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.
Account owner, primary holder
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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.
Are cases assigned o the relevant approvers based on the risk?
Yes, approvval flows can take risk, but alsoother factors like market area, selected products etc, into account.
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.
