What Is a Joint Bank Account?

A joint account is a joint account opened by two or more (less than five) individual customers with no restrictions on deposits. Withdrawals must be made in the domestic and foreign currency personal current settlement accounts or full deposit and regular deposit accounts.

Joint account

Joint management: through the joint opening of accounts to meet the needs of customers to jointly manage funds.

Common use: Achieve a reasonable control of account funds through agreed withdrawal methods.

Common Accumulation: After agreeing on how to share account funds, share account funds.

For example, couples, siblings, and small business owners in the form of "partnership" are all suitable for applying for joint accounts.

Joint accounts are opened by two or more (less than five) individual customers.

Joint account

Nature of joint account account ownership

The most fundamental feature of an individual joint account is that the joint account of the individual is the common property of the joint account holder from the nature of ownership, while the traditional personal account belongs to the personal private property of the account holder. The difference in the nature of account ownership determines that joint accounts must take into account the interests of all account holders, and can only be opened and used when all account holders express a consensus.

Opening of joint account accounts

In order to reflect the consensus of the joint account holders, the joint account must show the identity documents of all joint account holders when they are opened, and must be signed and stamped by all the holders. A traditional personal account can be opened with the account holder's own identity document.

Use of joint account accounts

Traditional personal accounts only need the account holder's signature and seal to withdraw funds in the account and transfer settlement. Individual joint accounts are subject to the terms of signature when used. The so-called signature clauses refer to the clauses of the joint account holders' signature and seal authority when they jointly sign and confirm the joint account account holders when they open a joint account. In fact, they are the rules for joint account holders to agree to use and control the joint account. As a financial intermediary, the bank strictly manages the joint account in accordance with the signature and seal authority determined by the signature clause.