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

Charity

Scenario:

We need to increase the transparency of our donation process. What measures can we implement?

Response:

Creating a dedicated joint-account that donors can directly deposit into might be an effective approach.

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.