Joint members have access to their funds, but are not able to close the account.
Joint members can remove themselves from the account, but they must sign a “Remove Joint Owner” form in front of a notary. Then, the primary member will have to come in and update the account card.
A parent must be joint on an account with a minor. The parent may remove themselves from the account once the minor reaches 18 years of age.
If the primary member is deceased, and once the death certificate is received, the joint owner can close the account and open a new account. If a credit card exists for a joint member, they will have to reapply for a credit card and build it as an individual application. If the joint is deceased on the account, a copy of the death certificate is needed before the primary can remove them from the account. The account doesn’t need to be closed, but will go from a joint membership to a singular account. An updated account card will need to be signed.
Joint members can be listed as joint on a Safe Deposit box if they so desire.
If the members are joint on a loan, both member’s names have to be on the loan. The titling of the account and the loan does not need to match as long as both members are on the loan and membership.
Joint borrowers cannot be removed from a loan unless the borrower is deceased. When members get a divorce, the other borrower would have to qualify for the loan on their own (individual loan.)