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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?
Can you change a savings account to joint account?
You may be able to add someone to your savings account ..contact the bank where you have the savings account for details
Is a joint savings account considered taxable as part of an estate?
My mother and i have a joint savings account my mother passed away does the money in the account become part of the estate
How do you write a letter to a bank to convert savings account to a joint account?
please let us the procedure premier to normal savings account
Is a joint checking or savings account considered part of an estate?
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.
What does acf mean on a joint checking or savings account?
ACF stands for "Authorized Check Signer" on a joint checking or savings account. This designation indicates that the individual has the authority to sign checks on the account. ACF status allows the designated individual to conduct financial transactions on behalf of the account holders. It is important to understand the responsibilities and limitations associated with being an ACF on a joint account.
Who can access a joint savings account?
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.
You and your father have a joint savings account separated by 'or'. When he dies does the the money go to probate?
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.
Can husband withdraw from wife's personal savings account?
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.
On a joint savings account and one person dies does all the money get frozen?
No. The account becomes the sole property of the survivor.
Can a creditor put an attachment on a joint account in NY?
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.
Can saving account be for a single individual or joint or company?
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.
Who can close a jonit savings account?
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.
