BANKING

Requirements for Opening a Joint Bank Account

Published

2 years ago

Requirements for Opening a Joint Bank Account

A joint bank account is an important consideration when you’re set to embark on a shared project with a life or business partner. It also comes in handy when you want to monitor the financial lifestyle of your kids and teach them how to manage their money.

The uses of a joint bank account are numerous, but this article will focus on the requirements all parties involved must meet to open one.

But first…

What is a Joint Bank Account?

A joint bank account is a type of bank account owned and operated by two or more persons, often called “joint account holders.” It’s popular among couples, parents and their kids, business partners or members of an association.

Requirements for Opening a Joint Bank Account

A joint bank account is typically designed for people with shared financial interests who want equal access and accountability to their pool of funds.

There are typically two categories of a joint bank account:

A joint savings account: Like a regular savings account, joint savings accounts are designed for savings. It enables the co-account owners to save towards a particular purpose. There’s a limit on withdrawals and a reward for consistently maintaining a healthy account balance.

A joint current account: This is also run like a regular checking account, where the co-account owners use it for daily transactions. They’re designed for daily bill payments and other household expenses and have all the benefits of a current account, such as overdrafts, limitless transactions, easy access to funds, and more.

Your relationship with your co-account holder, financial interests and aim of opening the joint account should determine the type of account you open.

How Does a Joint Bank Account Work?

Joint bank accounts function the same way as regular bank accounts, with the major difference being that they are owned and operated by two or more persons. This means both account owners have the same rights to the account as someone with a regular account. Each account holder has the right to:

Deposit and withdraw money from the account.
Hold a debit card or cheque book connected to the account.
See the account transaction history.
Use online banking services connected to the account.

Therefore, you must understand that all co-owners of a joint bank account have equal access to the account. So, you must bear that in mind before you agree to open a joint bank account.

What are the Requirements for Opening a Joint Bank Account?

The requirements for opening a joint bank account are similar to what is required for a regular account. However, in this case, all co-owners of the account will provide theirs.

Also, the requirements to open a joint bank account lie with the bank, which means they may vary according to banks. However, here are some general requirements for opening a joint bank account:

Documentation Requirement

This refers to all the documents all the co-owners of an account must provide to ensure they’re eligible to open a bank account. Here are some of them:

Account Opening Form: Both parties will fill out the account opening form and submit it to the bank. Normally, the form has sections for the first and second signatories, and in the case of more signatories to the account, provisions will be made.

Proof of Identification: Each co-owner of the joint account will provide a valid means of identification, such as a national ID card, voter’s card, driver’s license and international passport.

Proof of Address: If the co-account owners are couples or parents and their kids, both parties can provide the same proof of address. However, if they’re unrelated, each party must provide a valid proof of address, which can be a public utility receipt such as a tax clearance certificate (TCC), PHCN bills, etc. The receipt must bear the current address of all co-account holders.

Specimen Signature Cards: Each account owner must submit a duly completed specimen signature card, which enables the bank to maintain security and prevent unauthorized access to the account. This is especially important when the joint bank account is a checking account.

Passport Photographs: Each party will provide two clear and recent passport-sized photographs with their names and signature on the reverse side.

Reference Forms: Two independent and satisfactory references must be submitted. Some banks require that the referees be current account holders in their bank, with a specified minimum period of operation.

Resident Permit: This is mostly a requirement for non-Nigerians.

Fees Requirement

Like a regular account, a joint account comes with some fees the account holders must pay to maintain the account. This depends on the type of joint account opened, such as a joint savings or current account. Here are some of the fees associated with joint bank accounts:

Maintenance Fees: Like regular accounts, joint bank accounts require monthly card and account maintenance. Therefore, the fees for this maintenance will be deducted accordingly from the account.

Initial Deposit: Some banks require an initial deposit for their joint savings account.

Minimum Balance Requirement: A regular savings account needs a minimum balance to be active and keep yielding interest. The same thing applies to joint savings accounts. When this balance goes below the minimum requirement, a penalty is charged to the account holders.

Overdraft Fees: Overdrafts are allowed in joint current accounts, just as in regular current accounts. And, of course, when there’s an overdraft, the user must pay interest on the overdrawn amount.

Who Owns the Money in a Joint Bank Account?

The money in a joint bank account belongs to all the signatories to the account. Each account holder has equal access to the account and can deposit, withdraw, and transfer funds from the account.

This is an important consideration when agreeing to joint account ownership, as it doesn’t matter who makes a deposit; all parties with access to the account can withdraw from it.

Conclusion

Opening a joint bank account is straightforward, especially if you already have all the required documents. Understanding what you’re required to provide and making them available on time before starting the account opening process makes it easy for you and your co-account owner.

Hopefully, this article has provided the information you need on the requirements for opening a joint bank account.

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Fincra Secures South African TPPP License

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Fincra Secures South African TPPP License

Fincra, a leading provider of payment infrastructure for local and cross-border payments in Africa, is proud to announce receipt of another Third Party Payments Provider (TPPP) in South Africa.

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Fincra Secures South African TPPP License

This development marks a pivotal advancement in Fincra’s mission to build the rails for an integrated Africa by creating the infrastructure to simplify how African businesses pay and get paid globally.

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As Fincra expands across the continent, its growing regulatory footprint and partnerships with Tier-1 banks provide the foundation for scale and innovation.

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

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