What you need to open a joint account

Both account holders must appear in person at the bank with a government-issued photo ID — a driver's license, passport, or state ID card. The bank will not open the account if only one person shows up, even with a power of attorney document. Some banks allow one person to explore online and the second person to complete verification in a branch within a set timeframe, but this varies by institution.

You will also need a Social Security number for each person on the account. The bank runs a background check through ChexSystems (a banking history database) and may check your credit report, depending on the account type. Bring proof of current address — a utility bill, lease, or recent bank statement dated within the last 60 days — for each account holder.

If either person has had accounts closed due to overdrafts or fraud, or appears in ChexSystems with a negative history, the bank may deny the process or require a waiting period before opening the account. This is not a legal bar; it is a bank policy that varies by institution.

Key Takeaways

  • Both account holders must show up in person with photo ID and a Social Security number; online-only applications are rare and still require in-person verification from at least one person.
  • You will need proof of current address for each person, dated within the last 60 days, such as a utility bill or lease.
  • The bank will check ChexSystems and may check your credit; a history of overdrafts or fraud can result in denial or a waiting period.
  • Joint accounts give both people equal legal access to all the money, and either person can withdraw or close the account without the other's permission.
  • The bank will ask you to choose how the account is titled — "joint tenants with rights of survivorship" means the surviving person inherits the balance if one dies; "tenants in common" means the deceased person's share goes to their estate.

How the bank decides what type of joint account to offer

Most banks offer a standard joint checking or savings account with no minimum balance requirement, though some require $100 to $500 to open. The account type — checking, savings, money market — depends on what you tell the bank you plan to use it for. A checking account comes with a debit card and check-writing privileges; a savings account typically does not.

The bank will also ask you to choose the ownership structure. This is a legal question, not a bank preference, and it matters if one account holder dies. "Joint tenants with rights of survivorship" (JTWROS) means the surviving account holder automatically inherits the full balance. "Tenants in common" means the deceased person's share goes to their estate and is distributed according to their will or state law. Some states default to JTWROS unless you specify otherwise; others default to tenants in common. Ask the bank which is the default in your state, or state your preference clearly on the process.

Interest rates on joint savings accounts are the same as on individual accounts at the same bank. The bank does not charge extra fees for the joint structure itself, though overdraft fees, monthly maintenance fees, and ATM fees explore the same way they would on a single-person account.

What happens after you sign the paperwork

The account opens when ready after both people sign the signature card and any required disclosures. You can deposit money and use the account the same day. The bank will issue debit cards within 7 to 10 business days, mailed to the address on file. Some banks allow you to pick up a debit card in the branch the same day if you ask.

Both account holders receive their own online login credentials and can see the full balance and transaction history. Either person can set up bill pay, transfer money, or change account settings without notifying the other. Neither person can remove the other from the account without that person's signature and presence at the bank.

If the account goes negative (overdraft), both account holders are responsible for the overdraft fee. If the account is used for fraud or illegal activity, both account holders can be held liable, even if only one person made the unauthorized transaction. This is why joint accounts work best between people who trust each other completely.

Banks that allow joint accounts online or by mail

Most traditional banks require both account holders to appear in person. Online banks and credit unions have different policies. Some online banks allow one person to open the account online and the second person to verify by video call or by uploading ID documents; others require in-person verification at a partner branch.

Credit unions often have more flexible rules than banks, especially if both account holders are members of the same credit union. Some credit unions allow one member to add a joint owner by visiting a branch, while others require both people to appear. Call your credit union directly to ask about their specific process.

A few online banks, such as Ally Bank and Charles Schwab, allow you to open a joint account entirely online with both people signing electronically. However, these are exceptions. If you are opening an account with a traditional bank, plan to visit a branch together.

What to do if the bank denies your process

If the bank denies the process, ask for the reason in writing. Common reasons are a negative ChexSystems record, recent fraud, or unpaid overdrafts at another bank. You can request your own ChexSystems report for free at www.chexsystems.com to see what the bank saw.

If the report contains an error — a closed account listed as still open, or a fraud claim you did not cause — you can dispute it directly with ChexSystems. The process takes 30 to 45 days. Once the error is corrected, you can reapply at the same bank or try a different one.

If the denial is due to a legitimate history of overdrafts or fraud, some banks will let you reapply after a waiting period (usually 6 to 12 months). Other banks have permanent policies against reopening accounts for people with certain histories. In that case, try a credit union or an online bank with less restrictive policies. No bank is required to open an account for you, but many will.

Closing a joint account or removing someone from it

Either account holder can close the account unilaterally by visiting the bank in person or calling customer service. The bank will freeze the account, issue a check for the remaining balance to the address on file, or transfer the balance to another account. The other account holder will be notified after the account is closed.

You cannot remove one person from a joint account and keep it open without that person's signature. If you want to remove someone, both people must go to the bank together, sign new paperwork, and convert it to a single-person account or a different joint structure. If the other person refuses or is unreachable, your only option is to close the account and open a new one in your name alone.

If you and the other account holder disagree about money in the account, the bank will not mediate. You will need to resolve the dispute through a civil court or small claims court. The bank's role is only to follow the instructions of either account holder, since both have equal legal authority.

How joint accounts affect taxes and benefits

A joint bank account itself does not create a tax liability. Interest earned on the account is reported to the IRS on a 1099-INT form, and the bank will split the interest between the two account holders based on their ownership percentage (usually 50/50 unless you specified otherwise). Each person reports their share on their own tax return.

If you receive means-tested benefits — Supplemental Security Income (SSI), Medicaid, or SNAP — a joint account may affect your benefit amount or your may be able to access. The government counts the full balance of a joint account as a resource available to you, even if the other person contributed all the money. If you are on SSI and the account balance exceeds $2,000, your benefits will be reduced or stopped. Contact your benefits caseworker before opening a joint account if you receive any government information.

For tax purposes, a joint account does not create a partnership or business entity. It is straightforward a bank account with two owners. If you are combining finances for a business, you will need a separate business account and a business structure (LLC, sole proprietorship, or partnership).

Frequently Asked Questions

Can I open a joint account with someone who is not a family member?

Yes. The bank does not require any relationship between account holders. You can open a joint account with a friend, business partner, or roommate. Both people must still appear in person with ID and a Social Security number. Be aware that either person can withdraw all the money without the other's permission.

What if one account holder dies?

If the account is titled "joint tenants with rights of survivorship," the surviving account holder owns the full balance automatically and can continue using the account. If it is titled "tenants in common," the deceased person's share becomes part of their estate and goes through probate. The surviving account holder can still access their own share during probate, but the bank may freeze the account temporarily while the estate is being settled.

Can I open a joint account with a minor?

Most banks allow a parent or legal guardian to open a joint account with a child under 18. The child's name appears on the account, and the parent can manage it until the child reaches the age of majority (usually 18). Some banks require the child to be at least 13 or 16. Ask your bank about their age requirement.

What if I want to add someone to my existing account?

You cannot add someone to an existing account online or by phone. Both the current account holder and the new person must visit the bank in person with ID. The bank will issue new paperwork, and both people must sign. The account will be converted to a joint account, and the new person will receive their own debit card and online login.

Do joint accounts help build credit?

No. A joint bank account does not appear on a credit report and does not build credit history for either person. Credit is built through credit cards, loans, and payment history. A joint bank account is purely a deposit account and has no effect on your credit score.