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.
Some couples keep all their accounts separate, but many prefer the convenience of joint accounts for joint expenses.
There will be safeguards to ensure the joint account holder does not lose out.
uk, says: "Thousands of couples open joint accounts each year and I've been concerned for some time that many of them don't know what they're signing up to.
If you're in a serious relationship with someone, you might have talked about the possibility of getting a joint account to pool your savings and manage everyday cash.
UK Finance has published a helpful guide to joint accounts, and advise any customers who are unsure about their account to speak to their bank.
The Reserve Banks have, in limited cases in the past, opened joint accounts where the rights and liabilities are shared among multiple depository institution account-holders.
According to the firm, the Ultra Insured Money Market Account helps individuals and joint account holders consolidate multiple banking relationships into one convenient account, enables businesses to earn interest with limited account transactions, and provides an interest-bearing solution for public entities that are mandated to have deposits either FDIC-insured or backed by US Treasury obligations.
It was Stacy who suggested we get two joint accounts - one for the mortgage and one for petrol and other bills.
Check your credit reports to assure joint accounts are being paid.
More than 20% of couples say they keep their financial affairs separate and do not have any joint accounts.
Joint accounts with survivorship features (JTROS) and POD accounts pass as non-probate assets, thereby avoiding the state-mandated probate process.

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