Joint Deposit Accounts

Information about joint deposit accounts

A joint account is a bank account that two or more people share ownership of. Each of the account owners can manage the funds in the account or withdraw funds from it, regardless of who deposited the money into it.

 

Important things to know about joint accounts:

• As a joint account holder, you share equal access to the account. You also share responsibility for all transactions made through the account. In most cases (unless you state otherwise), the other account holder(s) are able to make transactions without your consent.

• All Bridgewater Bank joint accounts are set up with the right of survivorship. This means that if one of the account holders dies, the surviving account holder becomes the owner of the account with the right to deposit, withdraw and manage the funds in the account.

• In the event that an account holder wants to remove their name from the account, the account will be closed and reopened in the name(s) of the remaining account holder(s) with a new account number.

• You are responsible, both jointly and individually, for all transactions, obligations and service charges relating to the account. Bridgewater Bank can disclose your account information to any joint account holder.

 

Questions? Please contact us.
Learn more about joint accounts at seniors.gc.ca.