your money?

[Yokohammer]

The locals I talked to thus far all seem bewildered by the concept of a joint bank account and say it's unthinkable/impossible in Japan. Obviously not the norm but are they really impossible and what do you married folk do with your money?

Just make sure the other partner knows where the hanko is.

[wagyl]

Yokohammer has the answer, because it is not a case of joint and several signatories which requires a special account opened, like it does in the ID-by-Signature world.

The facetious answer is, the standard procedure here is that the guy just hands all the cash over to the girl for safekeeping anyway, and survives on the pocket money he is doled out.

[Coligny]

I think if you have the bank book and the Hanko the stuff is yours anyway...

[matsuki]

So one name on the account and he who holds the hank reigns supreme, even if it:s not the acct holder? Makes perfect sense!

Ok, so one account, each of us have a cash and credit card that pulls from it. Works for me....but the other kicker I heard is taxes are filed separately as well???

[Marked Trail]

...but the other kicker I heard is taxes are filed separately as well???

If on spouse is a dependent or part-timer, you can file a joint return. If both spouses are gainfully employed full-time (or independently self-employed) you should file separately to get the best advantage of the Japanese tax system.

[Wage Slave]

I think if you have the bank book and the Hanko the stuff is yours anyway...

In our case it's the bank book and the PIN.

The solution for us was to have multiple accounts. We have one at the local bank who have a decent size branch nearby, we use as a current account. The account is in my name but she has the PIN and just uses the machine in the lobby to do everything she needs. Very occasionally I have to sign something.

We both also have accounts at Shinsei for handling International transfers and accounts at the Post Office because they don't charge for transfers between PO accounts. All PINs/logins etc are known to both parties so either should be able to do anything reasonable without hinderance.

[Russell]

Joint accounts are possible at Citi bank in Japan, as far as I remember.

[pjifwepijfsd]

Joint accounts and joint property are not recognized in Japan, and I suspect having one is a dangerous thing from a tax perspective. Suppose you get paid your salary into a jointly held account. You have to report it as income because it is your salary. If you were audited by a literalist tax inspector, might half (or all) of it be considered a "gift" to your spouse since you put it in her name, subject to gift tax? I don't want to be the guy who finds out the answer to that one. Even if Citi is foolish enough to allow it, you shouldn't be foolish enough to try it here. I know people can get sent to tax hell for putting homes in both their names when the down payment came from only one or the other's salary, for example. The prudent thing is to avoid joint bank accounts and transfers of property between spouses (on paper, that is, bank accounts both have access to seems to be universally accepted) at all costs.

[Russell]

But if you are married in common goods, doesn't that count?

[pjifwepijfsd]

But if you are married in common goods, doesn't that count?

If you are married, you each have your separate property. If you earn money, in theory it has to go in an account that is in your name, or else it may be a gift. Now, if you get divorced or die, the ownership of that property will be reallocated (and in some cases taxed).
How much this gets enforced in practice, I have no idea, but this is how I am told the system operates.
Inheritance tax is somewhat of rich people problem, but gift taxes start around $10,000 per year per recipient, so it's worth not screwing it up.
Note I am not a tax advisor, and I suggest you consult with one when monkeying around with property ownership (or even just on general principle).

[Coligny]

I think if you have the bank book and the Hanko the stuff is yours anyway...

In our case it's the bank book and the PIN.

The solution for us was to have multiple accounts. We have one at the local bank who have a decent size branch nearby, we use as a current account. The account is in my name but she has the PIN and just uses the machine in the lobby to do everything she needs. Very occasionally I have to sign something.

We both also have accounts at Shinsei for handling International transfers and accounts at the Post Office because they don't charge for transfers between PO accounts. All PINs/logins etc are known to both parties so either should be able to do anything reasonable without hinderance.

We also have several accounts to split the risk if a bank goes under...

And of course commonly... Forgotten PIN... Since we both immensely sucks at remembering these kind of stuff...

[pjifwepijfsd]

I think if you have the bank book and the Hanko the stuff is yours anyway...

In our case it's the bank book and the PIN.

The solution for us was to have multiple accounts. We have one at the local bank who have a decent size branch nearby, we use as a current account. The account is in my name but she has the PIN and just uses the machine in the lobby to do everything she needs. Very occasionally I have to sign something.

We both also have accounts at Shinsei for handling International transfers and accounts at the Post Office because they don't charge for transfers between PO accounts. All PINs/logins etc are known to both parties so either should be able to do anything reasonable without hinderance.

We also have several accounts to split the risk if a bank goes under...

And of course commonly... Forgotten PIN... Since we both immensely sucks at remembering these kind of stuff...

I believe most depositary accounts in this country are covered by a deposit insurance scheme mandated by law (but up to a certain limit on deposits per account). However, I don't believe it includes forgotten PIN insurance for when you need to get some cash to buy kitty food and other Coligney necessities, so makes sense.

[Yokohammer]

But you're only guaranteed up to 10 million yen, if I remember correctly. There was some talk of boosting the guarantee to 20 million at the Yucho Bank, I think, but the regular banks complained bitterly (as they would, because it would give Yucho an advantage), and the idea was dropped.

Working totally from memory there, so don't quote me.

If you've managed to scrounge up 100 million (1 oku) over the years (or won the lottery) you'd have to distribute that money to 10 banks to be safe. What a pain (not that I have to deal with that particular problem).

[pjifwepijfsd]

Yes, Yokohammer, that's the limit I see on the webpage of the deposit insurance corporation. Can't imagine keeping that much money in Japanese bank deposits with a 0.02% interest rate (so your 1 oku gets you 2 man interest per year), as opposed to even Japanese government bonds which, while crappy, are typically around 50 times as good at 1%. Not to mention stocks.

[gaijinpunch]

The locals I talked to thus far all seem bewildered by the concept of a joint bank account and say it's unthinkable/impossible in Japan. Obviously not the norm but are they really impossible and what do you married folk do with your money?

Joint accounts are possible at Citi bank in Japan, as far as I remember.

Unpossible. When I got married I assumed the same thing. The wifey called Citibank and they said, "we used to offer these but they just caused trouble". So, just do what all J-people do. Have your cumpany send your pay to your wife and let her give you 8000 yen a week to live off of.

Now, if you get divorced or die, the ownership of that property will be reallocated (and in some cases taxed).
How much this gets enforced in practice, I have no idea, but this is how I am told the system operates.

It's actually a joke. Here's how divorce works in Japan.

-1 or both parties leaves, and takes everything they really fucking want (including pets and children).
-The other party will likely never see that stuff again... including any cash one made out with from the "joint" bank accounts. If you're an FG, there's a good chance your spouse can get the dough w/o the bank cook or PIN. Didn't it happen to someone here?
-When the divorce actually goes through, the court will set up some type of payment that the working party will pay to the other one, and will do absolutely zero enforcement if he decides to never pay for whatever reason
-Whomever got the kid out the door in the first step gets custody. The other party loses custody.

[Russell]

I still have a joint bank account at Citi bank, and never got trouble.

Didn't know they stopped offering them.

[gaijinpunch]

I still have a joint bank account at Citi bank, and never got trouble.

Didn't know they stopped offering them.

When did you get it? I was told sometime around 2003. They could have been reintroduced. Pretty sure they'd not stop an existing joint account though. In fact, they had houjin accounts at one time, and then stopped.... but you got to keep yours if you still had it.

[Russell]

I got mine around 1995 I think. Forgot the exact date.

[gaijinpunch]

I got mine around 1995 I think. Forgot the exact date.

Yeah, pretty sure those things are done and dusted. This was my at-the-time other half who called, but she said the answer was pretty clear, as was the reason why they stopped. Japanese culture isn't meant to be so transparent, basically.

[J.A.F.O]

The locals I talked to thus far all seem bewildered by the concept of a joint bank account and say it's unthinkable/impossible in Japan. Obviously not the norm but are they really impossible and what do you married folk do with your money?

Joint accounts are possible at Citi bank in Japan, as far as I remember.

Unpossible. When I got married I assumed the same thing. The wifey called Citibank and they said, "we used to offer these but they just caused trouble". So, just do what all J-people do. Have your cumpany send your pay to your wife and let her give you 8000 yen a week to live off of.

Now, if you get divorced or die, the ownership of that property will be reallocated (and in some cases taxed).
How much this gets enforced in practice, I have no idea, but this is how I am told the system operates.

It's actually a joke. Here's how divorce works in Japan.

-1 or both parties leaves, and takes everything they really fucking want (including pets and children).
-The other party will likely never see that stuff again... including any cash one made out with from the "joint" bank accounts. If you're an FG, there's a good chance your spouse can get the dough w/o the bank cook or PIN. Didn't it happen to someone here?
-When the divorce actually goes through, the court will set up some type of payment that the working party will pay to the other one, and will do absolutely zero enforcement if he decides to never pay for whatever reason
-Whomever got the kid out the door in the first step gets custody. The other party loses custody.

So in a way the divorce system here rewards the prudent and malicious.

[IparryU]

-The other party will likely never see that stuff again... including any cash one made out with from the "joint" bank accounts. If you're an FG, there's a good chance your spouse can get the dough w/o the bank cook or PIN. Didn't it happen to someone here?

me, but it was not a joint bank account... it was my account that I opened before I even met her...

[matsuki]

-The other party will likely never see that stuff again... including any cash one made out with from the "joint" bank accounts. If you're an FG, there's a good chance your spouse can get the dough w/o the bank cook or PIN. Didn't it happen to someone here?

me, but it was not a joint bank account... it was my account that I opened before I even met her...

Which makes me wonder what would happen if you reported it as theft? I mean, if they're all strict about ownership and whatnot and the withdrawal was not only unauthorized, but the bank allowed it without following procedure, it would seem to be liable. (and they'd likely have to pursue your ex)

I know things are all good now and no need to rock the boat but at the time she took the money, I would have probably gone to the bank with "WTF" and then, likely unsatisfied, probably forced to file a police report and go back to the bank with the local koban oyaji to get the bank to do anything.

[IparryU]

-The other party will likely never see that stuff again... including any cash one made out with from the "joint" bank accounts. If you're an FG, there's a good chance your spouse can get the dough w/o the bank cook or PIN. Didn't it happen to someone here?

me, but it was not a joint bank account... it was my account that I opened before I even met her...

Which makes me wonder what would happen if you reported it as theft? I mean, if they're all strict about ownership and whatnot and the withdrawal was not only unauthorized, but the bank allowed it without following procedure, it would seem to be liable. (and they'd likely have to pursue your ex)

I know things are all good now and no need to rock the boat but at the time she took the money, I would have probably gone to the bank with "WTF" and then, likely unsatisfied, probably forced to file a police report and go back to the bank with the local koban oyaji to get the bank to do anything.

well... when she came to my old office one day and hit me with a glass paper weight and split my lip wide open... the police didnt do shit. so i said fuck it.

that and if i did do that, i probably would not have the leisure lifestyle I have now with full access to the kids.

[matsuki]

As much as I'd like to think you'd have gotten your money back and her arrested, TIJ so I have a feeling the best case scenario is getting your money back and the cops telling you that you can't charge her with theft because she returned the funds.

In other words, fight with a J-spouse here, be prepared to bend over and take it in the アース

[JAVGOD]

Can anyone recommend a bank easy (ier) for gaijin to deal with? Newbies...

[matsuki]

Can anyone recommend a bank easy (ier) for gaijin to deal with? Newbies...

With all the recent changes, I'm actually happy with Tokyo Mitsubishi UFJ...their online services are finally up to 2010 standards!

[IparryU]

Can anyone recommend a bank easy (ier) for gaijin to deal with? Newbies...

Shinsei all the way.

Sent from my GT-I9305 using Tapatalk

[IparryU]

Can anyone recommend a bank easy (ier) for gaijin to deal with? Newbies...

With all the recent changes, I'm actually happy with Tokyo Mitsubishi UFJ...their online services are finally up to 2010 standards!

This is whet I highly disagree with you dude... And I will let people have a guess why.

Sent from my GT-I9305 using Tapatalk

[pjifwepijfsd]

Can anyone recommend a bank easy (ier) for gaijin to deal with? Newbies...

With all the recent changes, I'm actually happy with Tokyo Mitsubishi UFJ...their online services are finally up to 2010 standards!

This is whet I highly disagree with you dude... And I will let people have a guess why.

Sent from my GT-I9305 using Tapatalk

Dislike of low forex fees with no balance requirements (relative to other banks)? Hatred for Hiroshi Abe and all products he advertises?