answersLogoWhite

0


Best Answer

Theoretically speaking - Yes. Any number of people can have a joint account. But, practically speaking only 2 or 3 people hold a joint account together. The more the number of joint account holders, the more difficult it gets to handle the transactions in the account for both the customers and the bank.

User Avatar

Wiki User

13y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Is it possible that 5 person open a joint account?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Is it possible to open a joint account even if your partner is in abroad?

No, it is not possible. In order to open a joint account all the parties involved will have to visit the bank in person to open the account. You can open a single-holding account now and then, when your partner returns back home, you can add them as a joint holder of the account at a later point in time.


Procedure for opening of Bank Account for Blind Person in India?

The procedure for opening of bank account for blind person in India dictates that they cannot open an independent account. They are required to open a joint account with a sighted person.


Can two minors can open a joint account?

No. Two minors can not open a joint account


How long can you keep a deceased person bank accounts open?

It can stay open if it is a joint account. Usually it stays open for months until all bills are paid by the joint owner.


Sample letter Regarding opening joint account?

i want to open a joint bank account in your bank. tell me how to open it i request you to inform me about the joint bank account and any type information/


How much do you need to open an ATM and joint account?

1000 for atm or more 2000 rupees were enough for open the joint account


Can i open joint checking account with your brother in Italy whiles I am in a broad?

can i open joint account with my brother in Italy whiles iam in a broad


Can a person with bad credit open a joint bank account?

yes as long as co-applicant has good credit history.


If you have a joint checking account with your husband can he close it or remove your name without your signature?

He cannot remove your name from the account. However, he can close the account and then open a new account with the money. Just remember this can work both ways. With a joint account either person can go in and close the account out and then take the money and open themselves a new account. Most of the time it depends on who makes it to the bank first to close out the account.


What can be done when one person takes all money out of a joint tenancy with rights survivorship bank account?

When you decide to open a joint account with another person that is always a possibility. If there is a substantial amount of money involved you could try to sue for the return of half of the money.


Can you open a bank account in Trinidad online?

We live in America. How do we open a joint Bank account in Trinidad and Tobago?


Can you start a joint checking account without being married?

Yes, you can open an account with anyone you choose to. Just be careful though! Who ever is the primary on the account (the person listed first on all of the paperwork) will be held responsible if the other joint holder overdrafts the account, and this primary account holder can also be put onto chexsystems do to the joint owner's actions.