How to Setup a Joint Bank Account
Joint bank accounts can be opened at many financial institutions. Both account owners will have equal ownership of the account. If one owner decides to withdraw all of the money from the account, she can do so, without the other account owner present. Each account owner must take responsibility for fees and other charges associated with the account. A bank representative will need to meet with both account owners, either together or at different times.
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Instructions
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Visit your bank to open a joint bank account. Speak with a sales associate or a manager. Tell the bank employee you want to open a joint bank account. Present your identification. The manager will need information from both account owners such as name, address, date of birth, social security number, phone number and employer.
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Sign the application. Once all of the information has been submitted, both account owners will need to sign the application. The bank employee will need the opening deposit, which can vary from bank to bank. The deposit can be cash or a check.
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Get copies of all paperwork. When the transaction is complete, each account owner will receive copies of all paperwork. Make sure all documents are signed. A signature card should be signed by both account owners. The bank keeps this card on file and uses it to verify the customer's signature when they visit the bank.
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Tips & Warnings
Determine if a debit or ATM card will be needed by either account owner.
If either account owner is in the ChexSystem's database the account cannot be opened in their name. ChexSystems is a credit reporting agency that keeps a record of customers who have abused their banking privileges in the past.
