Definitions for joint account
joint ac·count

WiktionaryRate this definition:0.0 / 0 votes

1. joint accountnoun

   A bank account owned jointly by two or more persons.

2. joint accountnoun

   A computer account used by two people who play together.

WikipediaRate this definition:0.0 / 0 votes

1. Joint account

   A joint account is a bank account that has been opened by two or more individuals or entities. Joint accounts are commonly opened by close relatives (such as by a married couple) or by business partners in an unincorporated business, but it can be used in other circumstances. Ordinarily, anyone can deposit funds into a joint account, but when opening an account the joint account holders may indicate to the financial institution whether a single account holder may make withdrawals or whether the consent of other account holders is required. A joint account is not the same as adding an authorized signatory or additional cardholder to an account, that is, a person who is authorized by the account holder to effect transactions on the account. Under this arrangement the primary account holder remains fully and solely liable for all transactions on the account. Accounts by corporate entities are not, in themselves, joint accounts.

WikidataRate this definition:0.0 / 0 votes

1. Joint account

   Joint account is a bank account shared by two or more individuals. Any individual who is a member of the joint account can withdraw from the account and deposit to it. Usually, joint accounts are shared between close relatives or business partners. Joint accounts are often created in order to avoid probate. If two individuals open a joint account and one of them dies, the other person is entitled to the remaining balance and liable for the debt of that account. Sometimes a temporary joint account is opened by two parties entering into a transaction where one party needs a security for the fulfilment of the transaction and the other party has to pay the sum, being the security for the other party. Any payment from the joint account, or return of the deposit from the joint account, will only be possible if both parties sign a joint written instruction to the bank. It is not possible that only one of the parties gives instruction for payments of the joint account. Because banks are not very interested in opening temporary joint accounts, as they are normally used for one transaction only, there are specialised parties or companies taking care of such accounts as trustees. A temporary joint account is normally closed after the transaction for which it was opened has been concluded. Temporary joint accounts are used in transactions in which large sums of money are involved as an alternative to letters of credit or escrow accounts.

Editors ContributionRate this definition:0.0 / 0 votes

1. joint account

   A bank account or type of account with a financial organization with joint accountability, responsibility, accessibility and obligation shared by a specific number of people who sign for their shared accountability and responsibility.

   We opened up a bank account in preparation for our marriage.

   
   

   Submitted by MaryC on December 21, 2019  

How to pronounce joint account?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say joint account in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of joint account in Chaldean Numerology is: 2

2. Pythagorean Numerology

   The numerical value of joint account in Pythagorean Numerology is: 1

References

1. ^ Wiktionary
   https://en.wiktionary.org/wiki/Joint_Account
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Joint_Account
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=joint account