What you need to bring to the bank

Both account holders must appear in person at the bank branch with government-issued photo ID. Bring a driver's license, passport, or state ID card — the bank will not accept expired IDs or documents without a photo. You will also need proof of address: a utility bill, lease, mortgage statement, or government mail dated within the last 60 days. Some banks accept a recent bank statement instead.

Bring your Social Security number or Individual Taxpayer Identification Number (ITIN) for each person on the account. The bank will ask for this to run a background check through ChexSystems, a consumer reporting agency that tracks banking history. If either account holder has been flagged for fraud or has unpaid overdrafts at other banks, the bank may deny the account or require a deposit larger than usual.

Decide in advance how much money you will deposit to open the account. Most banks require a minimum opening deposit — typically $25 to $100, though some require $500 or more. Bring a check, debit card, or cash to cover this amount. If you are transferring money from another account, you can do that after the account opens, but you will still need the opening deposit on the day you sign the paperwork.

Key Takeaways

  • Both account holders must show up together with photo ID and proof of address; the bank will not open a joint account by phone or online.
  • The bank will run a background check through ChexSystems, which may delay approval if either person has a history of overdrafts or fraud at other banks.
  • You will choose whether the account is "joint and several" (either person can withdraw all funds) or has restrictions on who can access money.
  • The account will be reported to both Social Security numbers, so both people's credit reports will show the account history and any overdrafts.
  • Bring a minimum opening deposit, usually $25 to $500, along with government ID and a recent utility bill or lease for each account holder.

How the bank sets up ownership and access

When you sit down with the bank representative, you will be asked how you want the account structured. The most common setup is joint and several, which means either person can deposit money, withdraw money, close the account, or change the account terms without permission from the other person. This is the default for most joint accounts unless you specifically request something different.

Some banks offer a joint with survivorship option, which means if one account holder dies, the money automatically passes to the surviving account holder without going through probate. This is common for married couples or long-term partners. Ask the bank representative whether this option is available and whether it costs extra — most banks do not charge for it, but some do.

A few banks will set up a joint account with restrictions, meaning both people must sign off on large withdrawals or account changes. This is less common and may require a special request or a higher minimum balance. Ask whether the bank offers this before you sit down, because not all branches can set it up on the spot.

What happens during the signature process

The bank representative will print out the account agreement and signature card. Read the terms carefully — they cover overdraft fees, monthly maintenance fees, minimum balance requirements, and what happens if the account goes negative. The agreement will also state that both account holders are responsible for any overdrafts, meaning the bank can pursue either person for the full amount owed, not split it between you.

Both account holders must sign the signature card in front of the bank representative. The bank uses this card to verify signatures on checks and withdrawal requests later. If you sign a check from the joint account, the bank will compare your signature to the one on file. Forged signatures are a reason banks can freeze or close accounts, so sign clearly and consistently.

The bank will give you a receipt with your new account number, routing number, and initial debit card information. Do not leave the branch without writing down these numbers — you will need them to set up direct deposit or transfer money in. The debit cards usually arrive in the mail within 5 to 10 business days.

How the account appears on credit reports and tax documents

The joint account will be reported to both account holders' credit reports through ChexSystems and, if applicable, to credit bureaus like Equifax or TransUnion. This means if the account goes into overdraft or is closed due to fraud, both people's banking history is affected. If you are trying to open another account at a different bank, that bank will see the joint account on your ChexSystems report.

For tax purposes, the bank will issue a 1099-INT form to both account holders if the account earns interest above a certain threshold (usually $10). Each person reports their share of the interest on their tax return. The bank does not split the interest automatically — you and the other account holder must decide how to divide it, or one person reports all of it and the other reports none. Keep records of this agreement in case the IRS asks.

If the account is used for a business or generates significant income, the bank may ask for an Employer Identification Number (EIN) in addition to Social Security numbers. This is rare for personal joint accounts but common if the account is used to deposit checks made out to a business name.

Timeline from process to first use

The account is active when ready after you sign the paperwork, but you cannot use it fully until your debit cards arrive. Most banks mail debit cards within 5 to 10 business days. You can set up direct deposit or transfer money in on the same day you open the account using the account and routing numbers the bank gives you, but you will not be able to withdraw cash or make purchases until the card arrives and you set up it by calling the number on the back.

Checks can be ordered on the day you open the account, but they take 7 to 14 business days to print and arrive. If you need to write a check when ready, ask the bank whether they can print temporary checks or provide a starter checkbook. Some banks do this for free; others charge $5 to $10.

If you are transferring money from another bank, the transfer usually takes 1 to 3 business days if you use an ACH transfer, or same-day if you use wire transfer (though wire transfers typically cost $15 to $30). Money deposited in person or via ATM is available when ready or within one business day, depending on the bank's policy.

What to do if one account holder cannot appear in person

Most banks require both account holders to appear together. Some larger banks offer a remote notarization option, where one person appears in the branch and the other person signs documents electronically through a video call with a notary public. This is not standard — call your bank's main customer service line and ask whether they offer it before you plan your visit.

If remote notarization is not available and one person cannot travel to the branch, you have two options: wait until both people can go together, or open separate accounts and link them for transfers. Linked accounts are not the same as a joint account — each person controls only their own money, but they can transfer between accounts when ready. This is not ideal for shared expenses, but it works if one person is out of state or unable to visit the branch.

Do not ask someone else to sign on behalf of an account holder. Banks will not accept power of attorney documents or signed letters of permission in place of the account holder's presence. This is a fraud prevention measure.

Fees and ongoing costs

Most banks charge a monthly maintenance fee for joint accounts, typically $5 to $15. Some waive the fee if you maintain a minimum balance (often $500 to $1,500), set up direct deposit, or keep a certain number of linked accounts. Ask the bank representative what the fee is and what conditions waive it before you open the account.

Overdraft fees vary widely — typically $25 to $35 per overdraft transaction, though some banks charge more. If the account goes negative, both account holders are liable for the full fee, not half each. Some banks offer overdraft protection, which links the joint account to a savings account and automatically transfers money to cover overdrafts; this usually costs $1 to $3 per transfer.

ATM fees explore if you withdraw cash from an ATM that is not part of your bank's network. Most banks charge $2 to $3 per out-of-network withdrawal. If you and the other account holder live in different cities, ask the bank whether they have branches or ATM partnerships in both locations.

Frequently Asked Questions

Can I open a joint account online without going to the bank?

No. Both account holders must appear in person with photo ID and proof of address. Some banks offer video appointments where you sign electronically, but you still cannot complete the process entirely online. Call your bank to ask whether they offer video appointments in your area.

What happens if one person wants to close the account or withdraw all the money?

In a standard joint account, either person can close it or withdraw all funds without the other person's permission. If you want to prevent this, ask the bank whether they offer a joint account with restrictions that require both signatures for large withdrawals. Not all banks offer this option.

Will opening a joint account hurt my credit score?

Opening a joint account does not directly affect your credit score. However, if the account goes into overdraft or is closed due to fraud, it will appear on your ChexSystems report and may make it harder to open accounts at other banks. Your credit score itself is not affected unless the bank reports the overdraft to a credit bureau, which is rare.

Can I remove someone from a joint account after it is open?

Yes, but the process varies by bank. Usually one account holder can convert the account to a single-name account, or both people can agree to close it and open separate accounts. Some banks require both people to visit the branch together to make changes; others allow one person to do it by phone or online. Call your bank to ask what their process is.

What if the other person on the account dies?

If the account has survivorship rights, the money automatically passes to the surviving account holder. If it does not, the account becomes part of the deceased person's estate and may go through probate. The surviving account holder should contact the bank when ready with a death certificate. The bank will freeze the account until the estate is settled or the surviving account holder provides legal documentation.