A checking account refers to a bank account that allows you to deposit money for your everyday needs. It allows you to access money 24 hours a day. That means you can get money for emergencies such as sudden traveling, illness, food, and so on. That is contrary to the savings ones that only allow you to withdraw money a limited number of times in a month. You can open an account alone or jointly with someone else. I will discuss the banks that allow you to open a joint checking account online later.
A joint account can be for a couple who want to put money in one basket, a group of people, a family composed of a mother, father, and children, or other people to put money in one account to fund their transactions. Some checking accounts even allow people to earn interest on their funds if they maintain a particular balance.
Interestingly, you can open a joint account online, and that is why we want to check which banks allow online opening. Many financial companies usually allow you to walk to the bank in person and present all the necessary documents. Whichever way, you eventually get an account. However, opening an online account is more convenient than visiting a branch and lining up for the service. You end up waiting so much time that you could have used doing other economic activities.
What is a joint checking account?
First of all, what is a checking account? To expand on what I mentioned earlier, a checking account is a type of bank account that allows you to access money any time of the day. A joint checking account allows two or more people to open one account and keep money together. Once you open the account, no one can withdraw money without the consent of the other. In most cases, all the members have to be around when withdrawing money.
According to the terms and conditions plus the agreements, the remaining members assume full responsibility if one member dies when opening a joint account. That means they can withdraw funds without consulting anyone. Of course, you have to present the death certificate and any other necessary documents to assume full responsibility.
What are the requirements to open a joint checking account?
Since every member has equal responsibility for the account, everyone has to bring the necessary documentation required to open an account. They include the following.
- Social Security Numbers (SSN)
- Identification documents such as National IDs, passports, or driving licenses
- Email addresses
- Phone numbers, and
- Physical addresses of each member applicant
The importance of SSN is to help the government track every applicant’s earning to determine their social benefits. Every US citizen has that number as per the federal government requirements. By the way, you cannot get employment without the SSN number, among other services.
An identification document allows a bank to determine the individual’s real identity. That way, criminals cannot open bank accounts to fund their evil activities. It is possible to send money with a checking account number instantly to accounts within the same branch, and criminals can exchange money easily if not checked.
When terrorism became a big issue, the US government decided to tighten its belts as far as bank account opening requirements are concerned.
The phone numbers, email addresses, and physical addresses are for communication purposes since there must be a way a bank can reach account holders in times of need.
How to open a joint account online?
Once you have all the requirements, you can open the account of your choice. You can first research the available ones and then open your account. Once you get the correct account, you then proceed to the “Open an Account” or “Register,” whichever term they use. You then fill the application form and then upload the necessary documents.
You can get approved immediately, especially when you open a checking account with no ChexSystems. Some institutions can take several days to approve your application. For your information, some financial companies may require you to complete your online application at a branch, maybe to sign some documents or register your biometric information.
How does a joint checking account work?
Once you open one, you decide as members how you will contribute to the account deposit. You may agree to contribute specific percentages weekly, monthly, or after every two months, or use any other schedule that is applicable.
When withdrawing funds, both may need to be there. Also, all members can get debit cards each to access funds as per the agreements with the other member(s). Nowadays, you can get an online bank account with an instant debit card for online purchases as you wait for the plastic cards.
Interestingly, each member can receive a checkbook to write checks on behalf of the others. Therefore, there is no need to come together to make a transaction. After all, members can coordinate remotely due to the availability of communication channels.
How do you use a checking account?
A checking account, whether joint or not allows you to perform the following transaction activities.
i) Buy goods and services
A checking account allows you to buy goods and services at physical stores and even online. You can pay directly with your account or use a debit card. Some debit cards give you rewards when you go shopping using the card, allowing you to realize the value of your money.
ii) Send funds
You can easily move money to other accounts either within your bank or other banks. When transferring money to other banks or branches, you require the routing and account numbers of the receiving account. Transferring money within your branch requires the account number only.
iii) Withdraw money
You can withdraw money at a branch over the counter. You need to move as a team to authorize a transaction in most cases. When using a debit card, a member may withdraw money without the presence of others. It all depends on the terms of the bank. When you withdraw money from a checking account using a debit card, you may pay no transaction cost as long as you use ATMs belonging to the bank.
iv) Save money
If you open a checking account that allows you to save money, you can keep funds for future use. The ones that allow you to save money require you to maintain a particular balance or meet other requirements.
Which banks offer open joint checking account online?
Numerous banks allow you to open a joint checking account online. They include the following.
1) Ally Bank
Ally Bank allows you to open a joint checking account online with no monthly fees. Furthermore, it has no minimum deposit whatsoever. You also get free checks with unlimited refills and well-designed online and app tools. Interestingly, the account allows you to earn an APY of between 0.10% – 0.25%. You get 0.10% APY if your balance is below $15,000 and 0.25% APY if you surpass the threshold.
Unfortunately, Ally Bank has no physical branches, and thus you cannot deposit cash.
2) Capital One
Capital One joint checking allows you to earn an APY of 0.10%. The account has no fees, and you can deposit any amount of money you want. It is suitable for parents and teens, whereby each can get separate logins and debit cards to withdraw money. It has parental controls to help monitor your child’s spending.
3) Axos Bank
Axos Bank also allows you to open a joint checking account with no minimum balance requirements. Again, the account has no fees, and you can earn up to 1.25% APY on your balance. When you receive a monthly direct deposit of at least $1,000, you earn 0.4166% APY. You can combine the direct deposit qualification and 15 debit transactions and earn a total APY of 1.25%.
Unfortunately, the account does not allow Zelle transfers. Moreover, there are no physical branches and no free checks. Despite that, it is one of the free online checking accounts with no opening deposit.
4) Wells Fargo
Wells Fargo checking requires you to pay fees of between $10-$25/month if qualifications are not met. Also, the minimum deposit for the accounts is $25. The account earns no APY, unlike the other banks discussed above. The bank operates about 4,900 branches in 36 states. You can use Zelle on the account to transfer funds to others.
5) Presidential Bank
Another bank that allows you to open a joint checking account is the Presidential Bank. It requires you to make a minimum deposit of $100, and you can part with a $5 fee per month if the balance falls below the minimum requirement. The first order of checks is free. Unfortunately, you cannot use Zelle to make person-to-person payments.
Can you get a checking account in ChexSystems?
ChexSystems keeps the information about poor account users. These include people who close accounts with negative balances, those who write bouncing checks, and those who make fraudulent transactions. However, we still have banks that allow you to open a second chance checking with no opening deposit. Such accounts allow you to regain your lost glory.
Bottom line
A checking account allows you to keep funds for your day-to-day expenditures. A joint checking account allows two or more people to open a checking account. When opening a joint checking account, all the members must present the necessary documents as per the federal government requirements. Some banks give each member a debit card plus a checkbook. Some checking accounts allow you to earn APY if you meet specific requirements.
