JOINT ACCOUNT

An account owned jointly by two or more persons at a bank or brokerage house.

When two or more dealers agree to share liability (risk and reward) when distributing bonds. See also Dealer.

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A bank or brokerage account that two or more people own jointly. Some joint accounts are set up so that all owners of the account must sign checks and approve all withdrawals or brokerage transactions. In others, any one party can take these actions on his or her own. Joint accounts usually include rights of survivorship (upon the death of one party , the other gets complete ownership) or with tenants in common (the ownership of the deceased party's half goes to his estate, not the other party).