Joint Account

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Definition

A joint account is a bank account exactly the same as a regular account. The only difference is that the joint account is shared by two or more individuals with the same account privileges. Any member with their name on the joint account has access to all the funds in the account, can withdraw from the account as well as deposit money in it. The point of having a joint account is to have equally shared rights and responsibilities. Hence, one should only open a joint bank account with someone trustworthy. All activity in the account is recorded and can be viewed by all the members of the account. Typically, married couples have joint accounts, business partners, as well as aging parents who require their children to take care of their finances.

Explore Definition

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LAYMEN TERMS

A joint account is a type of bank account that allows more than one individual to own and manage the account to make withdrawals deposits and make payments. It's like one mobile phone shared in a family by two or more family members, and the password along with other accesses are shared among each other based on mutual trust.

HOW DOES THIS TERM APPLY TO YOU

The owner of the account could be anybody whose name is on the account: which can be spouses, friends, family relatives, and business partners among others. For example, a newly married couple could open a joint account on both of their names to share current expenses as well as save for their future expenses. If either one loses or leaves a job, the other could deposit money while both could track each other's spending details in the same account.

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