BANKING AFFAIRS

Detailed explanation-1: -Bank accounts held jointly between two parties may be titled with an “and” or an “or” between the account holders’ names. If the account is listed as an “and” account, then both/all parties must sign to access the funds. If it is an “or” account, only one party must sign.

Detailed explanation-2: -A mandate that requires “joint”, “both” or “all” (or in some cases “any two”) authorised signatories to sign or access the account together means one authorised signatory alone cannot use the account. Other authorised signatories must also authorise the transactions.

Detailed explanation-3: -Deposit accounts opened in joint names of two or more individuals will have a mandate for disposal of the balance in the account on the date of maturity and/or on the death of one or more joint depositors.

Detailed explanation-4: -Withdrawal. In ‘Either or Survivor’ and ‘Anyone or Survivor’ accounts, joint holders have access to funds without consent from others, regardless of who funds the account.