Joint Account

Definition

• A bank account that is co-owned or held by two or more people who share equally in the rights and liabilities of the account.

Synonyms
chequing account, savings account

Acronyms
J/A

Related Terms and Acronyms

• Account Agreement — Definition,
  • An agreement that you sign and which lists your rights and responsibilities and the bank's rights and responsibilities for the bank account.
• Authorized User — Definition,
  • Any person to whom you give permission to use a credit card account.
• Balance (bal.) — Abbreviation,
  • The amount of money in your account.
• Chequing Account — Definition,
  • A bank account that allows quick access to the money in the account.
• Combination Account — Definition,
  • An account that is part savings and part chequing. You may write cheques and you will be paid interest if you have enough money in the account.
• Commingling — Definition,
  • Lumping together money from different sources so the sources cannot be distinguished.
• Debit — Definition,
  • Another name for withdrawal of funds from your account.
• Overdraft (DR) — Acronym,
  • The amount that a cheque exceeds the available balance in the payor's account; also insufficient funds.
  ➥ Bank account transaction code.
• Reconciliation — Definition,
  • Checking all bank account papers to make sure that the bank's records and your records agree.
• Savings Account — Definition,
  • A financial account that pays interest with low risk.