By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Nigerian BankerNigerian Banker
Notification Show More
Latest News
FirstBank’s sponsored Timeless Concert by Davido connects fans, promotes culture and boosts the music industry to greater heights
April 25, 2023
FirstBank announces a name change of its subsidiaries, reiterates its commitment to business in africa and the world.   
March 31, 2023
Access Bank acquires Atlas Mara Zambia
March 25, 2023
Stanbic IBTC appoints Ndidi Nwuneli as new Director
March 25, 2023
Bank Loans with collateral Vs without collateral. Know your options
March 24, 2023
Aa
  • Home
  • News
  • Banking Personality
  • Ethical Banking
  • My Bank & I
  • Research & Analysis
  • Opinion
  • My Bookmarks
  • Contact US
Reading: How to restrict Joint Bank accounts
Share
Aa
Nigerian BankerNigerian Banker
  • Banking Personality
  • Ethical Banking
  • My Bank & I
  • Opinion
  • Research & Analysis
Search
  • Home
  • News
  • Banking Personality
  • Ethical Banking
  • My Bank & I
  • Opinion
  • Research & Analysis
  • Contact
Have an existing account? Sign In
Follow US
© 2022 - Nigerian Banker. All Rights Reserved.
- Advertisement -
Ad image
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
Share
SHARE

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.

Related

- Advertisement -
TAGGED: bank account, bank account fraud, joint bank account
bankernaija August 27, 2022
Share this Article
Facebook TwitterEmail Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • FirstBank’s sponsored Timeless Concert by Davido connects fans, promotes culture and boosts the music industry to greater heights
  • FirstBank announces a name change of its subsidiaries, reiterates its commitment to business in africa and the world.   
  • Access Bank acquires Atlas Mara Zambia
  • Stanbic IBTC appoints Ndidi Nwuneli as new Director
  • Bank Loans with collateral Vs without collateral. Know your options

Recent Comments

  1. How Nigerians in Diaspora can obtain BVN and attach it to their Nigerian Bank Account with ease – Nigerian Banker on How BVN can be used to steal money from you Bank Account

You Might Also Like

My Bank & I

Bank Loans with collateral Vs without collateral. Know your options

March 24, 2023
My Bank & I

What does Overdraft means? Why and when will you need one?

March 10, 2023
News

Nigerians reacts to Flutterwave denial of lost of N2.9bn to hackers

March 6, 2023
My Bank & I

Five (5) Important reasons why you need to keep a Domiciliary Account

March 5, 2023

Categories

  • My Bank & I
  • Banking Personality
  • Ethical Banking
  • Research & Analysis
  • Opinion

About US

Nigerian Banker is focused on being the reference and source for all banking and related information in Nigeria
Quick Link
  • My Bookmark
  • Contact Us
  • News
  • My Bank & I
Top Categories
  • Banking Personality
  • Ethical Banking
  • My Bank & I
  • Opinion
  • Research & Analysis

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

© Nigerian Banker. 2022. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?