Also known as: joint accounts · joint bank account
Written by attorneys · grounded in primary & secondary sources — see below
A bank account established in the names of two or more persons with each authorized to deposit or withdraw funds. Ownership interests are determined by contributions or agreement among the parties, and upon the death of one holder the surviving parties take the decedent's beneficial share by right of survivorship.
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Jasmine and Jonathan lived together for three years and maintained a joint checking account into which both deposited paychecks. They used the account to pay household bills and listed each other as spouse on bank forms. When Jasmine later sought recognition of a common law marriage, the court treated the joint account as evidence that the couple held themselves out publicly as married.
Judy and Jillian, as joint principals, authorized an agent to manage investments held for their joint account. When Judy died, the agent's power to continue acting on the account terminated even though Jillian remained alive and competent.
A joint bank account is one recognized indication that a couple is holding itself out publicly as married. Courts consider the account together with other evidence such as use of a common last name and community reputation to determine whether the holding-out element is satisfied.
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The death of one joint principal terminates the agent's authority to act on the joint account to the same extent as the death of a single principal.
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