How To Open a Joint Bank Account at Capital One
Written by
Elizabeth Constantineau, AI Editor
Edited by
Emily Gadd
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Whether you’re looking to manage shared expenses with a partner or simplify family finances, adding a joint account holder to your Capital One account can be done quickly.
See: 3 Things You Must Do When Your Savings Reach $50,000
Adding a Joint Account Holder Online
Follow these steps:
- Access your account: Begin by signing into your Capital One account.
- Select your account: Choose the specific account to which you want to add a joint holder.
- Account services and settings: Once you have selected the account, navigate to “Account services & settings.”
- Initiate the invitation: Look for the option “Add/view joint account holder” and click on it to start the process of inviting another person to join your account.
Becoming a Joint Holder by Accepting an Invitation
If you have been invited to become a joint account holder for a Capital One account, the process is just as straightforward.
- Receiving the invitation: If you are invited to become a joint account holder on a Capital One direct account, expect an email invitation within 24 hours.
- Accepting the invite: Upon receiving the email, open it and click on the “Accept your invitation” button. Follow the subsequent steps to complete the process of becoming a joint account holder.
Adding a Joint Account Holder In a Branch
When visiting your local Capital One branch, it’s important to bring along the person you want to add to your account. You should also bring some sort of ID so the bank can identify you.
The staff at the branch will assist you through each step, ensuring your Capital One joint account is set up accurately and efficiently.
FAQ
- Can I open a joint account with someone who is not my spouse?
- Yes.
- Are there any fees for joint accounts at Capital One?
- Some credit cards might charge an extra fee if multiple people are listed as authorized users on the account.
- What happens if one account holder wants to close the joint account?
- Both account holders will need to sign off on the closing of a joint account.
- Can I open a joint account online with Capital One?
- Yes. On the Capital One website under account services, you can send an invitation to the person you’d like to add to your account.
- What are the cons of opening a joint account?
- Opening a joint account can have several downsides. These include potential loss of financial independence, as both parties have equal access to the funds. There's also the risk of financial disagreements, and in the event of a relationship breakdown, separating finances can be complicated. Additionally, both account holders are equally responsible for any overdraft fees or charges incurred on the account.
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Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
