I want to open an account/cheque that works like a joint account but when some one want to withdraw the money, he/she must have all the agreement/signatures of all of the rest of the other owners.

Which banks in USA provide us to open such joint account?

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    Many banks provide such accounts if you ask them to, with the account being titled in the names of "A.B. Cee and D.E. Eff" instead of "A.B. Cee or D.E. Eff" with the and indicating that both signatures are required in lieu of the standard or meaning that either person can sign checks. Be careful about inbound checks, though. Some banks will insist that only checks payable to both parties jointly can be accepted for deposit and not checks payable to one person. Jul 2 '13 at 0:40
  • @DilipSarwate Could you provide an example of such accounts, that specify or versus and, where that is actually binding and reflected in how the account is administered by the bank? I looked for that specifically, and had difficulty finding anything that stated such, even though it sounds logical. Jul 8 '13 at 8:26
  • @FeralOink The or is the default for joint accounts, especially those in the names of spouses, where either can sign checks and checks payable to either (or both) can be deposited into the account by either, that is, I can endorse and deposit (or even cash) a check payable to my wife. When I last opened a joint checking account with a nonspouse (in 1985 or so), we were asked whether we wanted to have checks that would need to be signed by both of us (that is, the and option) or would either signature be OK (the or option). Jul 8 '13 at 13:29
  • Continued .... For the and option, the pre-printed checks would have two signature lines and have the notation Both signatures required I assume there would have been a notation on the account that also said the same thing in case one of us showed up at the bank and requested a "counter check" for use right then and there. Jul 8 '13 at 13:32
  • @DilipSarwate I had a spouse too, now deceased. That was the basis for my comments. I respect you; you are a retired professor of electrical engineering and one of the most intelligent and capable people on all SE. Having said that, can you provide citation(s)? I read terms of service for 3 large money center banks in the U.S. which indicated that what you said was no longer accurate. I recollect that it was accurate, for my grandparents accounts, in the 1980's re and or or. I can find the documents again, but I think the burden is upon you to substantiate, not for me to prove wrong? Jul 8 '13 at 18:00

Savings accounts have lower fees. If you don't anticipate doing many transactions per month, e.g. three or fewer withdrawals, then I would suggest a savings account rather than a checking account.

A joint account that requires both account holder signatures to make withdrawals will probably require both account holders' signature endorsements, in order to make deposits. For example, if you are issued a tax refund by the U.S. Treasury, or any check that is payable to both parties, you will only be able to deposit that check in a joint account that has both persons as signatories. There can be complications due to multi-party account ownership if cashing versus depositing a joint check and account tax ID number. When you open the account, you will need to specify what your wishes are, regarding whether both parties or either party can make deposits and withdrawals. Also, at least one party will need to be present, with appropriate identification (probably tax ID or Social Security number), when opening the account.

If the account has three or more owners, you might be required to open a business or commercial account, rather than a consumer account. This would be due to the extra expense of administering an account with more than two signatories.

After the questioner specified interest North Carolina in the comments, I found that the North Carolina general banking statutes have specific rules for joint accounts:

Any two or more persons may establish a deposit account... The deposit account and any balance shall be as joint tenants... Unless the persons establishing the account have agreed with the bank that withdrawals require more than one signature, payment by the bank to, or on the order of (either person on) the account satisfys the bank's obligation

I looked for different banks in North Carolina. I found joint account terms similar to this in PDF file format, everywhere,

Joint Account: If an item is drawn so that it is unclear whether one payee’s endorsement or two is required, only one endorsement will be required and the Bank shall not be liable for any loss incurred by the maker as a result of there being only one endorsement.


Joint accounts are owned by you individually or jointly with others. All of the funds in a joint account may be used to repay the debts of any co-owner, whether they are owed individually, by a co-owner, jointly with other co-owners, or jointly with other persons or entities having no interest in your account.

You will need to tell the bank specifically what permissions you want for your joint account, as it is between you and your bank, in North Carolina.

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    Are you sure about the statement "if you are issued a tax refund by the U.S. Treasury, or any check that is payable to both parties, you will only be able to deposit that check in a joint account that has both persons as signatories."? It has been my experience (though not with tax refunds) that checks payable to two people (husband and wife, though) could be deposited into the individual account of either. With electronic deposit of tax refunds these days, does the IRS check the names on the account number entered on the tax form before EFTing the money? Jul 2 '13 at 12:08
  • @DilipSarwate Yes. I am 100% certain that the names of both parties must be on the account, if both names are on the check. Well, I should say that this was true as of the year 2000, in New York State and Florida. I do not know if banking laws have changed in the interim. Jul 8 '13 at 8:23
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    A saving account is fine for me. Would you suggest me some banks in North Carolina that have services for this type of joint account?
    – Nam G VU
    Jul 9 '13 at 22:01
  • @NamG.VU That is VERY helpful! I will return, and edit my answer with some suggestions now that you've provided two more data points. Jul 10 '13 at 4:20
  • @NamG.VU I forgot to message you that I updated my answer on 31 July. Aug 16 '13 at 20:00

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