Undivided bank account
Verified 03 May 2022 - Directorate for Legal and Administrative Information (Prime Minister)
An undivided account (or undivided account) is a group bank account on which transactions must be approved by you and all other joint holders. Would you like to know more about the operation of the undivided bank account? We'll show you the rules you need to know to open, manage, and close this type of account.
An undivided account is a collective account that works with the agreement of all its co-owners.
In principle, any deposit or withdrawal must be made with the signature of all the co-holders of the account.
FYI
there are exceptions to this principle of unanimity. This is particularly the case when a precautionary act or an administrative act relating to the goods must be taken. This is also the case when the court ordered it.
You and your co-holders may also designate one of you representative the account for carrying out current banking operations (withdrawal and deposit in particular).
You are not jointly and severally liable for debts unless the account agreement contains a solidarity clause.
The single account is used, among other things, to settle routine proceedings for the division, before the division of a succession.
The current accounts or securities accounts may be opened in undivided form. However, you cannot open a savings book in undivided.
All future co-owners must be present. You sign a deposit account agreement. You must also choose a common address for receiving mail from the bank.
Please note
the bank may fix a maximum number of joint holders.
Verification of identity
To apply for an account, you must present official identification with a photograph:
- 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.
Proof of domicile
You must also prove your domicile by providing, for example, one of the following documents:
- Tax Notice
- Rent receipt
- Water or electricity bill
- Proof of address for service if you do not have a stable home
If you are hosted, the bank may also ask you to provide a proof of accommodation. A template is available:
Deposit of signature
You must deposit your signature which will be registered by the bank.
If you give a power of attorney on the account, the person concerned will have to deposit his signature.
Decision of the Bank
Account opening
If the bank agrees to open an account for you, it will inform you of the terms of use.
If it's of a current account, you then sign the bank account agreement. It 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 contact the Banque de France to exercise your right to account.
Account statements, letters and checkbooks shall bear the names of the joint holders bound together by a "and".
Example :
"M and Mrs.", "Mrs. and Mrs.", "X and Y and Z".
If you are married, you can choose to open the account to your surname or your common name (your wife's name, your husband's name, or a double name). The bank will verify that your username is on your ID.
FYI
if you are a single customer, the bank cannot impose the use of Miss.
In guardianship or guardianship, the mention under the guardianship (or guardianship) of, followed by the name of the guardian or curator, is added.
A bank may charge you a fee to manage your account. These are the account keeping costs.
Details of these charges must be included in the pricing information, made available to you.
The liability is different depending on the payment incident.
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General case
The law does not provide for solidarity between the joint holders of an undivided account.
However, the majority of banks provide for a solidarity clause between co-holders in the agreement opening the undivided account. The bank can then contact any of the joint holders (or their heirs) to regularize debts or payment incidents.
In the absence of a solidarity clause, the bank must contact all joint holders to regularize the account situation.
NSF Check
If an NSF check is rejected, the banking ban may be pronounced against each joint holder, on 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 ban.
In this case, the prohibition on issuing checks will apply only to the accounts of the designated person responsible.
To designate a single manager, you can use the following document template:
Designate a single manager in the case of NSF checks on a joint or undivided account
The undivided account can be the result of the transformation of a joint account.
The joint account can be converted to undivided account in 2 ways:
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By all co-owners
You must send the bank a signed decoupling letter from all.
An email template is available:
By a single co-holder
You must send a complaint letter, registered with acknowledgement of receipt, to the bank and to each of the joint holders.
You can use the following document templates to do this:
All management actions must then be performed with the signature of all co-owners.
The transfer orders or direct debit authorizations previous permanent jobs 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 closed at the initiative of the bank subject to 2 months' notice and without reason.
At your initiative
This situation occurs in particular when, in a succession, the division between heirs ends.
All co-owners must apply for closure.
The conditions for closing the joint account are the same as those for an individual account.
The account agreement indicates the closing conditions of the account at your request.
In practice, you send a request for cancelation by registered mail with notice of receipt.
A sample letter is available:
Remember to keep enough money in your account. This will enable the bank to settle transactions in progress (checks issued in particular) and thus avoid payment incidents.
You must return or destroy all means of payment made available to you.
The transfer or direct debit orders are canceled on the date of receipt of the termination letter.
The bank closes the account within a maximum of 30 days from your closing request and the return of the means of payment. In practice, this period is generally 10 days.
Please note
in case of a change of bank, you can ask to benefit from the free mobility assistance service.
Within 5 days of the request to close the account, the bank offers you a summary of the automatic transactions that have been made in the last 13 months. For direct debit payments, creditors have 10 days to take into account your new bank details.
Warning
the withdrawal of the deposited funds does not close the account. The account is closed but not closed, which may result in inactive account charges.
In case of death of a co-proprietor, the bank is blocking the account.
The consequences differ depending on whether there is money remaining in the account (positive balance) or the account is overdrawn (negative balance).
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Negative balance
If the account has an overdraft, i.e. a negative balance, the bank will send you a letter asking you to pay the amount due.
The bank must contact all joint holders to regularize the account situation. However, if there is a solidarity clause in the account agreement, the bank may then apply to any of the joint holders (or their heirs) to regularize debts or liabilities. payment incidents.
Positive balance
If there is money left in the account, the bank will refund the amount at the time of closing. The balance is divided between you and the other joint owners up to the shares of each. The bank sends you a document called balance of any account, specifying the amount that was transmitted to you at the time of closing the account.
Who can help me?
Find who can answer your questions in your region
- Monetary and Financial Code: Articles R312-1 to R312-4-4Account Entitlement
- Civil Code: Articles 1310 to 1319Solidarity between debtors
- General Tax Code: Articles 751 to 755Transfer duties on inheritance
- Monetary and Financial Code: Articles L131-69 to L131-87Payment incidents and penalties
- Civil Code: Articles 815 to 815-1Legal system of division
- Request bank account closure
Document template
FAQ
- Individual bank accountService-Public.fr
- Joint Bank AccountService-Public.fr
- Inheritance: division between heirsService-Public.fr
- Opening a bank accountSupervisory and Resolution Authority (ACPR)
- Differences between individual account, joint account and undivided accountMinistry of Economy
- Account closure and bank mobilitySupervisory and Resolution Authority (ACPR)