Signatures for Checking Accounts?

Question

I want to open up a savings account in my name along with a friend's name. I do not wish for him to know about this at this time, as it is to be used for emergencies, or in my absence. I want both our names to appear on the account with full privelges to the account as myself. Trust is not an issue here, just wondering about the likelyhood and how to go about this. In the case of something happening to me, he would automatically assume the account. We are both adults and so minor age issues do not apply here. Eventually I would like to give this account over to him, would like to keep this between myself until that time comes. Is this possible, and how do I go about this when I go to the bank? Thanks for your help here.

Answer 1

I do not believe this is possible without your friend knowing as you need to have a signature card on file for each person.

Answer 2

You can name anyone on the account, but they will not have access to the account until they put their signature on it. Open the account and include them by giving the bank the persons information (usually Name, Soc. Sec. number, birthdate, and possibly a driver's license number). Tell the bank that he will come in to provide his signature. Then when you are ready to let him know about it, tell him and he can go to the bank and submit his signature after proving that he is who he is. After that, he will have access to the account. I hope that you can trust him as you say, because if he finds out about the account before you want him to know about it, he could have his signature added without you knowing.

Answer 3

My understanding is that the bank will require signature, s/s and basic information. Besides if your friend does not know about the account how he./she will be able to use it in an emergency. Surprise is not a good thing when it comes to finance.

Answer 4

For this to be a checking account....your friend would have to be authorized to sign on the account. This would involve the bank having his signature on file.

You could ask your bank about setting up an account that if you were to die, he would be the beneficiary......but I think they would still need proof for their files that he is the person you say he is.

Your best bet....go to the bank and tell them what you want to do and ask their advise.

Answer 5

bad idea