General Question

SergeantQueen's avatar

How can someone take all the money out of a joint account without permission of the other account holders?

Asked by SergeantQueen (12532points) 1 week ago

It’s a join account and one person takes it all out without anyone else’s consent? I just don’t understand

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34 Answers

Tropical_Willie's avatar

Yes sorry to say.

It is joint ! One person can zero the account.

canidmajor's avatar

If all parties’ signatures are not required, then any party on the account can withdraw from it.

Tropical_Willie's avatar

I worked with a guy 50 years ago, his wife “four walled” him emptied all the furniture out of apartment, zeroed the bank account and left him divorce papers, while he was at work.

filmfann's avatar

That’s the way the account is set up. Imagine the hassle of an account that required all named account holders to approve any withdrawal.

Inspired_2write's avatar

Account should had been set up that if either party on that account takes out more than a specified amount that the Bank has to talk to the other person ( Passord)for permission etc.

Tropical_Willie's avatar

@Inspired_2write That is not the way it works, Joint means either party can withdraw any and all monies.

KNOWITALL's avatar

Yes that’s how it works. My husband and I keep everything seperate and he has emptied the account by accident (not communicating.)

cookieman's avatar

@Tropical_Willie: Similar thing happened to a friend of mine. His wife ran off with a guy she met online. Left a note for my friend to remember to pick up the kids from the after school program.

She took everything and bailed on him and her kids.

JLeslie's avatar

Joint account gives both people the ability to withdraw all the money and even close the account. I’ve closed accounts without my husband present and his name was on the account. Not a small amount of money either. Thousands of dollars.

SnipSnip's avatar

In joint accounts, all joint owners own all of the money in the account. If you don’t like that, don’t have a joint account. Also, any one owner can walk in a bank and close the account and take a check for the balance.

JLeslie's avatar

Interestingly, in most states when a property is in the name of a married couple, both names, they both own it 100%, but neither person can sell it without the other person’s signature.

Bank accounts are completely different.

SergeantQueen's avatar

Fucking stupid.

Not my account.

advi's avatar

“To give you a background, when you open a joint account in a bank, a banker will require you to assign a signatory/ies on your joint account.

So since it is a joint account, you and your partner/s will decide as to your signatories, if it is:
a. You and your partner WILL BOTH SIGN on every bank transaction in your joint account or

b. ANY ONE of you will sign on every bank transaction in your joint account

So if your situation is like on letter B, then, the bank may approve the transaction without the permission of the other account holder since you only require your account to have ANY ONE of your signatures. ”

chefl's avatar

Is there no bank that treats all property (real estate, joint bank account) etc., the same (that is, both parties have to sign for any transaction)?

canidmajor's avatar

@chefl There are ways to set up accounts that require both (all) signatures for any withdrawals.

Forever_Free's avatar

Not knowing the specifics behind your case but in banking a joint account allows each individual the full rights of individual withdrawal.

chefl's avatar

I hope someone knows of a bank where that is not an option in their policy.

SergeantQueen's avatar


I guess it depends on wording
If the account says it’s owned by “Jane and John” then both have to sign.

But if it’s “Jane or John” then they don’t both have to sign

Tropical_Willie's avatar

No @SergeantQueen you need an account that is set-up for two signatures, my wife was an officer in a professional organization. They set up a checking account that required TWO signatures of the officers.

chefl's avatar

But it’s not a secret that couples breakup, and not at all amicably sometimes. So, I don’t know how it has existed to this day and age. (Edited)

cookieman's avatar

^^ Because the 50% of couples that stay together and trust each other don’t need the hassle of additional steps just to move their money around.

canidmajor's avatar

@chefl It’s not just about couples, many groups of people share accounts. Businesses might have situations where there are multiple account holders, sometimes housemates of long standing have a household account that can be accessed by all, there are a multiple set of circumstances where such a thing is a good idea. The practice is, in no way, obsolete.

chyna's avatar

I have a checking account with one of the doctors in my office for our office stuff. He has no idea how much is in it, or what I spend it on and doesn’t care. I do keep a record of all expenditures.

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Inspired_2write's avatar

Joint means two or more sharing an account.

However stipulations can be placed on agreement from all parties as to the amount of withdrawals allowed without both signatures etc

In another realtionship before we married but lived together,we set up a joint account for bills only ( to make sure that debt is paid in full every month) and had each our own account for spending etc

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chefl's avatar

But that doesn’t happen in real estate,why not the same thing in bank accounts too. Why does there need to be the kinds of stories in some posts above, (one party being left high and dry?)

chefl's avatar

“The “hassle” is nothing compared to “She took everything and bailed on him and her kids.” kind of easily preventable, nightmare incidents.

jca2's avatar

When you open the account (any bank account), the rep goes over with you the different options and what each means, and what the repercussions can be.

Tropical_Willie's avatar

No stipulation @Inspired_2write

_“Joint bank accounts work similarly to other bank accounts. Joint checking accounts work like checking accounts, letting you write checks and use a debit card. Joint savings accounts work like savings accounts, keeping your money safe and paying interest.”

“The primary difference is that both people who own the account have full control over it. Each account owner can get a debit card, write checks and make purchases. Both account holders can also add funds or withdraw them from the account.”

“The money in joint accounts belongs to both owners. Either person can withdraw or spend the money at will — even if they weren’t the one to deposit the funds. The bank makes no distinction between money deposited by one person or the other, making a joint account useful for handling shared expenses. But a joint bank account should only be opened with someone whom you trust, since that person has equal control over the account’s funds.”

Tropical_Willie's avatar


You can have a two signature checking account but it is not called “joint account.” See above.

Response moderated
RocketGuy's avatar

My buddy’s wife emptied their joint account one day, then disappeared. Lost thousands of $.

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