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Whenever a bank opens a new savings or checking account for a customer, his or her name is listed as the sole authorized user of that account. If two or more individuals want to share access to the same account, however, the result is called a 'joint account'. Any one of the parties listed as a joint owner of the account can make deposits, write checks or withdraw cash. In general, a joint account is opened by individuals with a close family or business relationship; parents/children, married or unmarried couples, business co-owners, etc. Some participants in a joint account can restrict access by requiring two signatures on checks or withdrawal slips.
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Hello,

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.[1]

Joint accounts are often created in order to avoid probate.[2] 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.[1]

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 (deposit), 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 both parties gives instruction for payments of the joint account.[citation needed]

Because (European) 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 good example is "foundation Joint Account Shiptrade". This foundation is holding big deposits and payments for buyers and sellers of ships. 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

Thanks,
Nadia

Hello

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.A bank account owned jointly by two or more persons; (video games, online gaming) A computer account used by two people who play together.A bank relationship in the names of two or more parties. Joint accounts may carry rights of survivor ship. An account in which two people share full responsibility for repayment.A bank account shared or owned in the name of two or more people with deposit or withdrawal privileges by anyone or all the parties.An account, for example, one held at a bank or by a broker, that two or more people own in common and have access to.Typically a bank or brokerage account in the names of two (or more) people. Arrangements can be made such that either individual or all signatures are required when drawing checks.

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