What you need to do to open a joint account

Opening a joint account requires both account holders to visit the bank together or, at some banks, to complete the process online with both people present. You will need a government-issued ID for each person, a Social Security number or tax ID for each person, and proof of address (usually a recent utility bill or lease). The bank will run a background check on both account holders through ChexSystems or Early Warning Services, which look at your banking history — not your credit score. If either person has a history of fraud or unpaid overdrafts at other banks, the bank may deny the account.

The process itself takes 15 to 30 minutes in person or 10 to 20 minutes online, depending on the bank. You will choose the account type (checking, savings, or both), decide on initial deposit amount, and sign documents that spell out who can withdraw money, who receives statements, and what happens if one account holder dies or the account is closed. Some banks let you set withdrawal limits or require both signatures for large transactions; others give each person full access to the entire balance.

Key Takeaways

  • Both account holders must provide a government ID, Social Security number, and proof of address; the bank will check your banking history through ChexSystems or Early Warning Services.
  • You can open an account in person together or, at many banks, online with both people present at the same time.
  • Decide upfront whether each person has equal access to all funds or whether certain transactions require both signatures.
  • The account will be reported to credit bureaus under both names, so late fees or overdrafts will affect both people's banking records.

Documents each person must bring

Each account holder needs a current government-issued photo ID — a driver's license, passport, or state ID card. The bank will scan or photograph this ID and verify it matches the person in front of them. You will also need your Social Security number (or Individual Taxpayer Identification Number if you do not have a Social Security number) and proof of your current address. A utility bill, lease agreement, or recent bank statement dated within the last 60 days usually works; some banks accept a government-issued document like a voter registration card or property tax statement.

If either person has moved recently and does not have a utility bill in their name yet, a lease signed by both the landlord and tenant, a mortgage statement, or a cell phone bill can substitute. Call the bank before you go to confirm what they accept — requirements vary by institution and by state.

What happens during the background check

When you submit your information, the bank sends it to ChexSystems or Early Warning Services (or both), which maintain records of checking and savings account activity across thousands of banks. These services look for patterns like repeated overdrafts, fraud, or accounts closed due to unpaid balances. A background check typically takes one to three business days, though some banks complete it instantly while you wait.

If the check comes back clear, the account opens immediately or within one business day. If there is a problem — such as an unpaid overdraft from five years ago — the bank will contact you to discuss it. You may be asked to pay the old debt, provide an explanation, or meet other conditions before the account is approved. You have the right to request a copy of your ChexSystems or Early Warning report if you want to see what the bank saw.

How access and ownership work on a joint account

A joint account with right of survivorship means that if one account holder dies, the surviving account holder automatically owns the entire balance — it does not go through probate or the deceased person's estate. This is the most common structure for spouses and family members. A joint account without survivorship (sometimes called a "tenants in common" account) means that if one person dies, their share of the account goes to their estate and may be distributed according to their will, not automatically to the surviving account holder.

Most banks default to right of survivorship unless you specifically request otherwise. Ask the bank which structure they use before you sign. On access, most banks give each account holder full authority to withdraw all funds, make transfers, and close the account without the other person's permission. Some banks offer a "joint account with restrictions" where both signatures are required for withdrawals over a certain amount, or where one person is designated as the primary account holder and the other as secondary. If restrictions matter to you, ask whether the bank offers them and what they cost.

Fees and minimum balances

Joint accounts are subject to the same fees as individual accounts at the same bank: monthly maintenance fees (usually $0 to $15), overdraft fees (typically $25 to $35 per overdraft), and ATM fees if you use out-of-network machines. Some banks waive the monthly fee if you maintain a minimum balance (often $500 to $2,500) or set up direct deposit. A few banks charge extra for joint accounts, but most do not.

Overdraft fees apply to the account as a whole, not to individual account holders. If one person overdrafts the account, both people's banking records show the overdraft, and both may face consequences if the bank reports it to ChexSystems. Overdraft protection (a linked savings account or credit line that covers shortfalls) can be added to a joint account, but again, both account holders are responsible for repaying it.

What to know about statements and tax reporting

The bank will send statements to both account holders at the address each person provides, or to a single address if you both agree. Interest earned on a joint savings account is reported to the IRS on a 1099-INT form under the Social Security number of the person whose name appears first on the account. If the account earns more than $10 in interest, that person is responsible for reporting it on their tax return, even though both people own the account. You may want to discuss with a tax professional how to split the tax burden if both people contributed equally.

Deposits to a joint account are not taxable income to either person — the IRS does not treat a deposit as a gift unless one person is giving money to the other with no expectation of repayment. If one person deposits $50,000 and the other deposits $5,000, the IRS does not care; both own the full balance. However, if one person later withdraws more than they deposited, that may trigger a gift tax conversation depending on the amount and your relationship.

Closing a joint account or removing someone

Either account holder can close a joint account unilaterally at most banks — you do not need the other person's permission. The bank will freeze the account, issue a check for the balance to both account holders (or to one if you request it), and close it. This can create conflict if the other person does not know the account is being closed. Some banks will notify both account holders; others will not.

Removing one person from a joint account is more complicated. Most banks do not allow you to simply remove a co-owner; instead, you must close the account and open a new one in a single name. Some banks will transfer the balance to a new account for you, but you cannot keep the joint account open with one fewer person. If you want to separate finances, plan to close the joint account, divide the balance, and open individual accounts.

Frequently Asked Questions

Can I open a joint account online without going to the bank?

Many banks allow you to open a joint account online if both account holders are present at the same time and can verify their identity through the bank's app or website. Some banks use video verification where a representative watches both people show their IDs. However, a few banks still require at least one in-person visit. Check with your bank before you start the process.

What happens if one account holder has a bad ChexSystems record?

The bank may deny the account, require the person with the bad record to pay off old debts first, or open the account with restrictions. Some banks will open the account if only one person has a clean record and that person agrees to be liable for overdrafts. Call the bank and ask what their policy is before you apply.

Can I have a joint account with someone who is not my spouse?

Yes. You can open a joint account with a family member, business partner, roommate, or anyone else. The bank does not care about your relationship. Both people must provide ID and Social Security numbers, and both are equally responsible for any overdrafts or fees.

Does a joint account affect my credit score?

A joint account itself does not appear on your credit report because it is not a loan or credit product. However, if the account is overdrawn and the bank reports it to ChexSystems, it may affect your ability to open accounts at other banks. Overdrafts do not directly hurt your credit score the way a missed credit card payment does.

What if I want to add someone to an existing account?

Most banks do not allow you to add a co-owner to an account that already exists. You will need to close the account and open a new joint account with both people present. Some banks may transfer the balance to the new account for you, but the old account must be closed first.