Setting up joint authority.

If you’re sharing the responsibility for an account or loan with someone else, sometimes it can make sense to set up a joint authority for that account.

Joint authority ensures that no one person can use the account’s funds, or modify the account without all of the account holders signing off on it.

The effects of joint authority.

Once joint authority has been set up, it takes a written request signed by all account holders to do any of these things:

Withdraw funds from the account.
Modify any regular repayment arrangements.
Make payments into the account.
Make any changes to the account (such changing repayment frequencies or fixing the rate for a home loan).

Eligible accounts.

You can set up joint authority on any kind of ME account or loan except for credit cards.