Monday, August 16, 2021

At Cornerstone Capital Financial Group, we take a holistic approach to developing, implementing and monitoring each individualized life plan. Together, we will create a complete picture of your current situation and your objectives, ambitions and goals, and then we will lay the cornerstones for your best life. In some client Financial Life Plans, we discus joint bank accounts.⁠
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A joint bank account, also known as a joint deposit account, offers the same features and benefits as a personal chequing or savings account held by one person.⁠
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A joint account allows two or more people to do the following from the same account:⁠
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* Make withdrawals.⁠
* Make deposits.⁠
* Make payments.⁠
* Conduct other transactions.⁠
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As a joint account holder, you share access to the account. You're also responsible for any transactions made by the other account holder. For example, if the account has overdraft protection, all account holders may be responsible for repaying debts.⁠
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Before you open a joint account, talk about it with the co-owner. Make sure you both agree on how you'll use the account.⁠
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Read the account agreement and speak with someone from your financial institution or a certified financial planner to be clear about:⁠
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* Its policies on joint accounts⁠
* How it manages joint accounts⁠
* What happens if one of the joint account holders dies. Find out if the survivor will be able to access the account's funds. In some provinces, it may not be possible for the survivor to access the account.⁠
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If you have questions or need clarity, we're in your corner.⁠
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www.cornerstonecfg.ca⁠
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Posted at 10:31 AM