To open joint bank accounts can bring many benefits for individuals looking to consolidate their seperate accounts into just one. If you are looking to open a joint bank account, follow these easy guidelines and steps to get you started.
What You’ll Need When you Apply
In order to open joint bank account, both parties must provide the following basic personal information:
- Photo Identification;
- Social Security Number;
- Current Residential Address;
- Contact Information (e.g. telephone number or e-mail address);
- Account Number or Debit Card Number.
First, you and your partner should choose a bank. Consider terms, fees, customer service ratings, and FDIC insurance when researching possibilities. You don’t have to choose a bank that either of you are affiliated with, although that would make the application process faster and easier.
Step 2 – Select The Type of Joint Account
The most common joint account is called joint tenants with rights of survivorship. Many married couples consider this joint account, in which all assets are passed to the surviving party if the other person passes away.
If, however, you wish to open joint bank account with a business partner, you may consider a tenancy in common account. With this joint account, if one party passes away, their account assets would go to whomever he or she designated in their will.
Step 3 – Apply Online or In-Person
Once you’ve selected the type of joint account you and your partner will share, simply fill out the appropriate forms. You can do this online or at the bank.
