Joint Account, Joint Account

Any individual who is a member of the joint account can withdraw as well as deposit cash to the account. Usually, joint accounts are shared between close relatives or business partners.

It is not possible that only one of the both parties gives instruction for payments of the joint account.Because (European) banks are not very interested in opening joint accounts, because they are normally used for one transaction only, there are specialised parties or companies, taking care of such accounts as trustees. A good example is "foundation Joint Account Shiptrade". This foundation is holding big deposits and payments for buyers and sellers of ships. (see www.jointaccount.nl) A joint account will normally be closed or ended after the forseen transaction has been closed and ended.Joint accounts are used in transactions were large sums of money are involved and a very usefull alternative for letters of credit or escrow accounts.

Source: Wikipedia > Joint Account