DEFINITION
Joint Account Holder (JAH)
A joint account holder is an individual who shares ownership of a bank account with one or more people. All joint account holders have equal access to the account and likewise are equally responsible for any obligations related to the account, such as overdrafts or fees. In other words, every joint account holder can make withdrawals, deposits or generally manage the account without the permission of other account holders (unless specific restrictions have been put in place). For these reasons, joint accounts are often used by spouses, business partners, or families.
Synonyms
Co-account holder
Acronyms
JAH
Share
Synonyms
Co-account holder
Acronyms
JAH
Examples
A married couple opens a joint account. This means that both of them can access the account in order to pay bills, make deposits, or manage the account without having to get authorisation from their partner. This makes it easier for both of them to perform everyday tasks and stay on top of the family finances.
FAQ
What are the benefits of having a joint account?
If two or more people need frequent access to a family/business account, making them joint account holders simplifies the process significantly. In certain circumstances, joint accounts may also allow for a seamless transfer of ownership - for example, in real estate planning. Joint accounts can also be very convenient when it comes to credit-building opportunities.
Are joint account holders equally liable for overdrafts or debts?
Yes. Regardless of who is responsible for any individual debt or overdraft fee, all account holders are equally responsible for its settlement.
Can one joint account holder remove another from the account?
Unless otherwise defined, all joint account holders have the same ownership rights. Therefore, one account holder can’t unilaterally remove another account holder.
Related Terms
Share
Book your demo today and see why leading financial institutions
worldwide trust Atfinity to drive their digital transformation.
Book your demo today and see why leading financial institutions worldwide trust Atfinity to drive their digital transformation.