Joint accounts It is increasingly popular in Spain. Especially among self-employed or small businesses and some families who choose this model for savings or overhead expenses. However, opening a multiple or multiple accounts has its considerations. For example, this It does not mean that the deposited funds belong to everyone Owners of both.
In this context, the Central Bank of Spain published an article that includes all the implications of opening this type of account and everything that must be taken into consideration Avoid problems with both financial entities and co-owners. The first thing is that the contract specifies how the funds are used (for example, who can withdraw and who can make transfers), but it does not specify who owns the balances.
The Bank of Spain explains that when opening an account, holders will have to choose which money management system they wish to join. There are two types: Joint allocations system and joint allocations system. Both methods have specific characteristics suitable for the use to be given to the account.
How do solidarity accounts work?
Accounts under this system are designed to People who have a relationship of trust, As families or very close partners and are characterized by:
- Holders can access and Dispose of funds freely Without the permission of the remaining owners.
- There is a contract with the financial institution to which it is not known what the holders have agreed to in private. For example, according to the Bank of Spain, if a financial institution is informed that one owner owes money to another, said debt will not affect the ownership of the funds.
Joint accounts
These types of accounts are more common among small businesses. This is because the financial institution must – Avoid any disposal of funds without the permission of their owners. Joint accounts are characterized by the following reasons:
- Any of the owners can deposit money into the account without having to ask permission from the other owners.
- but, pTo withdraw funds or carry out operations, such as transfer Which reduces the balance, everyone’s permission is required, except in cases where the approval of only one party is agreed upon in the contract.
- The common system is Applies by default to any joint account Which does not specify anything about the terms of participation in the contract.
Is it possible to move from one system to another?
A joint account can become a joint account If all owners explicitly allow the change. But if anyone opposes the joint operation of the account or requests its blocking, the financial institution must refrain from carrying out unauthorized operations.