How joint accounts work

Discover all about this type of product, in which several account holders agree to and combine all their banking transactions in a single account

A checking account enables you to deposit money in the bank, which must then return these funds to you when you ask for them. You can use the account to deposit money and make payments: cash deposits, payments in general, order and receive bank transfers, pay bills by direct debit, withdraw cash, pay checks, etc.

By opening an account on a joint and several basis, the account holders agree that withdrawals from or charges to the account may be processed, irrespective of which account holder orders the relevant transaction. Any of the account holders may exercise their rights to close the account early, amend debit and credit orders change the address or exercise any other rights arising from the account.

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If you open a joint account, you will need the consent of all the account holders in order to exercise your rights to close the account early, amend debit/credit orders, change the address or exercise any of the other rights arising from the account.

Joint accounts: this is how they work

The most important feature of a joint account is that it is held by two or more people with full rights. This means that all account holders may have knowledge of any transactions made and will be able to deposit money in the account at will. However, they will need the consent of all the other account holders to perform transactions that decrease the account balance.
These types of account have nothing to do with others of a similar nature that allow joint ownership. Meanwhile, account holders with a joint and several arrangement will be able to withdraw the entire balance with a single signature. Meanwhile, account holders with a joint and several arrangement will be able to withdraw the entire balance with a single signature. There is also another option to link third parties to a checking account by issuing them with relevant authorization. This means that the account holder authorizes another person to use the account in the event the account holder is not able to manage it, for example if they become ill or die.
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Generally speaking, the procedure to open a joint account is the same as the procedure to open a personal account. All the account holders must be present in order to open this type of account and must have a valid identity document with them. The procedure can be performed in-branch or online, if this is easier.

BBVA is committed to using the latest technology, and employs it here to enable customers to open accounts online. You can open an account easily using your mobile device at bbva.es. You can then activate the account via a videoconference with an agent. It's that easy and straightforward.

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