joint account


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Joint account

An agreement between two or more firms to share risk and financing responsibility in purchasing or underwriting securities, or an account owned jointly by two or more persons at a bank or brokerage house.

Joint Account

An account at a bank or a brokerage where there are two or more account holders. The holders of a joint account share all rights and responsibilities regarding the account. That is, one may deposit or withdraw money from a joint account without the consent of the other and both may be held liable for an overdraft or loss. Joint accounts are most common for married couples.

joint account

A brokerage account in which two or more individuals hold joint interests. Joint accounts may be established in a number of different forms that produce very different results. Compare individual account. See also partnership account.
Is a joint account preferable for investing couples?

Joint ownership occurs when more than one person has rights and privileges to an account. It is practical to invest jointly in many situations, as access or availability of the assets occurs almost immediately upon death of either of the parties. By law, ownership passes directly to the surviving joint owner, even if a will states otherwise. However, for larger estates (over $1 million), other forms of ownership may be preferred. Proper estate planning to lower estate taxes or to transfer assets to trusts rather than to an individual would call for assets to be moved out of joint ownership.

Jeffrey S. Levine, CPA, MST, Alkon & Levine, PC, Newton, MA

joint account

a BANK or BUILDING SOCIETY account opened in the name of two or more people.
References in periodicals archive ?
We never needed a joint account and I can't think of anything worse 'I would hate him to question my decisions on what I purchased for our son, the household or even for myself.
Your divorce decree does not negate the contract that you signed for any joint accounts with your spouse.
Unlike a joint account, assets held in the trust are not exposed to the successor trustee's creditors, ex-spouses or the IRS.
The police officer said his family held only one joint account with Sarkar in Kotak Mahindra Bank's Gulmohar Park branch.
Some people pay their salary into an individual account and then transfer an amount into a joint account to cover the family bills.
Having ridden from an early age, including working for Willie Mullins in Ireland, she makes her racecourse debut on clerk of the course Fiona Needham's 16-year-old Joint Account, whose eight wins and 19 places under Rules earned more than pounds 60,000 in prize-money.
Her mother Wendy Rusher, from Ipswich, said she was appalled when bank staff told her that Charlotte could not open a joint account.
What this illustrates is that before you cosign for another person or add a person as an authorized user on your account, you have to think it through and understand that if he or she defaults, you've essentially entered into a joint account arrangement, so you're responsible," says Greg McBride, senior financial analyst with Bankrate.
I've coped with his going but now he's made big withdrawals from a joint account that we've kept open to pay the mortgage and household bills, until we've sold our house.
But the couple say they were told by bank staff that Mrs Readman couldn't be put on a joint account as she had no 'official' forms of identification.
We keep separate checking accounts and then we pay into a joint account for monthly expenses.
In addition, like the 2001 proposed regulations, the 2002 regulations provide that, if a joint account holder is a U.

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