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Is the secondary account holder liable for the primary if they are overdrawn?
Wiki User
∙ 14y ago
Yes. Bank is liable to pay the joint account holders jointly without any distinction ( subject to the operation instruction). Thus the liability to the bank also is joint.
Wiki User
∙ 14y ago
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Can the primary account holder remove the name of the secondary holder?
Pay off the balance and close the account. Then reopen a new account with only the primary holder.
Can a primary card holder's name remove himself from an account leaving only the secondary card holder's name?
Any account that carries a balance that is owed by both parties will not go away when one party takes their name off an account. That will not work that way with the lender.
Can the secondary card holder of a joint credit card account cancel the account?
First of all you can just give a friend your username and password and stop playing!!!
How can the primary account holder remove the name of the secondary account holder without closing the account?
This is usually not possible. You should check with your bank for details on their specific procedures because every bank is different. However, most banks will require you to close the account and open a new one - removing just one person is not possible. This is to remove any confusion that could occur as a result of removing someone from an account. The only times a person can be removed from an account are typically due to death or if the account is a business and an authorized signer needs to be removed for business needs.
What does beneficiary to a bank account mean?
A beneficiary is the person to whom the proceeds of a bank account would be paid if the primary account holder of that bank account dies. They can also be termed the nominee for a bank account. This is very important for cases wherein the account holder does not have a legal will stating to whom his account proceeds should go. In such cases the bank would choose the nominee or beneficiary and pay them the account proceeds.
Can the primary account holder remove the name of the secondary holder?
Pay off the balance and close the account. Then reopen a new account with only the primary holder.
What is a Primary Account Holder?
Primary account holder is the person on whose name the bank account is created in the first place. Ex: Assuming you have a bank account and then once you get married you would include your spouse as a joint account holder. you will be the primary account holder and your spouse would be the secondary holder.
What is difference between primary and secondary card holder?
The major difference is that the Primary Account holder is responsible for all the amounts due on both the Primary Card and the Secondary Card.
Is a secondary credit card holder resposible for debt?
Depends on what "Type" of Credit Holder you are. Here is how that will go: If you are what is known as an authorized user on the account. (i.e. - The Primary account holder has given you permission to make charges on the account), the answer is No. The primary account holder is responsible for any charges he/she has allowed you to make on the account. If you are a Secondary account holder (i.e. -your name was put on the account APPLICATION at the time the card was applied for), then your answer is YES. If the Primary account holder defaults on the account, then the credit card company will turn to try and collect from the Secondary account holder. BEWARE of becoming a secondary holder on anything that has to do with credit. If you know that the Primary holder may default, you could get stuck with a huge amount of debt on your hands, and if you can't pay, your nice credit score of 783 could very quickly go down the drain to 535 or lower.
If the primary card holder gives a friend a secondary card to use is the secondary user responsible for the dept or is the primary card holder solely responsible?
It depends if the secondary card holder is a "Joint Account Member" or a "Authorized User". The joint account member is responsible for the balance, the authorized user is not.
What are the benefits of a secondary card holder?
The benefits of having a secondary card holder on a charge account are mostly to the secondary card holder. This person can use the account, but it is the primary person that must pay the bill. Having a secondary person on an account is helpful for providing a credit card in their own names to students and spouses.
Can the primary account holder remove his name from an account leaving only the secondary account holder?
Not enough information. What kind of account? What are the institutions, or the lenders rules regarding this? Was it done with criminal intent?
Can a secondary card holder remove himself from an account leaving only the primary card holder's name?
Usually, a new card is issued in the primary card holder's name. Usually both parties on a credit card have to sign off to eliminate the secondary card holder. Your credit card holder can help you with this.
Can the secondary card holder on a credit card account transfer credit card balances to a new card?
No unless the primary gives the secondary permission too
What is the difference between a primary credit card holder and a secondary holder CV Code?
hey
If I am a secondary account holder and I make a purchase will the primary account holders info show on my purchase We both have different card numbers and I wanted to know which one would show?
In all cases that I am aware of, the secondary account holder's purchases will show on primary card member's monthly statement. You can call the information number for the card issuer (usually on the back of the credit card) and ask how your purchases would be handled.
Can a primary card holder's name remove himself from an account leaving only the secondary card holder's name?
Any account that carries a balance that is owed by both parties will not go away when one party takes their name off an account. That will not work that way with the lender.
