What happens when you open a joint account
When you open a joint bank account, both account holders own the money equally and can withdraw or transfer funds without permission from the other person. The bank treats you as one account with two names on it, not as two separate accounts. Both of you receive debit cards, online access, and statements. Most banks allow either person to close the account or remove the other person, so a joint account requires trust.
The account is held in one of two legal structures: joint tenants with rights of survivorship (JTWROS) or tenants in common. With JTWROS, if one person dies, the surviving account holder automatically owns all the money. With tenants in common, a deceased person's share goes to their estate or heirs, not to the surviving account holder. Most couples and family members choose JTWROS; most business partners choose tenants in common. Ask the bank which structure they use by default, because it varies.
Both account holders are responsible for overdrafts and fees. If the account goes negative, the bank can pursue either person for the debt. If one person commits fraud or writes bad checks, both names appear on the account record.
Key Takeaways
- Both account holders have full access to all money in the account and can withdraw or transfer funds without the other person's permission.
- You will need government-issued ID, Social Security number, and proof of address for each person opening the account.
- Most banks let you open a joint account in person, by phone, or online, though some require at least one person to visit a branch.
- The account structure (JTWROS or tenants in common) determines who owns the money if one person dies, so confirm this with the bank before opening.
- Both account holders are liable for overdrafts, fees, and any fraudulent activity on the account.
Documents and information you need to bring
Each person opening the account must bring a government-issued photo ID—a driver's license, passport, or state ID card. The bank will scan or photograph it. You will also need your Social Security number (or Individual Taxpayer Identification Number if you do not have an SSN) and proof of your current address, such as a recent utility bill, lease, or mortgage statement. Some banks accept a bank statement or government mail as proof of address.
If you are opening the account in person, bring originals of these documents. If you are opening online or by phone, the bank will guide you through uploading images or answering verification questions. Some banks use a third-party verification service that asks you security questions based on your credit history.
You do not need to bring the other person's documents if you are opening the account alone and adding them later, but both people must verify their identity before the account is fully activated for joint use.
Opening the account in person at a branch
Go to a branch of the bank where you want to open the account. Tell the banker you want to open a joint account and ask which documents they need. Both account holders should be present, though some banks allow one person to open the account and the other to be added within a few days. The banker will review your IDs, take copies, and ask you to choose a primary account holder—usually the person whose name appears first on statements and correspondence, though this is mostly administrative.
You will choose a checking account, savings account, or both. You will decide on the ownership structure (JTWROS or tenants in common) and sign paperwork stating this. You will set up online banking access and choose whether you want debit cards, checks, or both. The banker will explain overdraft protection, monthly fees, and minimum balance requirements. Ask about any promotional offers, such as cash bonuses for opening a new account.
The account is usually open the same day. You will receive temporary debit cards or a temporary card number, and permanent cards arrive by mail in 7 to 10 business days. Online access is typically available within a few hours.
Opening the account online or by phone
Many banks let you start a joint account application on their website without visiting a branch. Go to the bank's website, find the "Open an Account" or "New Accounts" section, and select "Joint Account." You will enter both people's names, Social Security numbers, dates of birth, and addresses. The bank will ask you to upload photos of both IDs and proof of address for each person.
After you submit the application, the bank sends a verification link or code to each person's email or phone. Each person must verify their identity separately, usually by answering security questions or confirming recent transactions. This step can take a few hours to a few days. Some banks require a video call with a banker or a visit to a branch to complete the process.
Once both people are verified, the account opens and you can fund it immediately by transferring money from another bank account or depositing a check by phone. Debit cards are mailed to each person's address and arrive in 7 to 10 business days. Some banks issue temporary card numbers that work immediately for online purchases.
What to do after the account is open
Set up online banking for both account holders. Each person should log in with their own username and password so you can each see the account balance and transaction history. Most banks let you set up alerts for large withdrawals, low balances, or unusual activity. Turn these on if you want to be notified when the other person makes a transaction.
Decide how you will use the account. Will you both deposit paychecks into it? Will one person deposit money and the other withdraw it? Will you use it only for shared bills? Discuss what happens if one person wants to withdraw a large amount or close the account. These conversations prevent misunderstandings later.
If you want to add a third person to the account later, contact the bank. Most banks allow you to add an authorized user (someone who can access the account but whose name is not on the legal ownership) or convert the account to include a third joint owner. The process usually takes a few days and requires the new person's ID and Social Security number.
Removing someone from a joint account
Either account holder can remove the other person from the account without their permission or knowledge. The person removing the other typically must visit a branch or call the bank and request the change. The bank will verify the requester's identity and process the removal, which takes 1 to 5 business days. The other person will not be notified in advance, though they may see the change when they log into online banking or receive a statement.
Before removing someone, decide what happens to the money. If the account has a balance, the bank will not split it automatically. You must withdraw the money, transfer it to separate accounts, or leave it in the account (in which case the remaining person owns it). If the account is overdrawn, the remaining person becomes responsible for the full debt.
If you are concerned about the other person removing you or taking money, consider opening a separate account at a different bank and moving your portion of shared funds there. You cannot prevent the other person from accessing a joint account, but you can protect your own money by keeping it elsewhere.
Fees and minimum balances
Joint accounts are subject to the same fees as individual accounts at the same bank. Monthly maintenance fees range from $0 to $15 depending on the bank and account type, though many banks waive the fee if you maintain a minimum balance (often $500 to $2,500) or set up direct deposit. Overdraft fees typically run $25 to $35 per transaction. ATM fees apply if you use an out-of-network machine.
Some banks offer joint accounts with no monthly fee and no minimum balance requirement. Others charge higher fees but offer better interest rates on savings. Compare the fee structure of several banks before opening an account. Ask whether fees apply to both account holders or only one, and whether the minimum balance is per person or for the account as a whole.
If the account goes overdrawn, both people are liable for the overdraft fee and the negative balance. The bank can freeze the account or pursue either person for payment. Some banks offer overdraft protection, which automatically transfers money from a linked savings account or credit line to cover the shortfall, though this usually costs $10 to $15 per transfer.
Frequently Asked Questions
Can I open a joint account if I do not have a Social Security number?
Yes. If you are a non-citizen or do not have an SSN, you can use an Individual Taxpayer Identification Number (ITIN) instead. Some banks accept an ITIN without an SSN; others require at least one account holder to have an SSN. Call the bank before you go in to confirm they accept ITINs.
What if one person has bad credit or a history with ChexSystems?
Most banks do not check credit scores for checking or savings accounts. They use ChexSystems, a banking history database that tracks overdrafts, fraud, and closed accounts. If one person has a negative ChexSystems record, some banks will deny the joint account. Others will open it anyway. Call ahead and ask whether the bank will run ChexSystems on both people and what their policy is for accounts with negative histories.
Do I need to be married or related to open a joint account?
No. Banks do not require any legal relationship. You can open a joint account with a friend, business partner, roommate, or anyone else. The bank will ask for both people's names and Social Security numbers but will not verify your relationship to each other.
What happens to a joint account if one person dies?
If the account is held as JTWROS (joint tenants with rights of survivorship), the surviving account holder automatically owns all the money and can continue using the account. If it is held as tenants in common, the deceased person's share goes to their estate and may be distributed to heirs or creditors. Confirm the ownership structure with the bank before opening the account, because it determines what happens to the money.
Can I have a joint account with someone who lives in another state or country?
Yes. The bank does not require both account holders to live in the same place. You can open a joint account online or by mail with someone in another state or country, as long as both people have valid government ID and can verify their identity. The account will be governed by the laws of the state where the bank is headquartered, not where you live.