How to Add a Joint Owner to a Bank Account

A joint bank account allows two or more individuals to share access and responsibility for the funds held within it. All owners can typically deposit, withdraw, and manage the account’s finances. It functions similarly to a standard individual account, with the main distinction being the shared control and liability among the co-owners.

Types of Joint Account Ownership

When adding a joint owner to a bank account, understanding the various ownership structures is important, as each carries distinct implications for control and asset distribution. The chosen structure dictates how funds are accessed and what happens to the account balance upon the death of an owner.

Joint Tenancy with Right of Survivorship (JTWROS)

One common type is Joint Tenancy with Right of Survivorship (JTWROS). In this arrangement, all account holders possess equal rights and access to the account’s assets. Upon the death of one owner, their share automatically passes to the surviving owner(s) without needing to go through probate, making it a frequent choice for couples and family members.

Tenancy in Common (TIC)

Another structure is Tenancy in Common (TIC), which allows for unequal ownership shares among the account holders. If one owner passes away, their portion of the account does not automatically transfer to the surviving joint owner(s). Instead, the deceased owner’s share becomes part of their estate and is distributed according to their will or applicable probate laws.

Tenancy by the Entirety (TBE)

A third type, Tenancy by the Entirety (TBE), is specifically available only to married couples in certain jurisdictions. This form of ownership treats both spouses as a single legal entity, offering protections against the individual creditors of one spouse. Like JTWROS, TBE includes survivorship rights, meaning the account automatically transfers to the surviving spouse upon the death of the other, bypassing probate. Specific requirements must be met, often including simultaneous acquisition of interest while married.

Information and Documents Needed

Preparing the necessary information and documents is a preliminary step before initiating the process of adding a joint owner to a bank account. Both the existing account holder and the individual being added will need to provide specific personal and identification details.

Personal Information

For both parties, full legal names, dates of birth, Social Security Numbers (SSNs) or Taxpayer Identification Numbers (TINs), current residential addresses, phone numbers, and email addresses are typically required. This comprehensive personal data is fundamental for identity verification and regulatory compliance.

Identification Documents

Acceptable forms of government-issued photo identification are essential for both individuals. Common examples include a valid driver’s license, state identification card, or passport. If the process is conducted in person at a branch, both individuals will generally need to be physically present with their identification for verification by a bank representative.

Account Details and Consent

Details of the existing account, such as the account number and routing number, are also necessary to link the new joint owner to the correct financial product. Additionally, both parties will need to provide their consent and signatures on bank-specific forms. These forms formalize the agreement to establish joint ownership and outline the terms and conditions governing the shared account.

Steps to Add a Joint Owner

Once all necessary information and documents have been gathered, the process of adding a joint owner to a bank account can begin. This typically involves direct interaction with the financial institution to formalize the change in account ownership. The method for initiating this process can vary depending on the bank’s available services.

Initiating the Process

Individuals can often contact their bank through various channels, including visiting a local branch, utilizing an online portal if available, mailing in required forms, or initiating the process via phone call. It is important to confirm the bank’s specific procedure, as some institutions may require an in-person visit for such changes.

In-Person and Remote Options

For an in-person process, both the existing account holder and the prospective joint owner will typically need to visit a branch together. During this visit, they will present their government-issued identification documents and the previously gathered personal information. Bank representatives will then provide the specific forms for adding a joint owner, which both parties must complete and sign. The bank will verify the information provided and process the request.

If the bank offers remote options, such as an online portal or mail-in forms, the steps involve navigating the digital interface or preparing documents for postal submission. This might include uploading scanned identification documents or using electronic signature platforms. After submission, the bank will undertake an internal verification process, which may take a few business days. Following successful verification, the bank will typically send a confirmation of the change, and updated account statements or new debit cards reflecting both names will be issued. The new joint owner will then have full access and control over the account as per the chosen ownership structure.