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#619022 - 09/27/06 08:00 PM Internet Banking and Joint account
Tricia Offline
Gold Star
Joined: May 2004
Posts: 458
Smack dab in the middle of IL
We have just began offering internet banking and have an issue we are trying to determine how to resolve.

Should a husband and wife be able to use the same login and password to access their joint accounts via internet banking?

The problem for me is that our computer system generates 1 internet banking account number for each social security number. Therefore, if the husband's social security number is used for their "joint" internet banking account, then if he had an individual account just in his name, it could only be accessed through that one internet banking account that was 'set up' for the joint accounts. I personally feel that each accountholder should have their one individual internet banking account, but others here are arguing with me that if all their accounts are joint, then why do they need different internet banking accounts, login ID and password.

Can anyone out there shed some light on this debate? What do other banks do with "joint accountholders" and their internet banking access?
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#619023 - 09/27/06 08:37 PM Re: Internet Banking and Joint account
mck401 Offline
Diamond Poster
Joined: May 2006
Posts: 1,168
Texas
Each person on an account has their own userid and password. So if Owner 1 has an individual account and a joint account, both would show up under Owner 1 sign in. Owner 2 only has a joint account and therefore only the joint account would show up on their sign in. We also have separate sign ins for business (again by Tax ID #) some business owners don't like it but since the individual is not the 'owner' of the funds that's how we handle it.
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#619024 - 09/27/06 11:20 PM Re: Internet Banking and Joint account
Bacon Boy Offline
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Bacon Boy
Joined: Sep 2006
Posts: 13,244
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Our practice is to have each signer develop a unique login ID and password. This is especially beneficial if one chooses to open a sole account without the partner knowing about it. However, there really isn't anything that prohibits one signer from giving his/her logon information, that's their prerogative.
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#619025 - 10/11/06 04:29 PM Re: Internet Banking and Joint account
inbtfa Offline
New Poster
Joined: Jun 2006
Posts: 7
I have a question relating to this. How do we solve the problem for allowing transactions in joint accounts where signatures of both the account holders are required for operating the account in normal course.

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#619026 - 10/14/06 04:34 AM Re: Internet Banking and Joint account
RayLynch Offline
Platinum Poster
RayLynch
Joined: Oct 2003
Posts: 544
You should consider adopting a no dual signature policy. Most banks have such a policy to avoid liability from honoring orders without all required signatures (and be saddled with signature verification requirements).

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#619027 - 10/14/06 05:21 AM Re: Internet Banking and Joint account
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
I'm with RayL on this one. If you allow the customer to require multiple signatures, you need to be more restrictive because you increased your workload on that account, and your liability. The name of today's game is controlling and mitigating risk.
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