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What are some risks of a joint account?

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  • All money deposited to the account is joint property with the right of survivorship. If one of you dies, all money in your account automatically becomes the property of the other account holder regardless of your estate plan.
  • We act on the instructions of either account holder. Your joint account holder could withdraw money from the account without your permission, even if you made some or all of the deposits.
  • You and your joint account holder are responsible for unpaid amounts on the account. We can recover the full outstanding amount from either one of you. Or, if one of your dies, from that person's estate.
  • The other account holder's creditors can make claims to the money in the joint account, even if you made some or all of the deposits. 
  • For more information about joint accounts, including some of their risks, go to joint accounts.
† Simplii Financial personal banking services are provided by the direct banking division of CIBC. Banking services not available in Quebec.
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