What both account holders must bring to the bank
To open a joint checking account, both people need to show up at the bank together or authorize one person to sign on their behalf. Each account holder must bring a government-issued photo ID — a driver's license, passport, or state ID card. The bank will verify both identities before the account exists.
You will also need a Social Security number or Individual Taxpayer Identification Number (ITIN) for each person on the account. The bank uses this to run a background check and report interest or fees to the IRS. If either person does not have a Social Security number, bring the ITIN documentation instead.
Some banks ask for proof of address — a utility bill, lease, or recent bank statement showing your name and current address. This is less common now, but call ahead to ask what your specific bank requires. If you are opening the account online, you may be able to upload photos of your documents instead of visiting in person.
Key Takeaways
- Both account holders must provide a government-issued photo ID and a Social Security number or ITIN before the account opens.
- You will need to decide upfront whether each person can withdraw and transfer money independently, or whether both signatures are required for certain transactions.
- The bank will report account activity to the credit bureaus and the IRS under both names, so late fees or overdrafts affect both people's records.
- Joint account holders are equally liable for overdrafts and fees, even if only one person caused them.
- You must agree on how to handle disputes about money — the bank will not mediate between account holders.
Decisions you must make before signing the paperwork
The bank will ask you to choose the type of ownership: joint tenants with rights of survivorship or tenants in common. With survivorship, if one account holder dies, the surviving person automatically owns the full account balance. With tenants in common, the deceased person's share goes to their estate or heirs, not to the surviving account holder. Most couples and family members choose survivorship; tenants in common is more common for business partners or roommates.
You also need to decide what each person can do without the other's permission. Most joint accounts let both people withdraw money, transfer funds, and make deposits independently. Some banks offer a restricted joint account where both signatures are required for withdrawals over a certain amount, or where one person can only deposit money. This option is less common and may cost more in monthly fees. Ask the bank what restrictions they offer before you open the account.
Decide together whether you want overdraft protection — a linked savings account or credit line that covers overdrafts automatically. If you decline overdraft protection and the account goes negative, both account holders are responsible for the overdraft fee, even if only one person made the withdrawal.
Information the bank will need about each account holder
The bank will ask for your employment status, annual income, and the source of deposits you plan to make. This is standard for all new accounts and helps the bank comply with federal money-laundering rules. You do not need to prove your income with tax returns or pay stubs unless the bank specifically asks.
If either account holder has had accounts closed for overdrafts or fraud in the past, the bank may see this in the ChexSystems report — a database that tracks banking history. A negative history does not automatically disqualify you, but some banks will deny the account or require a higher opening deposit. Ask the bank upfront whether they use ChexSystems and what their policy is for accounts with past issues.
The bank will also ask the purpose of the account — whether it is for household expenses, a business, or something else. This is routine and does not affect your ability to open the account.
Minimum deposit and ongoing fees
Most banks require an opening deposit to activate the account. This ranges from zero to several hundred dollars depending on the bank and the account type. Some banks waive the minimum if you set up direct deposit or keep a certain balance. Ask what the minimum is and whether it can be waived before you commit.
Monthly maintenance fees vary widely — some banks charge nothing, others charge $10 to $15 per month. Many banks waive the fee if you maintain a minimum balance (often $500 to $1,500), set up direct deposit, or use their debit card a certain number of times per month. Read the fee schedule carefully, because both account holders will be charged the same fee, and both are responsible for paying it.
Overdraft fees, returned-check fees, and wire transfer fees also apply to joint accounts. These fees are charged to the account itself, not to one person or the other, so both account holders share the cost.
What happens if the account holders disagree
The bank treats a joint account as belonging equally to both people. If one account holder wants to close the account or remove the other person, the bank will usually require both signatures. If you disagree about what to do with the money, the bank will not take sides — they will freeze the account or require both people to sign off on any withdrawal.
If one account holder dies, the surviving person can usually access the account immediately with a death certificate, assuming the account was set up with survivorship rights. If the account is set up as tenants in common, the bank may freeze the account until the estate is settled, which can take weeks or months.
If one account holder suspects fraud or theft by the other, the bank will investigate, but they will not remove the other person from the account without a court order. You would need to close the account and open a new one in your name alone, or pursue the matter through small claims court or civil litigation.
How the account affects credit reports and tax records
The bank reports the account to credit bureaus under both account holders' names. This means overdrafts, late fees, and account closures appear on both credit reports. If the account goes to collections, both people's credit scores can be damaged.
The IRS receives reports of interest earned on the account under both Social Security numbers. If the account earns interest, you will each receive a 1099-INT form at tax time. You will need to report this interest on your individual tax returns, even though you share the account.
If the account is used for business purposes, the bank may report large deposits to the IRS under both names. This is part of federal reporting rules for accounts that receive frequent large deposits.
Frequently Asked Questions
Can one person open a joint account without the other person present?
Some banks allow one person to open the account and add the other person later, but most require both people to sign the paperwork in person or to authorize the second person in writing. Call your bank to ask their specific policy. If one person cannot visit in person, ask whether they can sign documents remotely or by video call.
What if one account holder has bad credit or a banking history?
A joint account is not a credit product, so bad credit does not prevent you from opening one. However, if either person has been reported to ChexSystems for fraud or unpaid overdrafts, the bank may deny the account or require a higher opening deposit. Ask the bank whether they will still open the account and what conditions apply.
Do both people need to be present to close a joint account?
Most banks require both account holders to sign off on closing the account. If you cannot reach the other person or they refuse to close it, you may need a court order to remove them from the account. Contact the bank's customer service to ask what options are available in your situation.
Can I remove someone from a joint account without their permission?
No. The bank treats both people as equal owners, so removing one person usually requires both signatures or a court order. If you want to stop sharing the account, you can close it and open a new one in your name alone, but the other person will know the account is closed.
What happens to a joint account if one person files for bankruptcy?
The account may be frozen or included in the bankruptcy proceedings, depending on the bankruptcy court's decision. Contact a bankruptcy attorney before filing if you have a joint account, because the other account holder's money may be at risk.