Have you ever found yourself in a situation where having someone else involved in your finances would be helpful? Perhaps you are in a jam and can’t get to the bank, but you must withdraw some cash. Maybe you and your partner would like to pay bills from a joint account. Whatever the reason, adding someone to your account could be useful in these situations.
Customers often wonder whether they should add someone else to a bank account. These decisions are not to be taken lightly. While the bank won't advise you on sharing your money or accounts, we can guide you through the implications of adding names to deposit accounts. These implications include the potential loss of control over the account, shared responsibility for any debts or overdrafts, and the impact on the account holder's credit score.
When considering adding someone to your personal accounts, asking yourself a series of questions is crucial. What rights do I want this person to have? Is there a chance I might need to remove this person from the account? Depending on your answers, there are several ways to add a person to your account.
Authorized Signer
The first method of adding someone to your account is as an authorized signer. This option is ideal when you want the person to have access to the funds, write checks, and have a debit card but not have the authority to close the account. If the primary account holder wishes to remove a signer, they can do so at any time.
Joint Owner
The second way to add someone to an account is as a joint account holder. A joint account holder has all the same rights and responsibilities as the primary account holder. With a joint account, neither owner can be removed. If the owners no longer want a joint account, the account would be closed, and new accounts would have to be opened.
How to Add Someone to Your Account
Adding another signer to your account is generally a simple procedure. In most cases, the account owner is responsible for initiating the request. The signer being added would provide their ID and personal information such as social security number, address, phone number, employment, etc. Both the owner and new signer will need to sign some paperwork, and that should conclude the process.
Have questions or need assistance?
If you have questions about this topic or need assistance with your banking needs, please speak to one of our knowledgeable staff at your local Bar Harbor Bank & Trust branch. We’re here to help you build a solid financial future.
