What Are Joint Checks?
A check is a document that a person or business can take to a financial institution in order to receive cash or a credit to a bank account in the amount of the check. Joint checks are a specific type of check.
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Identification
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A joint check is one written from a banking account owned by more than one person.
Types
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For a joint check written from an account that is titled "or" between the account holders, such as "John Doe or Jane Doe," only one person on the account must sign the check. For a joint check written from an account that is titled "and" between the account holders, all of the people on the account must sign the check.
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Features
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Typically joint checks feature the names of all of the people on the account typed in the top left corner. Joint checks that require more than one signature may have additional lines for endorsements at the bottom right corner.
Benefits
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With joint checks, more than one person is able to pay bills or make purchases, which is beneficial if one account holder travels frequently or suddenly becomes ill.
Considerations
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With joint checks drawn on "or" accounts, the individuals on the account do not require the permission of the other people on the account to withdraw or spend money. Because of this, it is possible for one person on the account to completely empty the account without the knowledge of the other people on the checks.
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