DEFINITION
Account Holder
The account holder is the person or legal entity whose name is on the account and has the ultimate control over the funds in the account. The account holder is responsible for all transactions, can deposit or withdraw money, and is liable for maintaining a positive balance and paying any fees associated with the account.
Synonyms
Account owner, primary holder
Acronyms
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Share
Synonyms
Account owner, primary holder
Acronyms
–
Examples
When opening a new savings account, Jane had to provide identification documents to prove that she was the account holder and sign agreements taking responsibility for the account.
As opposed to a joint account holder or a Power of Attorney, Jane is the sole authority for the account, having both full control and accountability.
FAQ
Can there be more than one account holder on an account?
Yes, accounts can have multiple account holders, known as joint account holders, who share equal ownership and responsibility for the account.
What is the difference between an account holder and an authorized signer?
An authorized signer has permission to conduct transactions on the account but is not the account owner. The account holder can add or remove authorized signers.
Is the account holder always a person?
No, the account holder can be an individual person or a legal entity such as a business, trust, or organization. Accounts for legal entities have individuals who are authorized to act on behalf of the entity.
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