Joint accounts
What's a joint account
A joint account offers the same features as a chequing or savings account held by one person. It's also known as a joint deposit account.
A joint account allows two or more people to do the following transactions with the same account:
- withdrawals
- deposits
- payments
- other transactions
As a joint account holder, you share access to the account. You're also responsible for any transaction made by the other account holder. For example, if the account has overdraft protection, all account holders may be held responsible for repaying debts.
Before you open a joint account, talk about it with the co-owner or co-owners. Make sure you both agree on how you’ll use the account.
Read the account agreement and speak with a representative of your financial institution to learn about:
- its policies on joint accounts
- how it manages joint accounts
Ask the representative what happens if one of the joint account holders dies. Find out if the survivor will be able to access the account’s funds. In some provinces, it may not be possible for the survivor to access the account.
Information banks must provide about joint accounts
Banks have signed a commitment to make information on joint bank accounts available to you. This is in their branches and on their websites.
Banks must provide information when you open a bank account.
Banks must also give you key information about joint accounts if you are:
- opening a new personal account
- converting a personal account held in one name to a joint account held by two or more people
This information will help you understand the risks and benefits of joint accounts. The information must be clear, simple and not misleading.
You may do business with a financial institution that isn't federally regulated, such as a provincial credit union. In this case, check your account agreement or ask a representative for information on joint accounts.
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