What you need to do to open a joint account
Opening a joint account requires you and the other account holder to visit a bank or credit union together, bring identification and proof of address, and sign paperwork that names both of you as owners. The bank will run a background check on both people, pull your credit reports, and verify your Social Security numbers. Most banks complete this in one visit, though some may take a few business days to process the paperwork and activate the account.
You do not need to have an existing account at that bank first. You can walk into any bank or credit union and open a joint account from scratch. Some banks also allow you to start the process online, but you will still need to visit in person or sign documents electronically to finish.
The account becomes active once both account holders have signed all required forms. You can deposit money and start using the account the same day in most cases, though some banks hold the first deposit for one or two business days before making it available.
Key Takeaways
- Both account holders must provide a government-issued ID, proof of current address, and their Social Security number before the account opens.
- The bank will run background checks and review ChexSystems records on both people, which can take one to three business days.
- You and the other account holder must sign the account agreement together, either in person or through electronic signature.
- Joint accounts give both people full access to all money in the account, and either person can withdraw or transfer funds without permission from the other.
Documents and information you need to bring
Bring a government-issued photo ID for each account holder — a driver's license, passport, or state ID card. The bank will scan or photocopy this. You will also need proof that you live at your current address, which can be a recent utility bill, lease, mortgage statement, or government mail dated within the last 60 days. Some banks accept a phone bill or insurance statement instead.
Each person opening the account must provide their Social Security number. The bank uses this to run a background check and pull your credit report. If either person has a Social Security number that does not match government records, the bank may ask for additional documentation or refuse to open the account.
Bring a small initial deposit if the bank requires one. Many banks require a minimum opening deposit of $25 to $100, though some have no minimum. Ask the bank what it requires before you go.
What happens during the background check
The bank checks both account holders against the Office of the Comptroller of the Currency's list of people banned from banking, which includes people convicted of certain financial crimes. The bank also checks ChexSystems, a database that tracks banking history and fraud reports. If either person has been flagged for fraud, written bad checks, or had an account closed for cause, the bank may deny the account or ask questions.
The bank pulls a credit report on both people, but opening a joint account does not require good credit. The credit check is mainly to verify your identity and see if you have unpaid debts to banks. Some banks deny accounts to people with recent fraud convictions or active fraud investigations, but most will open an account even if your credit score is low.
This process usually takes one to three business days. The bank will contact you if it needs more information or if there is a problem with either person's background.
Signing the account agreement
Both account holders must sign the account agreement, which is the contract that sets the terms of the account. This document explains the bank's fees, how disputes are handled, what happens if one person dies, and what rights each account holder has. Read this carefully before signing, because both people are bound by it.
You can sign in person at the bank, or many banks now allow you to sign electronically using a secure portal. If you sign electronically, the bank will email you a link and you will use your phone or computer to review and sign the agreement. Electronic signatures are legally binding and have the same effect as signing on paper.
Some banks require both people to be present when signing, even if signing electronically. Others allow one person to sign first and the other to sign later. Ask the bank about its process before you start.
When the account is ready to use
Once both people have signed, the bank activates the account. You can deposit money and start using the account the same day in most cases. The bank will issue debit cards to both account holders, which usually arrive by mail within 5 to 10 business days. You can request expedited card delivery at some banks for a fee, or you can use the account online or at the ATM before the card arrives.
The first deposit you make may be held for one or two business days before it becomes available, depending on the bank's policy and how you deposit the money. Deposits made in person at the bank usually clear the same day. Deposits made by check or mobile app may take longer.
Both account holders can access the account immediately through online banking or the bank's mobile app, even before the debit cards arrive. You will need to set up login credentials and may need to verify your identity through a security code sent to your phone.
Access and control after the account opens
In a joint account, both people have equal legal rights to all the money. Either person can withdraw cash, transfer money, pay bills, or close the account without asking the other person's permission. This is true even if one person deposited all the money or is managing the account day-to-day.
The bank does not monitor who is spending the money or enforce any agreement you made between yourselves about how the account should be used. If one person empties the account, the bank will not reverse the transaction or stop it. The only recourse is a civil lawsuit between the two account holders.
Both people receive statements and can see all transactions online. You can set up alerts so that both account holders are notified when large withdrawals or transfers happen, which can help catch unauthorized activity.
What happens if one account holder dies
When one account holder dies, the surviving account holder usually retains full access to the account and all the money in it. This is called survivorship, and it is the default for most joint accounts. The money does not go through probate or become part of the deceased person's estate — it belongs to the survivor immediately.
Some states allow you to open a joint account without survivorship, which means the deceased person's share goes to their estate instead. You have to specifically request this when opening the account, and many banks do not offer it. Ask the bank whether survivorship is automatic or whether you can opt out.
The surviving account holder will need to notify the bank of the death and may need to provide a death certificate. The bank will update the account records, but the survivor can continue using the account without interruption.
Frequently Asked Questions
Can we open a joint account if we are not married?
Yes. Banks do not require you to be married to open a joint account. You can open one with a family member, friend, business partner, or anyone else. The bank only requires that both people provide identification and a Social Security number.
What if one person has a bad banking history or is on ChexSystems?
The bank may deny the account if either person has a recent fraud conviction or is flagged in ChexSystems for serious issues like writing bad checks or committing fraud. Some banks will still open the account but may require a larger deposit or impose restrictions. Ask the bank directly about its policy before applying.
Can we set up the account so only one person can withdraw money?
No. A true joint account gives both people equal access to all funds. If you want to restrict one person's access, you would need a different type of account, such as a savings account in one person's name with the other person as an authorized user. Authorized users can make transactions but do not own the account.
What if we want to close the account later?
Either account holder can close the account at any time without the other person's permission. The bank will distribute the remaining balance according to the account agreement, which usually means splitting it equally or giving it to whoever requests the closure. Check your account agreement for the exact process.
Do we both need to be present to open the account?
Most banks require both account holders to be present in person or to sign electronically at the same time. Some banks allow one person to open the account and add the other person later, but this is less common. Call the bank before you go to confirm whether both people need to be there.