What you need to bring and who can open one with you
To open a joint bank account, you and the other account holder both need to be present at the bank, or you can do it online if the bank offers that option. You will each need a government-issued photo ID — a driver's license, passport, or state ID card. The bank will also ask for your Social Security number or tax ID, your current address, and your phone number.
You can open a joint account with a spouse, family member, business partner, or anyone else. The bank does not restrict who can be a co-owner. Both of you will have equal access to the money and equal responsibility for overdrafts or fees, regardless of who deposited the funds. If one account holder owes money to a creditor, that creditor can sometimes freeze the entire account — not just the portion that person contributed.
Some banks require both people to be present in person. Others allow one person to open the account and add the second person later, though the second person will still need to verify their identity before they can use the account. A few online banks let you complete the entire process remotely using video verification.
Key Takeaways
- Both account holders need a photo ID, Social Security number, and current address; one or both of you may need to visit the bank in person depending on the bank's policy.
- Joint account holders have equal access to all money in the account and equal legal responsibility for overdrafts, fees, and creditor claims against the account.
- The account will be set up as either "joint tenants with rights of survivorship" (account passes to the other owner if one dies) or "tenants in common" (your share goes to your estate); you can usually choose which one during setup.
- The account takes effect when ready once both people have verified their identity, though it may take one to three business days for the debit card to arrive by mail.
- You can add or remove an account holder later, but both the person being removed and the remaining account holder usually need to consent, or the account may need to be closed and reopened.
The difference between survivorship and tenants in common
When you open a joint account, the bank will ask you to choose how the account is titled. The two standard options are joint tenants with rights of survivorship and tenants in common. This choice matters only if one account holder dies.
With joint tenants with rights of survivorship, the surviving account holder automatically owns the entire account balance. The money does not go through the deceased person's will or estate. This is the default at most banks and is what most couples choose. It is fast — the surviving owner can usually access the account when ready after providing a death certificate.
With tenants in common, each person's share of the account is considered part of their estate. If one person dies, their share goes to whoever they named in their will, or to their heirs under state law if there is no will. The other account holder keeps only their own share. This option is less common and is usually chosen by people who want to keep their finances separate even in a joint account, or by business partners who want their share to go to their business or their family.
Some states have a third option called joint tenants by the entirety, available only to married couples. It offers additional creditor protection — a creditor of only one spouse cannot touch the account. Ask the bank whether this is available in your state.
What happens during the account setup process
The process usually takes 15 to 30 minutes if you are both present in person. The bank employee will verify both IDs, collect your Social Security numbers and addresses, and ask you to choose the account type (checking, savings, or both) and the survivorship option. You will both sign signature cards or sign electronically on a tablet. The bank will run a background check through ChexSystems, a banking history database, to look for past fraud or unpaid overdrafts.
Once both of you have verified your identity, the account is active when ready. You can deposit money and begin using it the same day. However, the physical debit card usually arrives by mail within one to three business days. Until it arrives, you can use the account through online banking, mobile app, or by visiting a branch to withdraw cash.
If you are opening the account online, the process is similar but happens on your computer or phone. One person opens the account and provides their information. The second person then receives an email or text asking them to verify their identity, usually through a video call with the bank or by uploading a photo of their ID. Once both people are verified, the account is active.
Monthly statements and how the account appears on your credit
The bank will send one monthly statement to the address on file, not separate statements to each account holder. Both of you can view the account online or through the mobile app using your own login credentials. Most banks let you set up separate usernames and passwords for each account holder, so you each have your own access without sharing a password.
A joint bank account does not directly affect your credit score. Banks do not report checking or savings accounts to the credit bureaus. However, if the account goes overdrawn and the overdraft is not paid, the bank may report it to ChexSystems, which can make it harder to open accounts at other banks in the future.
If one account holder has a debt in collections, the creditor may be able to freeze the entire account to collect what is owed, even if the other person contributed all the money. This is called a setoff. Some states limit setoffs on joint accounts, but not all. If you are concerned about this, ask the bank about your state's rules before opening the account.
Adding or removing an account holder later
You can add a second person to an existing account at most banks, though the process varies. Usually, the new person needs to visit a branch with a photo ID and Social Security number, and at least one existing account holder needs to be present or give written consent. Some banks allow you to add someone online if you are already a customer.
Removing an account holder is more complicated. Most banks require the person being removed to consent and sign a form. If the person being removed will not cooperate, the account may need to be closed entirely and reopened with only the remaining holder. This can take several days and may result in a new account number and debit card.
If you want to remove someone without their knowledge, you cannot do it unilaterally at most banks. Your options are to close the account and open a new one in your name alone, or to work with the bank's legal department if there are special circumstances like a court order.
Fees and minimum balances
Joint accounts are subject to the same fees and minimum balance requirements as individual accounts at the same bank. Some banks charge a monthly maintenance fee ($5 to $15 is common), while others waive the fee if you maintain a minimum balance or set up direct deposit. A few banks offer free checking with no minimums.
Overdraft fees explore to the account as a whole, not to individual account holders. If the account goes negative, both account holders are responsible for the fee, even if only one person made the withdrawal that caused the overdraft. Some banks allow you to link a savings account to cover overdrafts automatically, which can prevent the fee.
If one account holder repeatedly overdraws the account, the bank may close it. When a bank closes an account, it usually sends notice to the address on file, which means the other account holder may not see it if they do not check the mail or email regularly.
What to know about access and liability
Both account holders have complete access to all the money in the account. Neither person can restrict the other's withdrawals, and the bank will not stop a withdrawal just because one account holder objects. If you are concerned that the other person might withdraw money without your knowledge, a joint account is not the right choice — you would need separate accounts or a formal agreement outside the bank.
If one account holder dies, the surviving account holder can usually access the account when ready by providing a death certificate. The bank will remove the deceased person's name from the account. If the account is set up as tenants in common rather than joint tenants with rights of survivorship, the process is slower because the bank may need to wait for the estate to be settled.
Both account holders are equally liable for any overdrafts or fees. If the account goes negative and neither person pays it, the bank may send the debt to a collection agency. This can affect both people's ability to open bank accounts in the future, even if only one person caused the overdraft.
Frequently Asked Questions
Can I open a joint account with someone who does not have a Social Security number?
Most banks require a Social Security number or Individual Taxpayer Identification Number (ITIN) for both account holders. Some banks may accept a passport number or other government ID from a non-citizen, but this varies. Call the bank before you visit to confirm what documents they will accept.
What happens to a joint account if one person files for bankruptcy?
The account may be frozen while the bankruptcy is processed. The trustee may claim the account as part of the bankrupt person's assets, even if the other person contributed all the money. The non-bankrupt account holder can sometimes recover their share by proving they contributed the funds, but this requires documentation and legal action. Consult a bankruptcy attorney if this situation applies to you.
Can I have a joint account with someone who lives in a different state?
Yes. The account will be governed by the laws of the state where the bank is located, not where either account holder lives. If you are opening the account online, you can both be in different states. If the bank requires in-person verification, one or both of you may need to visit a branch or use video verification.
Do I need a joint account to share money with family members?
No. You can transfer money to someone else's individual account, set up automatic payments, or use a money transfer service. A joint account is useful only if both people need regular access to the same pool of money and want to avoid transfer fees.
What if I want to close the joint account?
Either account holder can usually close the account unilaterally by visiting a branch or calling the bank. The bank will ask what to do with the remaining balance — you can transfer it to another account or request a check. The other account holder will lose access to the account once it is closed. Some banks require both account holders to consent to closure, so check your bank's policy.