Advice regarding merging finances

WhiteKnight

Platinum Member
May 21, 2001
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My fiancee and I are beginning to merge our finances and we'd like to transfer funds from her low interest money market account to my higher interest credit union account. What should I know before we do this? I can imagine all sorts of complications as far as my student loan eligibility, having the fund transfer seem to be income for me, etc. Thoughts?
 

Bryophyte

Lifer
Apr 25, 2001
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I think you should probably wait until you get married to be doing anything that will affect your student loan eligibility. FAFSA probably wants to know how much money you have, and if it's in an account with your name attached, they'd consider it yours. As far as how to do it, you could just have her write a check to the new account after her name has been added to it.
 

WhiteKnight

Platinum Member
May 21, 2001
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Yeah, that's kinda what I'm thinking... It's a shame because I get about 3.5% on my account compared to her 1% or so.
 

Bryophyte

Lifer
Apr 25, 2001
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Doesn't she qualify for an account with your credit union? How long until the wedding?
 

WhiteKnight

Platinum Member
May 21, 2001
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I've had my credit union account for a number of years. It's at Merck, and the reason I am eligible is because my father works there. Thus, she doesn't qualify. Wedding is in July.