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Joint Checking Acct and Authorized Signers

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Can a jointly owned checking account have an authorized signer(s)? An example being, an elderly lady in poor health has an individual account. She wants to add a daughter (who lives out of state) as a joint owner. She also wants to have a son and another daughter (both live closer) added as authorized signers. Is this allowed and does it matter we are in Missouri?

It will matter where you are. State law determines matters of ownership of property, including banking accounts. So, if your bank is in Missouri, determine what state law says about authorized (some states use the term "convenience" on personal accounts) signers on a joint account. In some states, a bank may be able to refuse to allow an authorized signer on a joint account unless all joint owners agree (unless the authorized signer is acting under a power of attorney from one of the owners).

If you need assistance finding applicable portions of the state laws or applicable regulations, check with the state bankers association or consult legal counsel.

First published on 10/03/2021

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