Joint Bank Account
A joint bank account functions just like a standard banking account, except that two or more people on the account. It is just like a cash book. It is simply an account that you can share with your partner, housemates, or family. It records all the cash and bank transactions. It is opened with the contribution of cash made by co-ventures. With a joint account, all account holders are entitled to make and view transactions, hold a bank card, and pay money in. The investment made by then is deposited into a bank account and will operate this in their joint name. Any receipts of cash and any expenses related to venture are recorded in their account. They allow two or more people to own the account, assuming equal responsibility. Many joint bank accounts include a “right of survivorship” feature. This states that if one account owner dies, the other owner will receive 100% of the account funds.
The joint bank account is closed by transferring the balance to the personal account of co-ventures. They are often used as an easy and transparent way to manage shared finances. It can also help you take advantage of features that may not be available to you as an individual account holder. Typically, you have the option to open any kind of account as a joint account. This includes checking accounts, certificates of deposit and more. Account co-owners enjoy the right to spend, give away or transfer funds to other accounts, without the consent or knowledge of other account holders (s). For example, a couple living together may open a joint account so they can pay in money that will then be used to cover the cost of their rent or mortgage and other bills. Some people who live in shared housing also open joint accounts for the same thing, sharing the bill-paying responsibility among all tenants. A common problem is, you lose some privacy. If you use the account for personal expenses, the other account holders can see the transactions.