Joint bank accounts: rights and responsibilities
Under the Voluntary Commitment on Powers of Attorney (PoA) and Joint Deposit Accounts, Canadian retail banks have agreed to make information about joint bank accounts, also known as joint deposit accounts, available to consumers in their branches and on their websites.
If you are dealing with a financial institution other than a bank, check your account agreement or ask the financial institution for information on joint bank accounts.
What you should know
Banks will make available certain general information about joint bank accounts to clients opening new personal bank accounts or converting an account that is held in one name to an account that is held jointly by more than one person. This information will help you understand the possible risks and benefits associated with having your money in an account that is held jointly with another person.
Banks will provide the information in a manner that is clear, simple and not misleading. The information will be available as of September 1, 2014 on banks’ websites and as of December 31, 2014 in bank branches.
For more information about joint bank accounts, see the publication What every older Canadian should know about: Powers of Attorney (for financial matters and property) and Joint Bank Accounts.
FCAC monitors banks’ compliance with the Voluntary Commitment on Powers of Attorney (PoA) and Joint Deposit Accounts. If you feel that a bank is not respecting its public commitments, contact the Financial Consumer Agency of Canada.
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