Who can do what - AIB joint current a/c?

J

joevpt

Guest
My wife and I have a joint current account on which either signature is adequate for any withdrawal. We have had an overdraft facility on the account for some time which has not been used for ages, but every year we continue to pay a facility fee on it. I decided recently to phone my branch to have the facility removed and was told by the contact centre I got through to (I didn't phone a contact centre !) that I had to present my self at the branch with ID to do that.

Off with me to the branch, and there I was told that we would both have to sign the form to remove the facility. So, having phoned and called in, I still have the facilty..

I would have expected that if either signature is good to do any financial transaction, then either signature would be good to cancel the facility. I cannot find a single term or condition which clarifies this for me.
 
I don't think you're going to find solace here.
What your document states and what the in-house bank policy is, is what goes.
This BTW is for the safety of both account holders and I am surprised to hear either can sign cheques, as opposed to both being necessary.

Happy to stand corrected on the above BTW.

ONQ.
 
You can decide on the instructions to the bank when you set up a joint account. Typically in a company it will be any two of a list of signatures, in a club it would be at least two etc etc for good governance. However, in a personal case, it is likely to have each named account holder have their own chequebook, and it is very common to allow either signature fill in a cheque. The alternative would be to have your partner sign cheques in advance so that you could write a cheque when you need to, which clearly isn't exactly secure.

I suppose, what's strange here is that while I can clean out the account, I can't stop the bank charge unless we both sign the form !
 
If you both signed the forms when applying for/agreeing to the overdraft it would make sense that you both sign the forms to cancel it.
 
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