Joint Endorsement
Categories: Banking
Sharing is caring. We all know this. But when it comes to sharing a joint account with someone, there are rules that can be put in place to help make sure that the caring doesn’t get out of control.
A joint endorsement is one of those rules, and it essentially says that any checks written out of or deposited into a joint account need to be signed by both of the accountholders. In other words, a joint endorsement is required. Rules like these help make sure that both parties are privy to what goes on with their account.
Actual rules about joint endorsements vary from state to state, and sometimes even from bank to bank. If we’re looking into opening a joint account with someone, we should check out what the requirements are with our financial institution.
The term “joint endorsement” can apply to specific checks, too. If a check is made out to two people, like Laverne and Shirley, everyone’s favorite bottle-cappers, then both Laverne and Shirley have to sign it to deposit or cash it.