Document background
The Joint Account Agreement is a fundamental banking document used when two or more individuals or entities wish to establish a shared banking relationship under New Zealand law. This agreement is essential for defining the parameters of joint account ownership, establishing operational procedures, and protecting both the account holders' and bank's interests. It becomes particularly relevant in situations involving family financial management, business partnerships, or shared financial responsibilities. The document addresses critical aspects such as signing authorities, liability allocation, succession planning, and dispute resolution, while ensuring compliance with New Zealand's banking regulations, the Privacy Act 2020, and Anti-Money Laundering legislation. It serves as the primary reference point for managing the ongoing relationship between the bank and joint account holders.
