Can a Joint Bank Account Holder Withdraw All the Funds Without Consent of the Other Account Owner?

Full question:

Can a bank allow a withdrawal of over $100,000. on a joint account with out the consent of both signatories?

• Category: Banking laws
• Date: 04/07/2025
• State: Florida

Answer:

Joint ownership of a home or of a bank account generally means that each joint owner has an interest in the whole. A joint bank account is subject to the provisions of the contract between the bank and its depositors. A party to a joint bank account may typically withdraw and use all of the funds from that account, without the consent of the other account holder. You should be sure to read all account agreements with your bank so that you understand the terms under which withdrawals may be made and by whom. You should also have the utmost trust and confidence in any other joint owners before creating such an account.

Please see the following Florida statute:

655.78 Deposit accounts in two or more names.--

(1) Unless otherwise expressly provided in a contract, agreement, or signature card executed in connection with the opening or maintenance of an account, including a certificate of deposit, a deposit account in the names of two or more persons may be paid to, or on the order of, either or any of such persons or to, or on the order of, the guardian of the property of any such person who is incompetent, whether the other or others are competent. The check or other order for payment to any such person or guardian is a valid and sufficient release and discharge of the obligation of the institution for funds transferred thereby.

(2) In the case of a credit union, a member may designate any person or persons to hold deposits with the member in joint tenancy with the right of survivorship; but a joint tenant, unless he or she is a member in his or her own right, may not be permitted to vote, obtain a loan, or hold office or be required to pay an entrance or membership fee.