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 ?
As mentioned, joint accounts can either be "and," "or," or "and/or" accounts.
MANY people don't seem to realise that they could potentially be pursued for the full amount of debt run up on a joint account - not just a proportion of it.
Nearly half (47 per cent) incorrectly think the approval of both joint account holders is needed to withdraw cash, or do not know whether this is the case or not.
The Federal Reserve Board on Wednesday released final guidelines that will be used to evaluate requests for joint accounts at Federal Reserve Banks effective upon publication in the Federal Register.
Based on the purchases outlined in the affidavit, it appears the joint account was wiped completely clean by the end of the four-month alleged spree of car buying, cash transfers, purchases and cruise tickets.
5m in FDIC insurance, and up to USD 35m for joint accounts.
ISLAMABAD -- A banking officer of a multi-national Bank has transferred heavy amount for some favorite using joint account of a divorced couple.
In partnership with Visa, Mashreq supplementary debit card can be offered to any member of an account holder's family without the need of opening a joint account.
Our counselors frequently see divorced persons who have a bad credit rating and are being contacted for payment because their ex-spouse did not pay a joint account that was assigned to them in the divorce decree:' says David Jones, president.
Sazzadur Rahman, 45, was the named carer for his elderly mother Monwara Khatun and had all her income paid into their joint account.

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