What banks ask for when you open a joint account

To open a joint bank account, you and the other account holder must each bring a government-issued photo ID, proof of your current address, and your Social Security number or tax ID. The bank will verify both identities and run a background check through ChexSystems or Early Warning Services—the systems banks use to check your history with other financial institutions. If either of you has unpaid overdrafts or fraud flags on record, the bank may deny the account.

Beyond identity documents, you will need to decide on the account structure before you sit down with the banker. The two most common structures are joint tenants with rights of survivorship (JTWROS), where the surviving account holder inherits the full balance if one dies, and tenants in common, where each person's share goes to their estate. Some banks also offer payable on death (POD) accounts, which function like individual accounts but name a beneficiary. The structure you choose affects what happens to the money if one of you dies, so discuss this with the other account holder before you arrive.

Key Takeaways

  • Both account holders must bring a government photo ID, proof of current address, and a Social Security number or tax ID to the bank.
  • The bank will check both names against ChexSystems or Early Warning Services to see if either of you has a history of overdrafts or fraud.
  • You must decide whether the account will be joint tenants with rights of survivorship (surviving owner inherits the full balance) or tenants in common (each owner's share goes to their estate).
  • Some banks require a minimum opening deposit, which ranges from zero to several hundred dollars depending on the institution and account type.

Documents you will bring to the bank

Bring originals, not copies. Banks will not accept photocopies of your ID or address proof. For photo ID, a driver's license, passport, or state ID card works. For address proof, bring a recent utility bill, lease, mortgage statement, or bank statement dated within the last 60 days—the exact window varies by bank, so call ahead if your documents are older.

If you do not have a Social Security number, bring your Individual Taxpayer Identification Number (ITIN) instead. If you are not a U.S. citizen, bring your passport and visa or green card. Some banks require additional documentation for non-citizens; call the branch before you go to confirm what they need.

The background check and ChexSystems

When you provide your Social Security number, the bank runs it through ChexSystems or Early Warning Services. These systems track overdrafts, bounced checks, fraud, and account closures at other banks. A single unpaid overdraft from five years ago will not automatically disqualify you, but multiple recent incidents or fraud flags will. The bank's underwriting team decides whether to approve based on what they find.

You have the right to see what ChexSystems has on file about you. If you want to check before you explore, you can request your report free once per year at chexsystems.com. If there is an error on your report, you can dispute it directly with ChexSystems, though this takes time. If you know you have a flag on your record, some banks that specialize in second-chance accounts will still open a joint account for you, though they may charge higher fees or require a larger deposit.

Minimum deposits and account fees

Most banks require a minimum opening deposit to set up the account. This ranges from zero dollars at some online banks to $100 or $500 at traditional branches. A few banks require $1,000 or more for joint accounts, particularly if you want to avoid monthly maintenance fees. Ask the bank what the minimum is for the specific account type you want before you open it.

Monthly maintenance fees also vary. Some banks charge $10 to $15 per month for a joint checking account unless you maintain a minimum balance or set up direct deposit. Others charge nothing. If you plan to keep a low balance, choose an account with no monthly fee or one that waives the fee if you receive direct deposit.

Deciding on account ownership structure

The ownership structure determines what happens to the money if one account holder dies. With joint tenants with rights of survivorship, the surviving owner automatically owns the entire balance—it does not go through probate and the other person's heirs have no claim to it. This is the most common structure for married couples and long-term partners.

With tenants in common, each person owns a specific percentage of the account (usually 50/50). If one person dies, their share goes to their estate and is distributed according to their will, not automatically to the surviving account holder. This structure is more common when unrelated people or adult siblings open an account together.

Some banks also offer payable on death (POD) accounts, which are technically individual accounts but name a beneficiary. The account holder retains full control during their lifetime, and the named beneficiary receives the balance only after death. This avoids probate like JTWROS does, but the surviving account holder has no automatic claim to the money—only the named beneficiary does.

What happens after you open the account

Once approved, the bank will issue debit cards and checks in both names. Both account holders can withdraw money, make deposits, and see the full balance. Most banks allow either person to close the account unilaterally, meaning one account holder can close it without the other's permission. If this concerns you, discuss it with the other account holder before you open the account, and ask the bank what their policy is.

The account will appear on both of your credit reports as an open account, though it does not directly affect your credit score. If one account holder overdrafts the account, both are responsible for the overdraft fee and the negative balance. If the account goes unpaid, both names can be reported to ChexSystems, which will affect both people's ability to open accounts at other banks in the future.

Joint accounts and tax reporting

A joint bank account itself does not trigger tax reporting unless it earns interest. If the account earns more than $10 in interest in a calendar year, the bank will send a 1099-INT form to both account holders. Each person reports their share of the interest on their individual tax return. The bank does not split the interest automatically—you and the other account holder decide how to divide it, or you each report the full amount if you agree to do so.

If one account holder deposits a large sum of money into the joint account, this is not a taxable gift unless the money came from outside the household. If you and your spouse combine your paychecks into a joint account, there is no gift tax. If you deposit $20,000 into a joint account with your adult child, that may be treated as a gift for gift tax purposes, though the annual exclusion is high enough that most people do not owe tax on it.

Frequently Asked Questions

Can I open a joint account if one of us has bad credit?

Banks do not check credit scores for deposit accounts, only for credit products like loans or credit cards. They check ChexSystems instead, which tracks overdrafts and fraud, not credit history. Bad credit will not stop you from opening a joint account, but unpaid overdrafts or fraud flags will.

What if one account holder wants to close the account?

Most banks allow either account holder to close the account without the other's permission. The bank will freeze the account and issue a check for the balance to both owners, or they may require both signatures to release the funds. Call your bank to ask their specific policy before you open the account.

Do both people need to be present to open the account?

Most banks require both account holders to be present in person and sign the paperwork together. Some online banks allow one person to open the account and add the other person later, but this is less common. Call the bank or check their website to see if they allow remote opening for joint accounts.

What if we are not married—do we need any legal paperwork?

No legal paperwork is required. The bank will open the account based on your IDs and Social Security numbers alone. You and the other account holder should discuss the ownership structure and what happens if one of you dies, but the bank does not require a contract or agreement between you.

Can I add someone to my existing individual account to make it joint?

Yes. Contact your bank and ask to add an authorized user or convert the account to joint ownership. The new account holder will need to provide their ID and Social Security number, and the bank will run a ChexSystems check on them. The process usually takes a few days to a week.