Joint account, how it works: existing types and risks

Joint account, how it works: existing types and risks
Joint account, how it works: existing types and risks

How many forms of joint account exist? Are there any limits to the number of contractors? All the answers you need for those who decide to open one.

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The joint account is part of that category of tools that more than any other require accurate knowledge before starting with their use. This is because, unlike an ordinary account, being joint holders presupposes specific agreements between the contracting parties and the application of certain constraints for those who find themselves using them. Usually, however, the choice of the account holder is quite simple: a spouse, a child, a parent. Of course, when sharing a money deposit, trust in the alter ego is paramount.

However, Civil Code in hand, there is no limit to the maximum number of joint holders for a bank account. Moreover, the bond of kinship does not take over. Usually, the bond is chosen by those who decide to open it, choosing a person who, as mentioned, enjoys his extreme trust. And vice versa of course. But there is also another reason. Opening a joint account with a spouse means reducing expenses and limiting operations to the family environment, therefore in a coordinated way according to domestic needs. The situation is slightly different if you choose to open one with your children.

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Joint account, the two types allowed

By law, the joint account can be opened through two distinct types of contract. First of all, the current account with joint signature, or with the possibility of operating for both holders, subject to the double signature of the holders. Valid as confirmation. As for the second option, the account with separate signature, allows the joint holders to carry out the various operations (both withdrawals and transfers) without the signed authorization being required by both holders.

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Basically, if you decide to opt for a current account of this type, it will be necessary to carefully evaluate which type of contract you are going to sign. However, the absence of specific constraints poses a discrete advantage for account holders, who will be able to manage their assets jointly (in almost all circumstances, the family one) and coordinate expenses without operating separately. The number of subjects, then, does not provide for limitations. So, even if you decide to open a joint account with company partners, it will be possible to do so.

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