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What is the meaning of the word or when it appears on checking account?
It means it is a joint account and either party can sign a check. If the word "and" appears, the check requires the signatures of both parties.
If you have a joint checking acct and one person writes a bad check will they go after both?
It depends on the policies of the bank and the terms of the joint checking account. In some cases, both account holders may be held responsible for any overdraft or bounced check fees. It is important to communicate and resolve the issue with your bank as soon as possible to avoid any negative consequences.
Can joint checking accounts be emptied by either party?
No. The account can be emptied only in the presence of both the members.
A check is made payable to two people do both parties have to be on the checking account in which the check is deposited?
No
If your checking account is a joint account with your spouse and it has a negative balance and you file chapter seven what happens to your spouse?
She needs to get a checking account in her own name, which means that you both will need to put money into the joint account until it is at least a zero. If you stiff the bank, then it will not be possible for either of you to get a checking account anywhere until you pay the amount owed. As they say, "you don't want to go there."
What is a 'joint checking' account?
An account shared between 2 people, They both have the same amount of power over the account. ---BAD IDEA!
Do both parties have to sign checks drawn on a joint personal checking account?
Typically no. A regular joint checking account just allows two people to have access. Either person can write checks, use a debit card, withdraw money, etc.
Who is responsible for a NSF check written on a closed joint account?
Yes, both parties are responsible for any checks written on a joint account. When the checking account was opened, the paperwork signed by both signers basically stated that both people would maintain and be responsible for the account * It depends upon what the original signature card that was signed when the account was opened. Generally only the party who wrote the check is responsible for NSF unless it is a married couple who reside in a community property state. Be that as it may, both will likely be penalized in regards to fees and service charges.
Can you put your payroll check in your girlfriends bank account with your name on it?
Yes. The account is considered a joint account and both individuals can deposit as well as withdraw funds from the account. There is no restriction as to the individual or individuals with whom one can make a joint account.
What credit do both persons need for a joint checking account?
Most Financial institutions open checking accounts through a credit bureau call Chex Systems, if your are not in their files for anything negative you will most likely be able to open an account.
Can a collection agency put a levy on a joint checking account in Texas if the debt was your spouse's prior to your marriage?
In Texas, a collection agency can potentially levy a joint checking account, even if the debt was solely your spouse's prior to your marriage. Joint accounts are considered the assets of both account holders and are subject to collection efforts. It is advisable to consult with an attorney for specific legal advice regarding your situation.
How old does my son have to be before opening a checking account?
It depends on the bank. Some banks may give checking accounts to people as young as 16. However most have tighter restrictions. Generally, banks will not allow a person to open their own checking account until they are 18, but many banks allow you to open a joint account that you share with your child. You both have access to this account and checks to either of you can be deposited in it. If you do your banking online, most banks also make it easy for you to wach your child's spending on a joint account. The minimum age for joint accounts is usually 14 years.
