How does it work and when is it convenient to open a joint bank account? Let’s go into the details and see what there is to know about it.
Starting from weekly shopping to different daily needs, there are so many times when we are forced to get our hands on the wallet to pay for the various products and services to our liking. A clear demonstration of how it works money it can’t guarantee happiness, but it helps solve a lot of problems. It is therefore not surprising that at a complicated historical time like the present, due to the crisis caused by the coronavirus, many are deciding to pay special attention to the world of savings.
So more and more money is stopping in current accounts, with the banks trying to cover, with the clear intention of encouraging its customers to invest. Speaking of checking accounts, the most common type is joint account. The latter, on the other hand, can be shared between spouses, but also parents and children or subjects not bound by any bond. An account with features that therefore do not go unnoticed, and many wonder how it works, who can apply for it and, above all, whether or not it turns out to be convenient. Let’s go into the details and see everything you need to know about it.
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Joint current account, how it works and when it is convenient: useful information
When a joint checking account is opened, the bank reports the name of each of the interested parties, as owners of the checking account. In this regard, we remind you that, based on the provisions ofart. 1854 of the Civil Code: “In the event that the account is in the name of more than one person, with the right to carry out transactions even separately, the nominees are considered creditors or debtors jointly and severally of the account balances“.
Going into the details, in addition, you need to know that there are two types of joint accounts, that is, the one that has joint signature o disjunt. In the first case, all transactions require the signature of both parties. In case of signature disjunton the other hand, transactions can also be made without the signature of the other account holder. Alternatively, it is possible to opt for a hybrid form, where the parties establish for which operations the joint signature should be requested and for which not.
Joint current account: why open one?
Also, according to the provisions of the Civil Code, it is good to know if the checking account is in the name of two people, both obviously have the same rights. This means that one of the two holders had to withdraw all the money from the account, here he should do it return half to the other. The latter turns out to be a very important element especially in case of termination of the relationship. Just think of a separation between spouses, with the money of both, even if only one of the two replenishes the account.
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Having seen the main features of the joint bank account, many wonder why one should open one. Well, the reasons can be basically two or one practical order and the other because you intend to give. In the first case, for example, it can be useful to share the account with another person, who can help us perform daily tasks, by accessing the account directly. At the same time, a joint account can be seen as a form of indirect donation, as half of the shares are given to the other account holder.