Most Canadians do not understand what Servus credit union joint account is about.
If you are one of them, do not worry at all!
In this short article, we will tell you all about it.
We will begin by briefly defining what a joint account is
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What Is A Servus Joint Account
A joint account is basically an account with more than one owner.
Each person in the joint relationship has access to the bank.
All the account owners share the responsibility of maintaining the account, and transactions made by one owner don’t require another owner’s consent.
A joint account is the best way to deal with shared expenses.
To successfully open and maintain joint account transparency among the owners is essential.
Now that you understand what a joint account is, we will go ahead and show whom you can partner with to open a Servus joint account.
Who To Partner With To Open A Joint Account
Traditionally joint accounts were associated with only married couples.
That has changed with time, and currently, you can open a joint account with anyone.
Joint accounts can be shared by civil partners, unmarried couples living together, seniors and their caregivers, parents, and children, or roommates.
As you choose your partner, ensure that they are transparent and fully trust them.
Servus can help you get the most out of your joint finances where it’s with your business partner or spouse.
Servus Credit Union Joint Account
We will show you how Servus credit union joint works.
A joint account works the same way as a personal cheque or savings account.
The account allows you to make withdrawals, deposits, payments, and other transactions.
All the partners have access to the account and can make transactions on behalf of others.
In case of the death of one partner, the other partner inherits all the funds in the jointly owned account.
Now that you know how Servus credit union joint account works, We will now show you how to open a joint account in Canada.
How To Open Servus Credit Union Joint Account In Canada
To open a joint account, follow the following basic steps:
- First, visit the nearest Servus branch with your partner or partners to open a joint account.
- Provide both your government-issued photo identification
- Fill in the joint applicant information alongside your partner’s knowledge.
- Deposit some money to activate the account.
This is generally how to open a Servus credit union joint account.