Definition
A joint account is a credit agreement or deposit account that may be accessed by multiple users which share responsibility for the account.
Analysis
Joint accounts may include checking accounts, savings accounts, mortgage loans and even credit cards. All applicants for an account have equal access to that account. Any liability owed is shared equally by joint account holders.
Joint account holders may also extend use of the account to an authorized user. However, this person only has access as long as it is granted by the primary account holders, and they are not liable for the use of the account to the extent that primary account holders are liable.
Joint account holders have equal account access and are equally liable for maintaining the account in good standing.
