Ohio woman said husband threatened to remove her from bank accounts, leave her with 'zero.' Ramsey Show told her she needs to drive to her bank ASAP

One caller to The Ramsey Show in November highlighted how financial abuse commingles with other forms of abuse and can be used to make someone feel helpless (2).

Jackie from Cincinnati, Ohio told hosts George Kamel and Rachel Cruze her husband has been “verbally, emotionally, and financially abusive.” She went on to explain “last night [that] crossed over into physical abuse and he was arrested.”

While Jackie’s story is shocking, it also highlights the serious impact of financial abuse. As she told the hosts, “I’m in a situation where my husband is threatening to remove me from all the accounts, the credit cards, and threatening to leave me with zero … He says I'll need to go prostitute myself in order to have money, which is terribly sick.”

Jackie says her husband, the sole breadwinner, is very knowledgeable about financial matters and he’s taking advantage of her ignorance. Their kids are in college, and she wanted the hosts to advise her on how she can protect herself financially.

Your rights as a spouse

Jackie told The Ramsey Show hosts she and her husband have a joint account and she is an authorized user on his credit card. He has a separate account in which he keeps the money he receives from his mother.

A stunned Cruze advised, “When you get off the phone with us, I would drive to the bank, and I would create a new checking account. I would take half of the money that is in that joint checking account and I would put it over to your own checking account that he has zero access to.”

She also suggested that Jackie stay in a hotel until she can get the support of friends and family.

“You deserve better than this, Jackie,” she said, making it clear that divorce is the only path forward she sees. The Ramsey Show usually recommends merging finances, but Cruze said when it comes to things like abuse and addiction, separate accounts are needed for protection.

“He knows that he’s holding all the cards,” said Kamel. “I think when he realizes, oh she’s not coming back, oh she created her own accounts, oh she took half the money … I don’t think he’s going to be laughing then, when the courts demand that he pay alimony or child support, whatever it may be … There’s laws that protect you here.”

Since Jackie is only an authorized user on the credit card, she would not be responsible for any debt on that account. As for the joint account, “in most cases, either state law or the terms of the account prevent someone from removing the other person from a joint checking account without their consent. Some banks, though, may offer accounts where they allow this type of removal,” according to the Consumer Financial Protection Bureau (CFPB).

Protecting yourself from financial abuse

“Financial abuse is devastatingly effective because it’s often not illegal, and it is an invisible tactic of domestic violence,” said Kim Pentico, director of economic justice programs, National Network to End Domestic Violence (NNEDV) (3). “Women literally don’t have money for cab fare, to buy food and other necessities of life, often forcing them to choose between homelessness and being battered. It is a profoundly powerless situation for these women.”

“Any woman can become a victim of financial abuse, regardless of economic or social status,” said John Rugel, senior vice president, life customer fulfillment and underwriting at Allstate.

It’s important to note that as a joint account holder, you have equal rights and shared ownership of all funds in any bank accounts you own, regardless of who deposited the money. While a financially controlling spouse may try to block your access to the account or information about the account, you have the right to know as much as you want to know about your family finances.