All about joint accounts

Joint bank accounts are accounts shared by two or more account holders. All account holders are named on the account and have full control over the account and the funds in it. This includes the ability for joint account holders to receive payments and deposit checks in their own name.

Please note: all account holders will also have the ability to withdraw account funds and/or close the joint account at any time, and we only support accounts where all joint owners have equal access to the funds.

You may have up to four account holders on a Mercury Personal joint account at this time.

How do I open a joint account?

Follow the steps outlined here. You can also convert your existing individual account to a joint one by following the steps outlined here.

How does a joint account subscription work?

Each Mercury Personal subscription includes one individual and one joint account. When you invite someone to your joint account, they will become a co-owner of the joint account only. Should they also want another account, they can open one separately for the annual subscription fee of $240. More information on how Mercury Personal subscription works can be found here

Can I deposit a check in one of the joint account holder’s names?

Under the joint account, you can deposit checks in either joint account holders' names or all of the names present.

How does FDIC insurance work for joint accounts?

Mercury checking and savings deposits are FDIC-insured up to $5 million* through our partner bank and use of sweep networks. You can learn more about FDIC insurance here.

Since FDIC insurance is given to each account holder, a joint account with two joint account holders would be eligible for up to $5 million* in FDIC insurance, each (for a total of up to $10 million).

How much FDIC Insurance do I have if I have an individual and a joint account on Mercury?

FDIC Insurance applies to each account holder for each account ownership category. Therefore, as an individual and joint account holder, you would be eligible for up to $5 million* in FDIC insurance for your individual account and $5 million* in FDIC insurance for your joint account(s), for a total of up to $10 million for a single account owner.

How is my money FDIC insured?

Deposits at banks are eligible for $250K in FDIC insurance. To make your funds eligible for up to $5 million* in FDIC insurance per account type (joint and individual), your funds are automatically allocated across our partner banks' sweep networks. Learn more here.

Can I add a trust as a joint account holder?

No, we only allow individuals to be joint account holders.

Can I issue a check in my name?

You can only send a check with names of all joint account holders present on the check.

*Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partner, Choice Financial Group; Member FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. Learn more here.

 
 

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