What does Joint Account mean?
A joint account supposes that there are two or more individuals sharing the same banking account. All the responsibilities are being shared, and generally each of the co-owners has same right as regarding the operation of the respective bank account. Basically, each party has access to withdrawals, checks, or depositing money into the account, because each becomes authorized through the joint account to do so.
But when for example an unmarried couple shares a joint account, there is the possibility of certain restrictions, as when one will write a check he cannot do it without the consent (signature) of the other. These are not ‘imposed’ restrictions, but options which can be implemented. It takes very much responsible thinking when one is about to enter into a joint account solution, because as well as the capital is going to be shared, and both parties have access to it, the debts will be subtracted from that “common” capital as well.