Opening a bank account with someone else may seem like a practical and convenient decision, but it also brings some complexities that it is important to know beforehand. Many couples, family or even members choose to open a joint account to facilitate the management of common expenses, but it is essential to understand how these accounts work to avoid misunderstandings or even financial problems in the future.
According to Banco de Portugal, there are different types of collective accounts, each with specific rules regarding the movement of funds and the management of responsibilities. Knowing these differences can make all the difference when making an informed decision. In this article, we explain the main aspects to take into account before opening an account with someone else.
Types of Collective Accounts: Know what you are choosing
- Solidarity accounts – Any holder can move the account without requiring the authorization of the other holders. This means that one of the holders is enough to raise money, make transfers or perform other operations.
- Joint accounts – The movement of the account is only possible with the authorization of all holders. This option offers greater control, but may be less practice in urgent situations.
- Mixed accounts – The movement depends on a prior agreement between the holders and the bank, which allows some flexibility, but also imposes certain limitations as stipulated in the contract.
Bank minimum service accounts: advantages and limitations
If you want to open an account with reduced costs and essential services included, you can consider a Bank minimum service account. This modality offers access to basic services such as transfers, payments and debit cards, with very small commissions. Requirements to take into account:
- Holders may not have another account, except in specific cases, such as being over 65 or having a degree of disability of more than 60%.
- The account may be moved in a joint, joint or mixed manner, depending on the agreement established with the bank.
If this type of account adjusts to your needs, it can be an economic and functional solution to manage together expenses.
Changes in movement conditions: what should know
It is possible to change the movement conditions of a collective account after its opening, but this process requires the agreement of all holders and the banking institution itself.
For example, if initially the account has been opened as jointly and the holders decide to change to a joint regime, it will be necessary to formalize this change with the bank. In addition, these changes may involve additional costs, so it is essential to clarify all details with the bank before moving on with any modification.
We recommend:
Add or remove holders: it is not as simple as it looks
If, after opening the account, the need to add or remove a holder arises, it will be necessary to obtain the consent of all current holders.
- To Add a new holderall current holders must agree and the new holder will have to sign the necessary documents with the bank.
- To remove a holderthe holder himself who intends to leave the account must also give his consent in writing.
This process can imply costs and deadlines defined by the bank, so it is important to inform about the specific conditions before advancement.
Closing of the account: its rights and duties
Holders of a collective account have the right to terminate the account at any time, provided that all holders agree with that decision.
- The bank may require a preview of up to one month if this is stipulated in the contract.
- For consumers and microenterprises, the closing of the account is usually free of commissions.
- If one of the holders wants to keep the account active after the departure of others, the bank may require the opening of a new individual account on behalf of this holder.
As it says, it is essential to carefully read the contract and clarify all doubts with the banking institution to avoid unpleasant surprises in the closing phase of the account.
Conclusion: Choose with knowledge and security
Opening a bank account with someone else can greatly facilitate the management of expenses and responsibilities, but it also implies a dose of trust and commitment. The choice between a joint, joint or mixed account must be made based on the relationship of trust between the holders and the way they intend to manage the funds.
In addition, it is essential to know your rights and duties as a holder, both in relation to the movement of the account and in the possibility of making changes or ending the account in the future.
Informing yourself well before making a decision is the best way to ensure that the joint account will be a practical and safe solution for everyone involved.
Also read:
