An account owned by two or more persons. Either party can conduct transactions separately or together as set forth in the deposit account contract. In addition, some states allow one owner of the account to use the share balance as collateral in case of default.
- Browse Related Terms: Automated Clearing House (ACH), Automated Teller Machine (ATM), Error Resolution, Frozen Account, Garnishment/Garnish, General account, Joint Account, Margin account, Minimum Amount to Open, Point of Sale (POS), Right of offset, statement
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