A drawback of joint bank accounts is that one co-owner has the right to spend or transfer money without the other co-owner's knowledge or consent. Also, both co-owners are held accountable if one overdraws the account, according to Bankrate.
Two individuals who open a joint bank account together should have a relationship built on mutual trust, asserts Think Money. They must be willing to communicate openly and honestly, notifying each other before they make any transactions. One way to help secure the money in a joint account is to set up the account so that both owners' signatures are needed for specific types of transactions, according to Bankrate.