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 ?
Check your credit reports to assure joint accounts are being paid.
Younger couples are much less likely to hold joint accounts than older couples.
Just 27% of couples aged between 25 and 34 have a joint account, rising to 48% for those aged 55 to 64.
Those with large amounts of cash should remember to always try to keep within the pounds 85,000 FSCS deposit limit, or pounds 170,000 for joint accounts, per banking licence to protect their money.
These events happen to the best of children; nevertheless, in those cases, the joint account will be deemed to be owned by the child and the parent's assets may be lost.
Freezing of joint accounts of Pervez Musharraf and his spouse is beyond the court's jurisdiction, he added.
The tribunal said Ashwin -- the son of the Bihar cadre officer -- signed a cheque Rs 34,000 out of his joint account with Sarkar for " entertainment", details of which he hasn't yet provided.
Marria continues that this policy also applies to a joint account in the case of a spouse's death.
When couples were asked why they didn't have a joint account 75pc of women claimed it was because they liked their financial independence and didn't want their partner knowing what they spent their money on.
Anderson and Lisa maintain joint accounts for such purposes as stock investments, and are beneficiaries on each other's insurance polices.
For those clients who have securities accounts, the rides regarding joint accounts with rights of survivorship still apply; that is, the securities pass directly to the surviving accountholder without probate.
This does not apply to a financial institution joint account to which Probate Code Division 5 Part 2--joint accounts, P.

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