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- Joint management: through joint account opening, to meet the needs of customers to jointly manage funds;
- Joint use: to achieve reasonable control of account funds through agreed withdrawal methods;
- Joint accumulation: after agreeing on the common method of account funds, to realize the sharing of account funds.
What is a joint account?
What is a beneficiary account?
What are the benefits of a joint account?
What are the risks of a joint account?
Either party can withdraw money at will:
The withdrawing party has little responsibility for:
It is easy to cause legal disputes:
Account funds can be used to repay debts:
Removing account holders is not easy:
What are the features of a joint account?
- Account opening: In order to reflect the unanimous intention of the joint account holders, the joint account must be opened with the identification documents of all the joint account holders and signed and sealed by all holders. The traditional personal account can be opened only with the account holder's own identification document.
- Use of the account: Traditional personal accounts only need the account holder's signature and seal to withdraw funds and transfer and settle accounts in the account. Individual joint accounts are subject to signature terms when used. The so-called signature clause refers to the terms of the joint account holder's signature and seals authority that the depositors of the joint account have jointly signed and confirmed when opening the joint account. As a financial intermediary, the bank manages the joint account in strict accordance with the signature and seal authority determined by the signature clause.
- A joint account is jointly opened by two or more (less than five) individual clients.
- Deposits and withdrawals from joint accounts must be processed in the agreed manner.
- A joint account is a personal current settlement account or a lump-sum and lump-sum fixed deposit account.
- Applicants for joint accounts need to provide the identity documents of all account holders. If applicants for joint accounts have opened a local Elite Club account, they need to go to the counter of a business outlet to go through the application procedures for opening a joint account.
- Applicants for joint accounts need to fill in the Application Form for Individual Joint Accounts, agree on the relevant business methods, and sign the Personal Joint Account Management Agreement.
- A joint account refers to the joint account opened by two or more individual customers, the deposit is not restricted, and the withdrawal must be handled in accordance with the agreed method. account.
- Joint management: To meet the needs of customers to jointly manage funds by jointly opening accounts; Joint use: To achieve reasonable control of account funds and funds through agreed withdrawal methods.
- Co-accumulation: After agreeing on the common method of account funds, the sharing of account funds can be realized; for example, husband and wife, brothers and sisters, and small business owners in the form of partnership are all suitable for handling joint accounts.
Similarities Between Joint Accounts and Beneficiary Accounts
- Both prevent probate in case of death of the primary account holder and named beneficiary
The Difference Between a Joint Account and a Beneficiary Account
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