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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.
What else can I help you with?
What is the difference between a joint account and a beneficiary to a bank account?
a joint account is an account that is joint together for an opening account. While beneficiary account are people that gain some promo from the bank
Can I deposit a joint check into my account?
Yes, you can deposit a joint check into your account if both parties are listed on the check and are joint account holders.
Can you get out of a joint checking account?
Yes. If you want to get out of a joint account, you can contact the bank and submit a written request to be removed as a joint holder of that account. The other parties involved in the joint account have to approve your removal from the account, only then the bank will complete the formalities.
What happens if you have a joint account and one of the parties dies?
Full ownership of a joint account passes to the surviving joint owner unless the joint account was set up for purposes of convenience only and the account is otherwise devised in a will.
How is a joint banking account of an unmarried couple in the state of Indiana liquidated when one joint account owner passes away?
The surviving joint owner is the sole owner of the account and can maintain it or close it. That is the reason for having a joint account.
Can my wife withdraw money from our joint account?
Yes, if your wife is listed as a joint account holder, she can withdraw money from the joint account without needing your permission.
Can two minors can open a joint account?
No. Two minors can not open a joint account
Can one person of a joint account close the account?
No. Actually, it depends on how the account is titled. If it is a Joint OR account, than yes, one person or the other can close it without the other. If it is a Joint AND account than both need to be present to close the account.
Can a joint checking account be frozen if the account holders are not married?
yes it can..the banks does not care if it is a joint account or not and they do not care if you are married
Do I as a joint person on a checking account have the right to the check book One of the owners of this account has another person with power of attorney handling the account?
Yes. As a joint owner of the account you have as much right to the account as the other joint owner.
If a partner is in prison can you freese his bank account if you are not a joint account holders?
If you are not joint account holders, you are not considered an owner of the account. Therefore, you have no rights whatsoever regarding the account.
Can a son withdraw funds from his fathers joint account?
if they are joint on the account together than yes
