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Old 08-23-2017, 05:57 PM
 
137 posts, read 59,939 times
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Lets say someone has a joint checking or savings account.

Whats the difference between ------
-- Person 1 AND Person 2
-- Person 1 OR Person 2

Is there a difference? Or is it the same?
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Old 08-23-2017, 06:00 PM
 
17,605 posts, read 12,197,156 times
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That's a title issue. If it's joint with rights of survivorship or tenets in common is what matters
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Old 08-23-2017, 06:45 PM
 
Location: Florida
3,828 posts, read 3,132,132 times
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This might vary by state and bank.

In car titles the and means both people have to sign to sell the car.
If or either person can sell the car. Basically or means either party can do whatever is permitted as if they owned the account alone.

Not sure how this would work for a bank account. Seems like both would have to sign each check issued. Do not know for sure. The or would let either sign.
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Old 08-23-2017, 07:00 PM
 
Location: Canada
5,796 posts, read 2,151,295 times
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Quote:
Originally Posted by rjm1cc View Post
This might vary by state and bank.

In car titles the and means both people have to sign to sell the car.
If or either person can sell the car. Basically or means either party can do whatever is permitted as if they owned the account alone.

Not sure how this would work for a bank account. Seems like both would have to sign each check issued. Do not know for sure. The or would let either sign.
Sorry, but any joint account only requires one to sign a check or make payment. It does NOT require 2 signatures given 2017 day and age of online banking.. IF joint accounts are registered either party can pay bills or transfer funds.

One good point would be.. there will always be a paper trail.. as ALL transactions are retrievable!! I would NOT recommend ever combining all funds into a JOINT ACCOUNT EVER!! Just have an account joint that pays for specific things.. NOT paying for sundries etc etc etc!!

Problem that comes up IF one loses their job and deposits diminish.. and the poor alternate becomes responsible!! I learned that lesson some 40 years ago.. and closed it ASAP.. made arrangements to close Credit cards with whomever... Never (unless you are RICH beyond belief) allow yourself to be held accountable for a DEADBEAT!!

As for joint accounts you best be VERY VERY careful.. and just maybe insure it?? Many deadbeat types or the ones who have hidden baggage which could directly affect you etc etc!!

In most cases, there's usually a money person.. and when the $ person ( as I was.. figured it out PDQ.. Thus cancelled credit cards.. closed joint accounts etc....

OP's question comes down to a simple thing... Joint means either one is responsible.. It's not I'm responsible unless I sign off on thing!! I recommend.. NO JOINT ever unless insured!!
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Old 08-24-2017, 08:11 AM
 
3,750 posts, read 10,201,548 times
Reputation: 6560
Quote:
Originally Posted by Lyndarn View Post
Sorry, but any joint account only requires one to sign a check or make payment. It does NOT require 2 signatures given 2017 day and age of online banking.. IF joint accounts are registered either party can pay bills or transfer funds.

One good point would be.. there will always be a paper trail.. as ALL transactions are retrievable!! I would NOT recommend ever combining all funds into a JOINT ACCOUNT EVER!! Just have an account joint that pays for specific things.. NOT paying for sundries etc etc etc!!

Problem that comes up IF one loses their job and deposits diminish.. and the poor alternate becomes responsible!! I learned that lesson some 40 years ago.. and closed it ASAP.. made arrangements to close Credit cards with whomever... Never (unless you are RICH beyond belief) allow yourself to be held accountable for a DEADBEAT!!

As for joint accounts you best be VERY VERY careful.. and just maybe insure it?? Many deadbeat types or the ones who have hidden baggage which could directly affect you etc etc!!

In most cases, there's usually a money person.. and when the $ person ( as I was.. figured it out PDQ.. Thus cancelled credit cards.. closed joint accounts etc....

OP's question comes down to a simple thing... Joint means either one is responsible.. It's not I'm responsible unless I sign off on thing!! I recommend.. NO JOINT ever unless insured!!
I would say that in the *OLD* days; it would mean exactly what this poster is saying is no longer necessary/enforceable.

If it is Person 1 AND Person 2 -- both would have to sign.
If it is Person 1 OR Person 2 -- either could sign.

It may be true that with the advent of more computurized banking, that that is no longer true. However I do know that banks (at least my banks) still enforce the AND for checks that are made out that way. (i.e. my in laws send an anniversary gift made out to myself AND my husband; bank refuses to cash unless both of us sign the check)
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Old 08-25-2017, 02:27 PM
 
Location: Colorado
9,734 posts, read 6,265,376 times
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I don't know about joint accounts being and/or situations, but from having worked at a bank, and later a credit union, those little words mean a huge difference when a check is written to two recipients. If you write a check to Bob and Jane Smith, then both of them have to endorse the check, and may have to both be present with ID to cash it in some situations, or have to deposit it into a joint account. If you write a check to Bob or Jane Smith, then you are allowing for either of them to endorse it (not necessarily both) and either of them to deposit or cash it.

So, for the most part, to make a check easier to deal with if you're writing it to a couple, or multiple parties, I pretty much always use "or."

My role was never account setup, but more deposit and payment processing, so I have little expert input on setting up a joint account, but if there is a difference, it will be whether both parties have to sign off on certain transactions, or only one.
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Old 08-29-2017, 03:30 PM
 
Location: Myrtle Creek, Oregon
11,039 posts, read 11,450,778 times
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There is little reason to have a joint account. My wife and I have individual accounts, but for emergency purposes we have each provided signature cards for the other person's account. If I am incapacitated, my wife can access all my funds and vice versa.

"And" bank accounts are normally opened for business purposes, where the CFO will write and sign the check, which then goes to the CEO for the second signature, or for partnerships where both partners have to agree to business expenditures.
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Old 08-29-2017, 03:45 PM
 
64,529 posts, read 66,075,955 times
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is the other signature card a poa signature card ? i never heard of a non owner having a signature card . if it is a poa signature card poa is no longer in effect at death . if it is a tod account she legally can't access it now .
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Old 08-30-2017, 10:12 AM
 
Location: Myrtle Creek, Oregon
11,039 posts, read 11,450,778 times
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Quote:
Originally Posted by mathjak107 View Post
is the other signature card a poa signature card ? i never heard of a non owner having a signature card . if it is a poa signature card poa is no longer in effect at death . if it is a tod account she legally can't access it now .
No, it's just set up so we can each sign on the other's account. We don't even have our accounts at the same bank. I don't know what your acronyms mean, particularly tod, but we are each other's sole heirs in case of death, so nobody would make an issue of it.
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Old 08-30-2017, 10:17 AM
 
64,529 posts, read 66,075,955 times
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tod = transfer on death
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