Commercial Bank and Checking Accounts

Can you change a savings account to joint account?

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Answered 2009-03-15 19:10:21

You may be able to add someone to your savings account the bank where you have the savings account for details

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My mother and i have a joint savings account my mother passed away does the money in the account become part of the estate

I don't get interest in my salary account so I want to change it to savings account

please let us the procedure premier to normal savings account

No. Ownership of a a joint account passes automatically to the surviving joint owner unless it can be proven that the account was set up as joint for purposes of convenience only by the decedent.

Both people can and that's why it's called a 'joint account.' If you have one with a live-in boyfriend or your husband than both of you would have access.

If it is a joint bank account, then yes. But a savings account cannot be drawn from very many times before handling fees are applied for most banks.

No. The account becomes the sole property of the survivor.

A creditor can put an attachment on a joint savings or checking account in NY. When an account is held jointly with another individual, the creditor does not know who contributes more to the account and secures the account as an asset.

No. When one joint owner of an account dies the account will become the sole property of the surviving owner with no need of probate.

You can visit the bank branch where you hold the joint account and submit a written request to remove your name from the list of account holders for that account. The bank may ask you to get the other holders of that joint account and ask them for approval before doing so.

A Joint Savings Account is when two people have joint access to the savings account. If a Wife and Husband, Boyfriend and girlfriend, parents and child open a Joint Account then "either" one of them can access ALL the money in the account. If one of them is involved in an illegal activity the Police can freeze the WHOLE account and "can" take ALL the money. It would be up to you to prove the money didn't come from the illegal activity. (Actually they would freeze separate accounts in the same household also) Good and bad parts are you both can access the money as needed, but the other person can "empty" the account with out your say so.

If the account is "Joint Tennants in Common" then all of the joint owners must be present to close that account/write checks/withdraw fund. Most banks do not offer Joint Tennants in Common, but offer "Joint With Rights of Survivorship" this means that only on owner must be present to close the account.

Savings accounts is meant for individuals and joint . Companies uses the Fixed Account for their regular transactions and eligible for the overdraft facility from the banker.

The current savings account rates for Wachovia might change from time to time and may be different from person to person. However that savings account rate can be as high as 3.00%

no In order to change the account you must be the Grantor of the Trust.

This may depend on the country your in, but I would suggest not. If the debt in question is a debt solely in your name, this will mean the other party on your joint account is not liable for your debt, so they cannot take funds from your joint account.

im not closing my account,just want to relieve my mother from my joint account and change it to single account

No. A joint account has the benefit of survivorship. That means if one owner dies the account becomes the sole property of the survivor bypassing probate.

Usually you and you mother will both pay half each of any taxes due on the interest which is generated from a joint account

The top five reasons a couple has for opening a joint savings account include: having it available for emergency funds, better household budgeting, transparency so both know how much money is available, investing in a low yield but highly secure account, and finally being able to file joint tax returns.

Depends on if the person is the primary on the account, but usually a joint account shares all rights unless otherwise specified. You would have to review your deposit agreement, but normally money in a joint account can be withdrawn or the account closed by either party.

It has been estimated through surveys that the average United States savings account has around $6,000. This can change each year.

For you can put money in it. Like it is an savings account.

The bank must be notified so they can place appropriate notes on the account and take whatever other action is necessary. The funds belong to the other joint owner who may continue to use the account as usual.