A joint account is the special bank account which is opened in the name of two or more persons. For drawing of the account of the amount, all the persons in whose name the account stand, should sign the cheque, however, if the parties like, by agreement they can allow any one of them to draw on the joint account without the consent or signature of the others. On the death of any member, the bank allows the survivor to draw any balance standing to the credit of the joint account. For opening a joint account, the following precautions should be taken by the bank.

• All the parties who wish to open the joint account must sign the application for the opening of a joint account.
• There should be clear instructions in writing to the banker for the operation of the joint account. The name of the persons who are to operate the joint account must be clearly mentioned.
• If any party of the joint account revokes the agreement, the bank has no option but to stop all operations of the joint account.

 It is when two separate people at or older than legal age (varies greatly from place to place) set up a banking account either checking or savings, and either one of the 'partners' can by use of their legal signature or by entering a code number withdraw/take money or put/deposit money into that account. The bank or financial service keeps the running totals. Both people are responsible for whatever transactions with that account.
Follow this illustrated example: I deposit/put money/funds into an account that is a joint account with my lovely wife. Lovely wife believes in the community well concept and many times withdrawals/takes monies out. I am almost certain and I am quite positive, wife fervently trusts in a automatic re-fill secret gnome continuously and generously putting endless supplies of money into our joint checking account!