Joint Accounts FAQ

These are some of the popular questions we get regarding joint accounts.

Do all the Joint Account holders have to sign cheques?

The options for signing the cheques by the account holders can vary. It is upto you to decide how you want to operate your Joint Account. Anyone of the account holders can sign in or all the account holders signing for the purpose. The bank should be given instructions about how you want to operate the account.

How does the bank know who all should sign cheques?

The bank can be given instructions on how you wish to operate the bank account. The instructions can be given at the time when you open the Joint Account, while filling in the required questionnaire.

If my partner signs a cheque, will I be responsible for it?

If the cheques are signed according to the instructions given to the bank then of course you will be responsible for the cheques signed by your partner.

My partner and I have split up. Now what?

When the splitting up of the partners occurs, both the parties should go to the bank and arrangements should be made to close the Joint Account and new accounts should be opened in separate names. The bank should also be informed how you wish to handle the existing liabilities or standing orders.

My partner has left me and has stopped paying into the account. But he continues to write out cheques. Will I be responsible for these?

The bank is forced to pay your partner if the cheques are supported by a cheque guarantee card. If such a situation arises the bank should be informed immediately to make necessary arrangements for the account to be split. The bank will continue to maintain the Joint Account until it is informed to cancel the Joint Account and you will be liable for the cheques and overdrafts through these account.

While opening the Joint Account, I chose the option for “either to sign”. Now I want to change my mind. What can I do?

The instructions to the bank can be changed according to the account holder’s interest. Any one of the account holder can cancel the Joint Account instructions. The bank will need the signatures of all the account holders before any further transactions can be made through the account.

If I have overdrawn from my personal account, can the bank transfer money from our Joint Account to clear it?

As a general rule the bank will not satisfy this condition, but for further information you can check the terms and conditions of the bank.