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Undivided bank account

Verified 21 July 2020 - Directorate for Legal and Administrative Information (Prime Minister)

An undivided account (or undivided account) is a collective bank account on which transactions must be approved by all co-holders. The opening and closing of the account must be signed by all co-holders. A joint account may be converted into an undivided account by one or all account holders. The bank may charge you a fee for keeping your account.

An undivided account (or undivided account) is a group account that works with the agreement of all its co-holders.

It can be a current account or title account.. The savings accounts and booklets cannot be undivided accounts.

In principle, all deposits and withdrawals must be made with the signature of all co-holders of the account. Co-holders may also appoint, from among them, an agent of the account to carry out routine banking operations (withdrawal and deposit in particular).

Account statements, letters and checks shall bear the names of the joint holders bound together by aand".

Example :

"M and Ms." and Mrs.", "X and Y and Z".

A married person can choose to open his account to his family name or his usual name (name of his wife, his husband or double-name). The bank verifies that the username is on the ID.

The bank cannot impose the use of

Miss

to a single client.

In guardianship or curatorship, the words "under tutorship (or curatorship) of", followed by the name of the tutor or curator, shall be added.

Principle

The law does not provide for solidarity between joint holders of an undivided account.

However, the majority of banks provide for a solidarity clause between joint holders in the agreement to open the undivided account. The bank can then go to any of the co-holders (or their heirs) to regularize debts or liabilities payment incidents..

Check without provision

If a bad check is rejected, banking prohibition may be pronounced against each co-holder in all their accounts (joint or individual).

However, it is possible to appoint, at the time of opening the account, a single person responsible for the banking prohibition.

In this case, the prohibition on issuing checks will apply only to the accounts of the designated person responsible.

Designate a single account holder in the event of a check without provision on a joint or undivided account

The same rules apply when opening an individual bank account.

All future co-owners must be present. They sign a deposit account agreement and must choose a common address for the receipt of bank correspondence.

Please note

the bank may fix a maximum number of joint holders.

Identity verification

To apply for an account, you must present an official identification document with a photograph. That is, one of the following:

  • National identity card
  • Passport
  • EU residence card
  • Other residence permit.

A driver's license may be accepted if the photo leaves no doubt about your identity.

Home Justification

You must also justify your home by, for example, providing one of the following:

If you are staying, the bank may also ask you to provide a certificate of accommodation:

Accommodation certificate

Signature Deposit

You must file your signature, which will be registered by the bank.

If power is given on the account, the agent must sign.

Bank decision

Opening Account

If the bank agrees to open an account, it will inform you of the terms of use.

If a current account, you then sign bank account agreement, which contains the rules for opening, operating and closing your account.

If it is another account (savings account, title account, etc.), you sign a specific contract.

Refusal to open

The bank may refuse to open the account, without having to justify its decision.

It must inform you of the possibility to approach the Banque de France in order to be able to exercise your account entitlement..

The undivided account can be the consequence of the transformation of a joint account..

The attached account can be converted into an undivided account in 2 ways:

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By all joint holders

You must send the bank a signed letter of separation.

Unlink an attached account

By single co-owner

You must send a notification letter to the bank with acknowledgement of receipt and to each co-holder.

Report an attached account to the bank

Reporting an attached account to a co-owner

All management documents must then be completed with the signature of all co-holders.

The transfer orders or direct debit authorizations previous standing are canceled.

Other means of payment must be returned to the bank.

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At the initiative of the bank

The account can be on the initiative of the bank with 2 months notice and without reason.

At your initiative

All joint holders must apply for closure.

The closing conditions for the attached account are the same as for an individual account.

The account agreement specifies the closing conditions on your request.

To enable the bank to settle open transactions (including checks issued) and thus avoid payment incidents, you must take the following precautions:

  • Adequate notice (30 maximum days)
  • Maintain sufficient provision

In practice, you send a request for termination by registered mail with notice of receipt.

Request a Bank Account Close

You must return or destroy all means of payment at your disposal.

The transfer or direct debit orders are canceled, on the date of receipt of the termination mail.

The bank closes the account within 10 days from your closing request and return of the means of payment.

Please note

in case of change of bank, you can ask to benefit free of charge from mobility aid service..

Within 5 days of the request to close the account, the bank will provide you with a summary of the automatic transactions that have been carried out during the last 13 months. For direct debit payments, creditors have 10 days to take into account your new bank details.

Warning  

the withdrawal of deposited funds does not close the account. The account is closed but not closed, which can result in inactive account charges.

In case of death of co-holder, the bank blocks the account.

A bank may charge a fee for account keeping.

The detail these rates must be included in the tariff information made available to customers.