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

Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

joint account

a BANK or BUILDING SOCIETY account opened in the name of two or more people.

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References in periodicals archive ?

a joint account pools together assets, payments and liabilities of the account holders into one single and indivisible account;

Joint Bank Accounts: What's Mine is Yours and What's Yours is Mine?

The UK-based bank said it is first among app-only challenger banks to introduce joint accounts for retail customers.

Starling Bank launches joint accounts

If your joint account holder passes away, can often withdraw the money before informing the bank about the death.

More than just making a will, plan well to help your family

For deposit insurance purposes, the rule, under PDIC guidelines, is that in case of bank receivership the maximum deposit insurance coverage of P500,000 shall be divided equally between or among the co-owners of a joint account, unless a different sharing is stipulated in the deposit documents.

Joint deposit accounts

From next year she'll be able to get it from joint accounts, too.

Crackdown on absent dads' joint account money dodge

Banks are being urged to spell out joint account terms more clearly as a survey found widespread confusion among consumers as to how these accounts work.

Joint accounts: Beware the perils of a break-up; PERSONAL FINANCE

In March, a 2015 Chrysler Town & Country van was purchased from a Eugene dealership for Taylor for $20,522, paid for with a cashier's check from the joint account, according to documents.

Affidavit: Vet's funds drained in 4 months

In this scenario, all fees are deducted from the joint account. Because their total fees are greater than 2% of their AGI, a partial deduction is available.

Maximizing Clients' Income Tax Savings: Deducting Your Fee

Lussier would make weekly transfers from the bank account from Quarry Square Realty Trust, an affiliate of FRE that owns and operates a shopping plaza in Milford, to a joint account that he had opened in his name and in the name of Madlyn Fafard, one of the principals of FRE.

Embezzlement of $1.1M alleged

Iran and Russia plan to create a joint account for national currency trade Iranian Ambassador to Russia Mehdi Sanaei told RIA Novosti in an interview.

IRAN-RUSSIA JOINT BANK FOR NATIONAL CURRENCY

Innocent victims of the policy could include pensioners who put money into a joint account, managed by younger relatives.

Another fine mess for the taxpayers?

The property at issue included half the proceeds from sale of the Charlottesville rental property, transfers made from a joint account and Bertha's social security benefits.