A joint checking account is a checking account at a bank that is owned by two or more people. Owners of a bank checking account have specific rights to the account. With regards to the owners of a joint checking account, the checking account owners have equal rights to the account.
Generally, equal access and equal rights to the checking account is one of the benefits of a joint checking account. If two or more individuals want to share access to the same checking account to share responsibilities, a joint checking account offers the equal access. Owners of a joint checking account will have the right to spend money in the checking account, transfer funds within the account to other accounts or just give away money from the account. These features can be beneficial by offering multiple checking account holders convenience and flexibility.
Equal rights can also be negative value on a joint checking account. Both joint checking account holders have rights to the money deposited in the checking account and both are responsible and liable for the checks or debits made to the account. If one account holder incurs fees for mishandling the account or there are insufficient fund charges, these bank fees become the responsibility of both checking account holders on a joint checking account.
No matter who deposits more money in the joint checking account, all account holders are equal account holders with equal access. Any of the joint account holders can withdraw all the money and do whatever they want with it, without the permission of the other account owner or owners.
Joint checking accounts are open to a variety of negative consequences due to the actions of any one of the account holders including; bank overdraft charges, debt collection activity not related to the bank offering the account, liens, judgments, garnishments and divorces.
There are, of course, some very good reasons to open and maintain a joint checking account. Having one account to handle joint obligations and income is very convenient. Since joint checking accounts do not have added charges over that of an individual account, a joint checking account may save money, with fewer bank fees or costs.
Another advantage of a joint checking account is convenience and funds access during times of duress. If anything happens to one of the joint checking account owner such as illness or incapacitation, the other account owners has access to all funds immediately without any inconvenience.
In the case of one of the joint checking account holders becoming deceased, the surviving joint account holder immediately becomes the owner of the whole account upon the death of the other joint tenant.
Providing joint access and rights on a bank checking account makes good sense in many situations. There are several benefits that are inherent attributes found in joint bank accounts that cannot be found with other forms of account ownership. But, joint bank accounts can be risky unless all of the owners are sure what there obligations are and what their goals are.
Applying jointly for a checking account is a straight forward and easy process for individuals. The joint checking account may be opened jointly with a parent, a child, a spouse, or even a friend.
To find information on current checking account promotions see Checking Account Promotions. To find additional information on online bank checking accounts please see Online Checking Accounts or to find information on current bank deals see Bank Deals.
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