joint-account

Vocabulary Word

Definition

'Joint-account' is a bank account that two or more people own. All owners can deposit money into the account, and have access to the money in it.

Examples in Different Contexts

In Banking Services, 'joint account' options are provided to customers who wish to have a shared banking account with one or more individuals. A bank manager might explain, 'Joint accounts are ideal for partners who want to manage their finances together, offering equal access to funds.'

Practice Scenarios

Business

Scenario:

Our company needs to streamline payments for operational expenses. Have we considered consolidating funds in a central location?

Response:

Agreed. Let's use a joint-account for operational costs to streamline our finances.

Legal

Scenario:

It's crucial to manage inheritance more effectively to avoid any future conflicts. Any suggestions?

Response:

Perhaps creating a joint-account could be a beneficial way to bypass probate and manage inheritance.