Joint Accounts

While many bank accounts are set up in the name of one person, it is also possible for a bank account to be set up in the names of two or more people. These accounts are called joint accounts. The most common use of a joint account is by a husband and wife. Each person named on a joint account has equal access to the account and bears equal responsibility for the account. Even though both names will appear on the checks of the joint account, usually only one person need sign a check for it to be valid. Joint accounts can also be set up by business partners, although for these accounts both signatures are usually required on the checks.