A joint account is a good option for those individuals who want or need more than one person authorized to use a bank account. Generally speaking, when you open a new checking or savings account at a bank or credit union your name will appear on the account and only your name will appear on the account. This is fine for some people, but there are others, especially married couples, who need more than that one name on the account. For those individuals a joint account is the way to go.
A joint account does not have to be limited to married couples. Many businesses will use a joint account. Parents who have adult children may wish to open a joint account. Some community agencies may wish to have joint accounts as well.
Once a joint account is opened any person listed on the account may make deposits into the account; they may write checks on the account and they can withdraw money from the account. In some cases, however, the joint account can be restricted so that it takes two signatures on checks or withdrawal slips before money is released. This is usually done to avoid secret or illegal withdraws from the account.
As mentioned above, a joint account is...
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