Can I Open a Joint Account Without the Other Person Present?

Opening a joint bank account is possible even when one prospective account holder cannot be physically present. Modern financial institutions offer various alternatives to accommodate such situations. This article explores the general requirements for all joint account holders, methods for opening an account without physical presence, and the subsequent verification processes.

Information Required from All Joint Account Holders

Financial institutions require specific information and documentation from all joint account holders. This is a fundamental requirement rooted in Know Your Customer (KYC) regulations, which mandate banks to verify customer identity and prevent financial crimes. Each applicant must provide primary identification, such as a government-issued driver’s license, state identification card, or passport.

Secondary identification, like a recent utility bill or credit card statement, may be requested to confirm residency. A Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) is also required for tax reporting. Further personal details like date of birth, physical address, mailing address, and contact information are necessary for communication and record-keeping. Banks inquire about the source of funds to comply with anti-money laundering regulations.

Methods for Opening Without Physical Presence

Online Applications

Online applications allow individuals to complete the entire process digitally. This typically involves filling out forms online and securely uploading digital copies of required identification and address verification documents. Digital identity verification may include secure uploads of documents, linking external accounts for verification, or selfie-based facial verification where an image of the applicant’s face is compared with their photo ID. Electronic signatures are commonly used for agreements, streamlining the application process.

Mail-in Applications

Mail-in applications are available for those preferring a more traditional approach. This method usually necessitates printing out application forms, completing them, and mailing them back to the bank. A common requirement for the absent party is the notarization of their signature on specific documents and certified copies of their identification. Notarization verifies the authenticity of the signature and identity without the individual being physically present at the bank.

Power of Attorney (POA)

A Power of Attorney (POA) is another viable option. A POA is a legal document designating an agent to act on behalf of another individual, known as the principal. To open a bank account, a financial POA specifically granting banking authority is required. The POA document must be submitted to the bank for review and verification, along with the identification of the agent acting under the POA. The bank will verify the agent’s authority and ensure the document meets state legal requirements before proceeding with the account opening.

Understanding the Verification and Approval Process

After an application is submitted, the financial institution initiates a verification and approval process. This involves identity verification checks, where the bank cross-references provided information against various databases. Credit checks might be performed to confirm identity by matching personal details.

The review period for applications can vary, with processing times ranging from a few seconds for instant electronic checks to several business days or longer, depending on verification complexity or if manual review is needed. Delays can occur due to inadequate or incorrect documentation, blurry scans, or discrepancies in the information provided. If issues arise, the bank may request additional information or clearer documents. Once verification is complete and the account is approved, applicants are typically notified via email or postal mail.