Banks are committed to providing you with information about common bank accounts at their branches and on their websites. As an account holder, you can share access to the account. You are also responsible for all transactions made by the other account holder. For example, if the account has overdraft protection, all account holders can be responsible for paying down the debt. In addition to the information that banks must give you when opening a bank account, banks must also provide you with important information about joint bank accounts if you are: this information will help you understand the risks and benefits of community accounts. The information must be clear, simple and not misleading. A joint bank account, also known as a joint deposit account, offers the same functions and benefits as a personal checking or savings account held by a person. Before opening a community account, talk to the co-owner. Make sure you both agree on how you`re going to use the account.
If you do business with a financial institution that is not regulated by the state, for example. B from a provincial credit union, check your account agreement or ask a representative for details about the joint accounts. A joint account allows two or more people to do the following from the same account: ask a representative of your financial institution what happens if one of the joint account holders dies. Find out if the survivor can access the account credit. In some provinces, the survivor may not be able to access the account.