Implications of joint checking accounts.
There are no limits to who can open a joint checking account together. Whether it’s married couples, unmarried couples, parents of young adults, adult children of elderly parents, roommates, or business partners – it makes no difference. There are, however, implications of a joint checking account including:
Right of survivorship
If one of the account owners passes away, the surviving account owner retains access to the funds in the account without having to go through probate.
Additional deposit insurance
The FDIC insures $250,000 of deposits per depositor, per account category, per bank. Depending on the accounts held by the depositors, a joint checking account could be insured for up to $500,000. Visit fdic.gov for more information.
While only one owner may be responsible for an infraction, all account owners are liable. For example, overdraft fees are charged against the account equally, without considering who overdrew the account.