For example, you can sign up for a joint Cash Reserve account at Betterment. When you open a joint account, both account applicants have to provide personal information, such as email address, name, address and phone number, as well as Social Security number and a date of birth.
You can also open a joint bank account by visiting a brick-and-mortar banking location and providing the same information in-person. Conversely, you can add another person to an existing bank account in most cases, usually by contacting the bank and providing all the personal information the bank requires. According to Foguth, closing a joint account is similar to closing any other bank account. You may be asked to visit a physical banking branch in order to close an account, and all account holders may or may not need to be present.
You will also need to withdraw or transfer all funds from the account before you can close it down. And you will typically need to fill out a form requesting the closure, either online or in-person.
In some cases, you may also be able to fax, email or mail a request to close a joint account. Yes, you can open a joint account online. The process of opening a joint bank account is very similar to the process of opening an individual account.
You choose a bank, select the account you want to open, and provide some personal information to do so. For a joint account, both you and the other account holder will need to provide the requested information. After you provide the initial deposit, the bank will send the relevant account materials, like debit cards and checks, to both account holders. If you and your joint account holder are married and file one tax return, all you have to do is include the interest in your tax filing.
But it will ultimately depend on which state you live in. Check with a tax adviser to find out what you need to do. If you deposit a significant sum to a joint bank account and your joint account holder makes a large withdrawal, it may trigger gift taxes.
Be sure to consult with a tax adviser for advice on your specific situation. There are risks involved in opening a joint bank account , including the risk that one account owner goes rogue and withdraws all the money, or the risk of collections activity. However, joint bank accounts definitely have their place, and they can work for a wide range of consumers — especially couples who share household finances.
Whether to open an account with another person is a personal choice. Just make sure you know the pros and cons, and that you approach any joint account you have with caution. How We Make Money. Holly D. Written by. Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics.
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