What you need to do to open a joint account
To open a joint bank account, you and the other account holder visit a bank or credit union together, bring identification and proof of address, and sign paperwork that names you both as owners. The bank runs a background check on both of you—usually through ChexSystems, which tracks banking history—and either approves or denies the account on the spot or within a few business days. You leave with a debit card, online access, and a routing number to receive deposits.
The process takes 15 to 30 minutes in person, or 20 to 45 minutes online if the bank offers remote account opening. Some banks let one person start the account and add the second person later; others require both to be present. The cost is zero at most banks and credit unions, though some charge a monthly maintenance fee ($5 to $15) that you can often waive by keeping a minimum balance or setting up direct deposit.
Key Takeaways
- Both account holders must provide a government ID, proof of address (utility bill or lease), and a Social Security number or tax ID.
- The bank checks both people's banking history through ChexSystems; a prior account closure for fraud or overdraft abuse can block approval.
- Joint account ownership means both people can withdraw all the money, and creditors can pursue the account if either person owes a debt.
- You can add or remove an account holder after opening, but both people must agree or the bank may require a court order.
- Monthly statements and transaction alerts go to both owners, so neither person can hide spending from the other.
Documents and information each person must bring
Bring a current government-issued photo ID—a driver's license, passport, or state ID card. The name on the ID must match the name you give the bank. Bring proof of your current address: a utility bill, lease, mortgage statement, or government mail dated within the last 60 days. A PO box does not count as a residential address.
You will also need your Social Security number (or Individual Taxpayer Identification Number if you do not have an SSN). The bank uses this to run the background check and to report interest earned on the account to the IRS. If either person has never had a bank account before, some banks ask for additional proof—a second form of ID, a recent pay stub, or a reference from an employer or landlord.
How the bank's background check works
The bank submits both Social Security numbers to ChexSystems, a private company that maintains a database of banking history. ChexSystems reports closed accounts, overdrafts, unpaid fees, and fraud flags. If either account holder has a serious mark—such as an account closed for fraud or repeated overdrafts within the last five years—the bank may deny the joint account or require a deposit to open it.
You have the right to see what ChexSystems has on file about you. If there is an error, you can dispute it directly with ChexSystems (visit chexsystems.com for instructions). Disputes usually resolve within 30 days. A denial from one bank does not mean all banks will deny you; some banks use ChexSystems more strictly than others, and some credit unions do not use it at all.
What happens to money and debt when both people own the account
In a joint account, both owners have equal legal claim to all the money. Either person can withdraw the full balance without permission from the other. This is true even if one person deposited all the money or earned it through work. If the account holds $5,000 and one owner withdraws $5,000, the other owner cannot reverse it or recover it through the bank.
Debt liability works the same way. If either account holder owes money to a creditor—a credit card company, a medical debt collector, or the IRS—that creditor can freeze or seize the joint account to satisfy the debt, even if the other owner did not incur it. The bank is required to honor a levy or garnishment order. This is one of the biggest risks of a joint account and is why some couples use separate accounts or a "pay-to-order" account instead.
Adding or removing an account holder after opening
To add someone to an existing account, visit the bank with both the current account holder and the new person. Bring the new person's ID and proof of address. The bank runs a background check on the new person and updates the account paperwork. This usually takes one business day to one week.
To remove someone, the situation depends on the bank's rules and whether the person being removed agrees. If both people agree, either can usually request the removal in person or by phone. If one person wants to remove the other without consent, the bank may require a court order or a power of attorney. Some banks close the account and open a new one in the remaining person's name instead. Call your bank to ask what proof they need before removing someone.
Online and mobile access for both owners
When you open a joint account, the bank issues each owner a debit card and online login credentials. Both people can see the full transaction history, current balance, and pending deposits or withdrawals. Alerts can be set so both owners receive notifications when the balance drops below a certain amount, when a large withdrawal occurs, or when a check clears.
One owner can change the password or contact information without the other's permission, which is a security risk if trust breaks down. If you are concerned about this, ask the bank whether it offers a "dual control" feature that requires both owners to approve certain changes. Not all banks offer this, but some do. You can also set up a separate email address for account alerts so both people receive copies of all activity.
Closing a joint account or converting it to a single account
To close a joint account, visit the bank with both owners or call and provide both Social Security numbers for verification. The bank transfers any remaining balance to a check or to another account you name. Closing takes one to five business days. If there is an outstanding balance (such as an overdraft or unpaid fee), the bank deducts it before releasing the funds.
To convert a joint account to a single account, the bank usually closes the joint account and opens a new one in one person's name. Both owners must agree, or the bank may require a court order. The new account gets a new routing number and account number, so you will need to update any automatic deposits or bill payments that use the old account.
Frequently Asked Questions
Can I open a joint account if one person has bad credit?
Credit score does not affect joint account approval. The bank checks banking history through ChexSystems, not credit bureaus. However, if the person with bad credit also has a history of overdrafts or closed accounts, that could block approval.
What if one owner dies?
The surviving owner retains access to the account and all the money in it. The account does not automatically go to the deceased person's estate. If the deceased person had debts, creditors may still try to seize the account, but the surviving owner can argue that the money was jointly owned and not part of the estate. Laws vary by state, so consult a lawyer if large sums are involved.
Can I have a joint account with someone I am not married to?
Yes. Joint accounts work the same way regardless of your relationship to the other person. You can open one with a family member, a business partner, a roommate, or a friend. The bank does not ask about your relationship.
What if we break up or divorce?
Either person can close the account or withdraw all the money at any time. If you are divorcing, a court can order the account frozen or split, but only if one person files a motion. Until then, both owners retain full access. If you are concerned about this, close the account and open separate ones as soon as the relationship ends.
Do both owners need to be present to open the account?
Most banks require both owners to be present in person or to verify their identity by phone or video. Some online banks let one person open the account and add the second person within a few days. Ask the bank about their specific policy before you visit.