Do you already have a joint account with your wife or husband, and want to open another with a member of your family (child, father/mother, sister, etc.)? Is it possible, including in the same bank? We answer your question. But first, back to the principle and operation of the joint account, the formalities for opening one or closing it in the event of separation. Everything you need to know if you want to open several joint accounts without taking any risks (bank incident, banking ban, registration at the Banque de France, etc.).
What is a joint account: principle and operation
A joint account is a bank account operating in the name of several holders, with or without family ties. Generally, it is the couples (married, PACS or cohabiting) who decide to open a joint account. And this, in order to share income and current expenses more easily. But, it is quite possible to open a joint account with a family member.
Several types of bank accounts can be opened in an attached form:
- current account ;
- bank savings account;
- accounts titles ;
- term account.
On the other hand, regulated savings accounts such as the housing savings account, the housing savings plan, the livret A, etc. and equity savings plans can be individual accounts only.
On the other hand, the joint account may include the words “Sir/Madam or Sir/Madam” or “Sir/Madam and Sir/Madam”. In the first case, holders can operate their account under their sole signature. On the other hand, in the second case, each of the operations carried out requires the signature of the co-holders.
Finally, note that the joint account is generally opened in the name of two people. However, it is possible to open a joint account in the name of several people because there is no limit on the number. However, the bank may decide to set a ceiling.
How to open a joint account: approaches
The procedure for opening a joint account is the same as for an individual current account, except that all the co-holders must be present during the opening.
Each of the holders of the joint account must come to the meeting with the bank adviser with their identity document and proof of address. Holders will also have to sign a current account agreement. And they will also designate a common address to receive mail from the bank.
Finally, be aware that all banks may charge fees for maintaining a joint account. Find the details of the prices charged in the tariff information, made available on paper or in electronic version.
Joint account : the consequences in the event of a banking problem
Before opening a joint account, it is necessary to take into consideration what this implies as consequences in the event of a banking incident. Indeed, opening a joint account is not something to be taken lightly. We must assess the risks before deciding.
First, you should know that by opening a joint account, all holders have the right to use the means of payment attached to it. This therefore means that each of the holders of the joint account can spend the funds available on the account. Note, however, that each of the co-holders has their own bank card.
Then, each of the holders of the joint account is liable to the bank in case of debts. In other words, if the account has an overdraft, the bank can claim reimbursement from one or the other, or both, without distinction. The banking establishment will not seek to know who carried out the operation putting the account in debit.
In the event of a payment incident (bank ban following bad checks, for example), you will be filed with the Banque de France, in the same way as the other account holder. Your co-holder cannot be held responsible, unless you have designated a single person responsible for the banking prohibition, during the contract concluded with the bank.
Can we have several joint accounts?
It is possible to hold several individual bank accounts in one or more establishments. This makes it easier to manage your budget, especially if you want to dedicate one of the accounts to your professional activity (micro-entrepreneur, for example).
In the same way, you have every right to have several joint accounts in one or more establishments, and with different people. However, some banks refuse this practice. Check with your advisor first.
Thus, you can have a joint account with the person who shares your life (spouse, PACS, partner) and another with a member of your family (mother, sister, etc.) without this posing a problem.
How to dissociate yourself from a joint account: approaches
First, you should know that you have the option of closing a joint account whenever you want. This operation is called uncoupling. Generally, the co-holders close their joint account during a separation (divorce, break-up of Pacs or end of cohabitation).
To do this, you must contact your bank advisor. Two scenarios can then arise and they will determine the procedure to be followed:
- you and your co-holder agree to put an end to your joint account. This is the closing mutual agreement situation. The joint account will be closed as soon as all the operations in progress have been carried out;
- in the event of disagreement by your co-holder, you must send a registered letter with acknowledgment of receipt to your bank. The establishment will then act as an intermediary by delivering the letter to the co-holder to inform him of the procedure. Please note that this formality is a service billed by the establishment.
In either case, you must present the following documents: identity document, tax notice, invoice from the organizations to be notified, proof of address.
Then, as soon as the separation procedure is launched, know that you can withdraw the sums that belong to you from the joint account. However, you will need to leave enough money to pay all your debts.
And to reorganize your budget and the management of your accounts, your bank will require you to open an individual current account.