What Is a Joint Bank Account?

A joint bank account is owned and shared by two or more persons whose funds are combined in the one account. The physical presence and signatures of both (or all) parties are required during the application procedure. The names of the account holders appear together on the account.

Features of a Joint Bank Account

Because a joint bank account belongs to more than one person, its features are different from those of a typical bank account. Some elements of this type of bank account are the following:

  • All account owners can deposit to and withdraw funds from the account.
  • When it comes to bank transactions like withdrawing funds from the account, agreement can be made during the application process as to whose signature is required. Both individuals' or only one account holder's signature could be required.
  • Each account holder has full accountability when the account is overdrawn, checks bounce, bank fees are due and for other similar matters.
  • When one of the bank account holders dies, the other joint owner is fully entitled to possess whatever amount of money is left in the account.

Requirements to Open an Account

Social Security numbers, valid identification cards (e.g., driver's licenses, state IDs, etc.), a physical address(es), telephone numbers, and signatures are required when opening a joint bank account.

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