Convert a Personal Account to a Joint Account
What is a joint account?
A joint account is owned by two account holders, and can be used by either one of them. Any OANDA personal account can be converted into a joint account once the individual account holder initiates and authorizes this process.
The OANDA login username, email address, and security question stay the same when an account is converted to a joint account.
The standard withdrawals policy still applies: funds will be returned to the same bank account where the funds originally came from. If both parties already share a joint bank account, this policy should not affect them.
Set up a joint account
- One account holder must already have an OANDA account.
- The second account holder must register for an OANDA account. Please register online by completing the Application Form.
- Fill out and scan a Joint Account Agreement (to be completed by both account holders). Be sure to PLACE BOTH OF YOUR INITIALS beside the Form of Ownership (see below for definitions).
- Email firstname.lastname@example.org requesting a joint account. Attach the completed joint account agreement, and include both account numbers in your correspondence.
Definitions: “Form of ownership” on the Joint Account Agreement form
In Section 6 of the Joint Account Agreement Form, be sure to PLACE BOTH OF YOUR INITIALS beside EITHER Joint Tenant or Tenants-in-common:
Joint tenants: in the event of the death of an account holder, the surviving account holder will own an undivided 100% interest in the account.
For example: Joe and Charlie open their account as joint tenants. If Charlie dies, Joe automatically owns 100% of the account.
Tenants-in-common: in the event of the death of an account holder, the surviving account holder receives a designated percentage, with the rest going to the deceased account holder’s estate. You must indicate the percentage interest of each account holder.
For example: Joe and Charlie open their account as tenants-in-common and specify a 30% interest for Joe and 70% for Charlie. If Charlie dies, 70% of the funds in the account go to his estate, and Joe retains a 30% interest in the account.
Please note: OANDA will only enforce percentage ownership in the event of the death of one of the account holders.