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Personal current accounts (PCA) are common, in terms of modern life because It allows consumers to get payments in the form of wages and benefits.
It allows payments to be made to others through debit cards and planned methods.
It can be used to hold the balance.
It offers a line of credit through overdrafts.
Banking and non-banking sectors require the user to open a new bank account that records all the related transactions.
In the case of the joint, there can be two or more owners, and each owner has the full right to withdraw, manage, and deposit funds. Some banks label one of the holders as primary.
Once it is established, the owners can close the account entirely.
Hence, it is necessary to have complete trust in another person.
If one of the parties dies, the right of survivorship can be used by the others, who get an equal portion of the funds deposited.
If only two people are involved, the surviving person gets 100 per cent of the funds.
It has many benefits, as it unifies household finance, simplifies the payment of shared bills, and makes it easy to share funds.
Tenancy in common
There can be regulations where the account operates as per tenancy in common where if the owner passes away, part of the share is passed to their estate.
If the surviving member presents a copy of the decedent’s death certificate to their bank, the bank can re-establish the account in the survivor’s name.
The credit card for a joint account will have the card in the name of all the parties involved, but the account holder is the individual liable for all the debts and fees incurred on the credit or debit card.
If family members share the card, the cardholders will have their card where they share the credit limit, but the account holder signs the agreement with the credit provider to pay back the dues.
It exposes all the involved parties to the actions of one and complicates tax filing at the end of the financial year and divorce proceedings.
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