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Nigerian Banker > Blog > My Bank & I > How to restrict Joint Bank accounts
My Bank & I

How to restrict Joint Bank accounts

bankernaija
bankernaija August 27, 2022
Updated 2022/08/27 at 9:39 AM
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Haven discussed the operation arrangements for joint bank accounts where we talked about the various types of joint bank accounts and how the parties involved can operate them. We will be looking at how to restrict joint bank accounts in this new article.

Human relationship is not static, it can go from being rossy today to being sour the next day, couples do divorce, brothers do betray one another, friend do quarrel, associations do brake up and lots more and there may be need to change the working arrangements already in place for a joint bank account. Also for reason of convince, it may no longer be convenient for a party in a joint bank account arrangement to be available for activities needing his attention on the account.

Suddenly, there may be a need to remove or restrict a signatory to a joint bank account to avoid discomfort on the other signatories. Hence there is the need to understand various ways to restrict one or more of the signatories.

By the nature of joint bank accounts any signatory, depending on the operational arrangements, should have access to the account including ability to withdrawal cash, make transfers and more on demand. So if you have doubt on jointly operating bank account with anyone either after the accounts has been opened or before it becomes operational, these are the ways to include restrictions on joint bank accounts

  1. Joint Signatory – Joint Signatory arrangement will prevent all parties from having independent access to fund in the account. This, unlike “either to sign” arrangement where any of the two parties involved can independently transact on the account, will ensure all the parties are involved in the transaction on the account. It should however be noted that once an account jointly operated by two or more individuals has decided to opt for alternative banking channels like the ATM, mobile banking and online banking and the parties have handed over the security PIN and password to an individual among them, then restriction have been bridged. As a form of restriction however, the parties may only able to set limits to amount of funds to be withdraw through these alternative banking channels.
  2. No Right for Survivorship – A Joint Bank Account in which the original account holder has introduced one or more people as signatories to his account as survivors may have the account restricted by setting limits to the amounts each of the survivors will have access to upon his demise. This will ensure that the survivors do not try to outwit or outsmart one another upon the demise of the original owner of the account.
  3. Account of convenience – A joint bank account in with the original account holder who has introduced two or more people as survivors and signatories to the account but restrict the account by ensuring the survivors does not have access to the account upon written instructions to the bank or upon the demise of the original account holder. This can happen when the original account holder has introduced survivors to the bank for his convenience while he is still alive only but have other plan for funds in the account on his demise.

Restriction on bank account may not be limited to the three ways stated above only. Modern technology has ensured restriction such as: Blocking of account on suspicion of unauthorized access, Removing online access with bank cards, Removing ATM access with bank cards, and many more.

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TAGGED: bank account, bank account fraud, joint bank account
bankernaija August 27, 2022
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