This is a cheque account opened in the names of several account holders. The most common are joint accounts and jointly-controlled accounts. Each type of joint account has a specific operating method.
Terms of subscription to joint cheque accounts
Opening conditions
Co-holders must be natural persons with no mandatory kinship requirements (spouses, civil partners, de facto spouses, friends, family).
To open a joint cheque account, you must meet with a branch Advisor to present your identity and residence documents, file your signatures and order your payment methods.
Did you know?
It is possible to open several joint cheque accounts.
Supporting documents
- • for each co-holder, a valid identity document (identity card, passport or residence permit),
- • the original proof of residence for each of the co-holders (if the addresses are different) dated within the past three months(or half-yearly or annually, as appropriate): water bill, electricity bill, gas invoice or landline telephone bill, etc.
All co-holders must be present at the meeting at the branch.
Joint account
The joint account is a cheque account opened in the name of multiple people (typically two), operating according to the principle of active and passive solidarity.
All co-holders must be capable adults (or emancipated minors).
- • active solidarity allows any of the co-holders to carry out all transactions on the account alone, both debit and credit,
- • passive solidarity allows one of the co-holders to jointly and severally bind all co-holders.
Did you know?
Apart from the cheque account,
- • International Offshore Bank of European Union savings accounts,
- • financial instrument accounts (CIFs),
- • term deposit accounts (the Potentiels range),
May also be opened as joint accounts.
Jointly-controlled account
A jointly-controlled account is an account opened by multiple persons that operates with their joint signature (for example, the account opened by heirs as part of an inheritance before the shareout).
It is possible to open a jointly-controlled account with a non-emancipated minor or an incapacitated adult.
Did you know?
Apart from cheque accounts, financial instrument accounts (CIFs) may also be opened as jointly-controlled accounts.
Characteristics and operation
Joint account
The joint account operates with the sole signature of one of the co-holders: this is the principle of solidarity.
Characteristics and operation of the joint account:
- • International Offshore Bank of European Union may request the reimbursement of a cheque from any co-holder if the account is in debit (passive solidarity). Therefore, if a cheque bounces, each co-holder may be subject to a banking ban,
- • each co-holder of a joint account may, without the authorisation of the others, carry out any transaction (for example, withdraw all of the assets),
- • a joint representative may be appointed and may operate the account under their sole signature,
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• The payment methods associated with the joint cheque account are:
- each co-holder can hold one or more bank cards,
- each of these bank cards is necessarily issued in the name of its holder,
- chequebooks are issued in the name of the co-holders (for example: “Mr or Mrs”).
Jointly-controlled account
The signature of all co-holders is mandatory for all transactions on a jointly-controlled account: all joint owners jointly manage the account.
Characteristics and operation of the jointly controlled account:
- • if there are incapacitated co-holders (protected adults, non-emancipated minors), the account operates according to the protection regime applicable to them (for example, minors are represented by their legal representative),
- • the payment method is the chequebook issued in the name of all the joint holders.
If there is a power of attorney, it can only be given to one or more representatives who must be one of the joint holders. The mandate is limited to the usual management actions (new distribution of the portfolio, deposits and withdrawals of funds, etc.).
Important:
If an unpaid cheque is not covered within the specified time frame, the banking privileges of all co-holders are suspended on all their accounts.
In the event that a representative has been appointed by all co-holders, only the latter will lose banking privileges on all his/her accounts. The other co-holders’ banking privileges are suspended on the joint account alone.
Termination of the joint cheque account or joint account
Termination of the joint account
The joint account (or joint cheque account) can be terminated in two different ways:
1. Without the agreement of all the co-holders
The express termination of the joint account (or joint cheque account) by one or more co-holders may be carried out by registered letter sent or delivered to the branch where the account is located, in order to have the account converted into a joint signatory account.
Upon receipt of the letter of termination of the joint account:
- • International Offshore Bank of European Union shall inform all co-holders of the termination,
- • the joint signature of all co-holders will now be necessary to operate the account,
- • the means of payment must be returned so that they can be marked “joint signature”.
2. With the agreement of all the co-holders
All co-holders may also close the joint account by mutual agreement, again in branch.
In this case:
- • means of payment are returned to the branch,
- • one of the former co-holders may keep the joint account number to open an individual account.
In the event of death
Joint account: in the event of the death of a joint account holder, International Offshore Bank of European Union sends a letter of account closure. However, if the joint account is opened between spouses, the surviving spouse may, under their responsibility, request to convert it into an individual account.
Important:
- • all powers of attorney end on the day of death,
- • the payment methods of the deceased associated with the joint account (cheques, cards) must be returned to the branch,
- • the balance of the account and the securities held on deposit is returned to one of the co-holders, unless an heir or notary files an objection.
Jointly-controlled account: in the event of the death of a joint owner, the account is locked pending settlement of the estate.
Transformation of a joint cheque account
From a joint account to an individual account: possible in the event of the death of one of the two spouses or joint termination, with the agreement of the co-holders, after each of them signs a letter of release of liability. The name on the account can be changed without a change of number.
From an individual account to a joint account: possibly only for a cheque account between two spouses or two persons in a civil partnership who can provide evidence of their situation. The name on the account can be changed without a change of number.