How to Set Up a Joint Bank Account
- 1). Locate the bank you want to use for your joint account. Take into consideration things like interest income that is offered on some checking accounts, fees that are charged and perks like online banking.
- 2). Go to the bank. All those who will be listed on the account need to go to the bank to open the account. Signatures will be needed on paperwork such as the bank signature cards that are kept on file for security purposes.
- 3). Bring identification with you. All those who will be on the joint account need to produce ID for the bank employee filling out the paperwork. A driver's license will typically do. Also have your Social Security card with you.
- 4). Sign paperwork, pick out checks and decide between "and" or "or." These two words are important when it comes to joint accounts. If one of the parties on the joint account dies, the word "and" can keep the account tied up until the estate is settled. The word "or," on the other hand, means the account can be accessed by either party without consent of the other and will not be tied up due to estate settlements.
- 5). Give the bank the required amount to open the account.