To open a joint bank account, every co-owner completes one application together, shows a government-issued photo ID, provides a Social Security number or ITIN, chooses how the account will be owned, signs the signature card, and makes an opening deposit. You can do it at a branch or online, and it usually takes under an hour once your paperwork is in order. The ownership box you check on that application is the decision that matters most, because it controls what happens to the money if one of you dies, owes a debt, or wants out.
What Each Applicant Needs to Bring
Federal law requires the bank to verify the identity of every person on the account. Under Section 326 of the USA PATRIOT Act, banks run a Customer Identification Program that collects verified personal data before any account is opened.1Financial Crimes Enforcement Network. USA PATRIOT Act At a minimum, each applicant must provide a full legal name, date of birth, residential address, and an identification number.2Federal Deposit Insurance Corporation (FDIC). Customer Identification Program FFIEC BSA/AML Examination Manual
In practice, bring:
- An unexpired government-issued photo ID such as a driver’s license or passport.2Federal Deposit Insurance Corporation (FDIC). Customer Identification Program FFIEC BSA/AML Examination Manual
- Your Social Security number or Individual Taxpayer Identification Number, so the bank can report interest to the IRS. Skip it or give the wrong number and you risk backup withholding on interest income and possible penalties.3Internal Revenue Service. Topic No. 403, Interest Received
- Employment and contact details that match your ID.
Every applicant then signs a signature card. That card is the formal agreement binding all parties to the bank’s terms, authorizing future transactions, and confirming that each co-owner accepts responsibility for the account.
If One Applicant Is Not a U.S. Citizen
A non-citizen without a Social Security number can apply for an ITIN using IRS Form W-7, and many banks accept an ITIN in place of an SSN for account opening. Getting the ITIN requires a completed W-7, a federal tax return, and proof of identity and foreign status. A passport works as a standalone document; without one, you need at least two certified documents from the original issuing agency. Notarized copies don’t count.
Choose an Ownership Structure Before You Sign
Before you finalize the application, you’ll pick how the account is legally owned. This is a check-box on the account agreement, but the wrong choice can freeze the money or set off disputes between a surviving co-owner and the family of someone who has died.
Joint Tenancy With Right of Survivorship
This is the most common structure for couples and family members sharing an account. When one owner dies, the full balance passes automatically to the surviving owner without going through probate. The transfer happens by operation of law, so the surviving owner keeps access to the funds immediately.
Tenants in Common
Each person owns a specific percentage of the funds. When one owner dies, that owner’s share passes through their estate to their heirs, not to the co-owner. This fits business partners or unrelated people who want their portion of the account to go to their own families.
Convenience Accounts
A convenience account adds a second person who can deposit and withdraw on behalf of the primary owner, but with no ownership rights. When the primary owner dies, the balance belongs to the primary owner’s estate, not the convenience signer. It’s a common setup when an aging parent needs a trusted family member to handle day-to-day banking.
Applying in Person or Online
Both paths are valid at most banks. The right one depends on how straightforward your situation is.
In Person
Most banks want all co-owners to visit the branch together. A representative scans your completed forms and identification into the bank’s system. The advantage is that a banker can walk you through the ownership structure options in real time and make sure the right boxes are checked. If your circumstances are complicated at all, this is the safer route.
Online
Online portals let each applicant upload scanned copies of identification and sign the signature card electronically. Both applicants typically receive a secure link to provide their signatures. Once both are in, the application moves to the bank’s compliance team for review, and you’ll usually get an instant reference number to track its status. Faster, but with less hand-holding on the ownership decision.
Fund the Account and Activate the Cards
After the bank approves the application, the account needs an opening deposit to stay active. You can fund it by wire transfer from another bank, a check deposit, or cash at a teller window. Minimums typically range from $0 to $100 depending on the bank and account type, with many standard checking accounts asking for $25 or less.
Debit cards are mailed to each account holder separately. Activating them through the bank’s automated phone line or mobile app finishes the setup.
How FDIC Coverage Works on a Joint Account
A joint account gets a coverage advantage worth knowing about at opening. The FDIC insures each co-owner’s share up to $250,000 at the same bank, so a two-owner joint account is covered for up to $500,000.4FDIC. Are My Deposit Accounts Insured by the FDIC? The FDIC assumes each co-owner has an equal share unless the bank’s records clearly indicate otherwise.5FDIC. Joint Accounts
Coverage is per depositor, per bank, per ownership category.6FDIC. Understanding Deposit Insurance If you and your co-owner also hold individual accounts at the same bank, those have their own separate $250,000 coverage. The joint account doesn’t eat into it.
What to Know Before You Sign
Taxes on Interest and Withdrawals
The bank issues a 1099-INT each year for interest the account earns, tied to the Social Security number listed first. The IRS initially attributes all of that interest to the first-listed owner, so if you both share the income, that owner reports the full amount and allocates the other owner’s portion as a nominee distribution.
Adding someone to the account is not itself a gift tax event. The IRS treats a gift as happening later, when a co-owner who did not contribute money withdraws funds for their own benefit; the amount withdrawn without any obligation to repay is the gift from the contributing owner.7Internal Revenue Service. Instructions for Form 709 For 2026, the annual gift tax exclusion is $19,000 per recipient.8Internal Revenue Service. Whats New – Estate and Gift Tax Withdrawals below that don’t require a gift tax return. Above it, the non-contributing owner’s withdrawals in a single year go on Form 709, though no tax is actually owed until the contributor has exceeded the lifetime exemption.
Your Co-Owner’s Creditors Can Reach the Account
This is the part that surprises people. If your co-owner owes a debt, a creditor may be able to garnish the entire balance, not just your co-owner’s half. The law generally presumes both owners have equal rights to all the funds, so a creditor doesn’t have to sort out who actually deposited the money. In some states, creditors are limited to half the balance; in others, they can take everything. You may be able to recover funds by proving which deposits came from you, but that’s a court fight. The better move is to weigh this risk before opening a joint account with someone whose finances are shaky.
Overdrafts work similarly. When one co-owner writes a check against insufficient funds, the bank treats the overdraft as a loan to the account, and standard account agreements make every co-owner responsible for the full negative balance regardless of who caused it.
Either Owner Can Empty and Close the Account
In most cases, either person on a joint account can withdraw the full balance and close the account without the other’s consent.9Consumer Financial Protection Bureau. A Joint Checking Account Owner Took All the Money Out and Then Closed the Account Without My Agreement. Can They Do That? The bank isn’t required to notify the other owner or collect both signatures.
Removing a co-owner without closing the account is harder. Most banks and state laws require the consent of the person being removed.10Consumer Financial Protection Bureau. Can I Remove My Spouse From Our Joint Checking Account? Without it, the usual workaround is opening a new individual account, moving your funds, and then closing the joint account. Check your account agreement and your state’s rules, since policies vary.