Definition
A 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 Account
What is a ‘Joint Account’
A joint account is a bank or brokerage account that is shared between two or more individuals. Joint accounts are most likely to be used between relatives, couples or business partners who have a level of familiarity and trust for each other, as this type of account typically allows anyone named on the account to access funds within it.
Explaining ‘Joint Account’
Joint accounts can be established on a permanent basis, such as an account between a couple where their salaries are deposited, or may be temporary, such as an account between two parties who contribute funds for a short-term purpose. In the event of a death of one of the account holders, the remaining account holders will have sole access to the funds, as well as any debts associated with the account.
Further Reading
- A joint economic lot size model with financial collaboration and uncertain investment opportunity – www.sciencedirect.com [PDF]
- RETRACTED: Enterprise resource planning systems and non-financial performance incentives: The joint impact on corporate performance – www.sciencedirect.com [PDF]
- Decline in financial reporting for joint ventures? Canadian evidence on removal of financial reporting choice – www.tandfonline.com [PDF]
- Research on Calculating of Shareholder Assets in the Joint Account in the Global Market [J] – en.cnki.com.cn [PDF]
- Group-lending: Sequential financing, lender monitoring and joint liability – www.sciencedirect.com [PDF]
- Joint production and financing decisions: Modeling and analysis – papers.ssrn.com [PDF]
- Buyer–supplier contracts versus joint ventures: Determinants and consequences of transaction structure – journals.sagepub.com [PDF]
