What you need to do to open a joint account

To open a joint bank account, you and the other account holder visit a bank or credit union together, bring identification and proof of address, and sign paperwork that names you both as owners. The bank will run a background check on both of you—usually through ChexSystems, which tracks banking history—and may deny the account if either person has unpaid overdrafts or fraud flags at other institutions. The whole process typically takes 15 to 30 minutes in person, though some banks now let you start online and finish in a branch.

You do not need to be married or related to open a joint account. Roommates, business partners, adult children managing a parent's finances, and unmarried couples all open joint accounts the same way. The bank's only requirement is that both people be at least 18 years old and able to provide valid identification.

Key Takeaways

  • Both account holders must visit the bank together with a government ID and proof of address; the bank will check both people's banking history.
  • You can choose whether each person can withdraw and transfer money independently, or whether both signatures are required for certain transactions.
  • Each account holder has full legal access to all the money in the account, regardless of who deposited it.
  • If one account holder dies, the money passes to the surviving account holder automatically if the account is set up as "joint tenants with rights of survivorship."
  • Disputes over money in a joint account can happen, and the bank will not referee them—you may need a lawyer or court order to resolve them.

Documents and identification you will need

Bring a current government-issued photo ID for each person—a driver's license, passport, or state ID card. The bank will also ask for proof of address, which can be a recent utility bill, lease, mortgage statement, or government mail dated within the last 60 days. Some banks accept a second form of ID instead of a separate address document.

If either person does not have a Social Security number, bring an Individual Taxpayer Identification Number (ITIN) or passport instead. The bank needs this to report interest earned and to comply with federal anti-money-laundering rules. If you are opening the account on behalf of someone else—for example, an adult child managing finances for an aging parent—bring a power of attorney document or guardianship papers; the bank will make a copy.

Choosing account access and signature requirements

When you sign the paperwork, you will decide what access rights each person has. The most common setup is that both account holders can withdraw money, make transfers, and write checks without asking the other person. This is called joint tenants with rights of survivorship (JTWROS), and it means either person can move or spend all the money at any time.

Some couples or business partners choose a different structure: joint tenants in common (JTIC), where each person owns a specific percentage of the account and cannot transfer the other person's share without permission. This is less common and requires explicit paperwork; most banks default to JTWROS unless you request otherwise.

A third option is to require both signatures for withdrawals over a certain amount, or for all withdrawals. This slows down transactions but prevents one person from emptying the account without the other knowing. Ask the bank whether they offer this option—not all do, and those that do may charge a higher monthly fee.

What happens to the money if one account holder dies

If the account is set up as JTWROS (the default), the surviving account holder automatically owns all the money in the account. The bank will freeze the account briefly to verify the death, then release it to the survivor without requiring probate or a court order. This is one reason many people open joint accounts: to avoid the lengthy process of settling an estate.

If the account is set up as JTIC instead, the deceased person's share becomes part of their estate and goes through probate. Their heirs or the executor of their will controls that share, not the surviving account holder. Make sure you and the other account holder agree on which structure you want before you sign.

How the bank reports interest and tax documents

The bank will issue a 1099-INT form (interest income) to both account holders if the account earns interest above a certain threshold, usually $10. Each person reports their share of the interest on their tax return. If you and the other account holder disagree about who owns what percentage of the money, you still both receive a 1099-INT, and the IRS expects you to sort it out between yourselves—the bank will not split the form.

For tax purposes, the IRS treats a joint account as owned equally by both people unless you file a special form (Form 8854 or similar) stating otherwise. This matters if one person contributed all the money and wants to claim it as their own asset for tax or legal reasons. Talk to a tax professional or lawyer before opening the account if ownership percentages matter to you.

What to do if you and the other account holder disagree about the money

The bank will not referee disputes over who owns the money or who has the right to spend it. If one account holder withdraws money that the other person believes is theirs, the bank has already processed the transaction and will not reverse it based on a disagreement between the two of you. You would need to take the other person to small claims court or hire a lawyer to recover the money.

If you suspect fraud—for example, the other account holder is withdrawing money without your knowledge and you did not consent to that—contact the bank's fraud department immediately. The bank may freeze the account while they investigate, but they will not automatically return the money. You may need to file a police report and work with law enforcement to recover stolen funds.

To protect yourself, review your account statements every month and set up alerts for large withdrawals or transfers. Many banks let you set a threshold—for example, an alert if more than $500 is withdrawn in a single day—so you know immediately if something unusual happens.

Closing a joint account or removing one account holder

To close a joint account, both account holders must agree and visit the bank together, or one person can close it unilaterally if the bank allows it. The rules vary by bank. Some require both signatures to close; others let either person close the account alone. Call your bank and ask what their policy is before you assume you need the other person's permission.

You cannot remove one account holder and keep the account open at most banks. Instead, you close the joint account and open a new individual account in your name alone. The bank will transfer any remaining balance to your new account or issue a check. If the other account holder refuses to close the account and you want out, you can withdraw your share of the money (if you can determine what that is) and inform the bank in writing that you no longer consent to the account. The bank may still require both signatures to formally close it, but you have documented your intent.

Frequently Asked Questions

Can I open a joint account online without going to the bank in person?

Some banks let you start the process online, but most require at least one visit to a branch so both people can show ID in person. A few online-only banks may waive this if you can verify your identity through their app, but this is rare. Call your bank to ask whether they offer a fully online process.

What if the other person has bad credit or a history of overdrafts?

The bank checks both people's banking history through ChexSystems. If the other person has unpaid overdrafts or fraud flags, the bank may deny the account. You can still open an individual account at that bank, but you cannot add them as a joint holder. Some banks offer second-chance accounts with lower limits if one person has a banking history issue.

Does opening a joint account affect my credit score?

Opening a joint account does not directly affect your credit score because it is not a loan or line of credit. However, if the account goes into overdraft and is reported to the credit bureaus, that can hurt both people's scores. The bank will not report normal account activity to the credit bureaus.

Can I set up a joint account for my child?

Yes, but your child must be at least 18 years old to be a legal account holder. If your child is under 18, you can open a custodial account in their name with yourself as the custodian, but that is a different product. Once they turn 18, you can convert it to a joint account or they can take over the account alone.

What if I want to add someone to my existing account instead of opening a new one?

Most banks let you add a joint account holder to an existing account by visiting a branch with both people and signing an amendment form. The process is similar to opening a new account, and the bank will run a background check on the new person. Some banks charge a small fee for this change.