This is what you should take into account when opening a joint bank account, according to the Bank of Spain
The joint accounts They are increasingly popular in Spain. Especially among the self-employed or small businesses and some families who choose this model for savings or common expenses. However, opening a plural or multiple account account has its considerations. For example, this They do not mean that the money deposited belongs to everyone the holders alike.
In this context, the Bank of Spain has published an article with all the implications of opening this type of account and everything that must be taken into account to avoid problems with both financial entities and co-owners. The first thing is that the contract establishes how the money can be used (for example, who can withdraw and who can make transfers), but it does not determine who owns the balances.
The Bank of Spain clarifies that when opening the account, holders will have to choose the fund disposal regime to which they wish to join. There are two: the joint provision regime and the joint provision regime. Both modalities have specific characteristics convenient for the use that will be given to the account.
How do solidarity accounts work?
The accounts under this regime are designed to people who have a relationship of trust, as families or very close partners and are characterized by the following:
- Holders can access and dispose of funds freely without the authorization of the remaining owners.
- There is a contract with the financial institution that does not know what the owners have agreed to privately. For example, according to the Bank of Spain, if the financial institution is informed that one of the holders 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 disposition of funds without the authorization of the holders. Joint accounts are distinguished because:
- Any of the owners can deposit money into the account without having to ask permission from the other owners.
- However, pFor the withdrawal of funds or the execution of operations, such as a transfer that reduce the balance, the authorization of all is required, except in cases in which the consent of only one party has been agreed in the contract.
- The joint regime is applies by default to any joint account that does not specify anything about the conditions of sharing in the contract.
Is it possible to go from one regime to another?
A joint account can become joint account if all owners expressly authorize the change. But if one opposes the joint operation of the account or requests its blocking, the financial institution must refrain from carrying out unauthorized operations.
