What you should know about the FNB joint account

First National Bank (FNB) is one of the top big five banks in SA.

The group has been around for as long as South Africans can remember.

The FNB joint account initiative developed by the bank is meant to reduce the burden of making financial transactions for large groups and business branches that are far apart among many others.

The joint account offers equal right to all of its members and makes everyone in the group responsible for managing the account. The account allows not more than four persons to hold a single account, while the least number of persons who can operate one is two.

The goal of this account is to make saving flexible for business partners. Any of the members can save or withdraw money regardless of who made the deposit.

There are some things to be understood which applies to a FNB joint account. Firstly, its important to understand that every member of the group is legally liable and responsible for any debt occurrence in the account. Also, all members are responsible for charges and payments that may be incurred as a result of financial transactions in the account.

The FNB joint account has some beneficial features which seek to appeal to groups and make banking easier for them. Operating a joint account incurs a higher rate of interest than a single account; also, you can have your finances centralized and managed in a single avenue; you only get to pay charges for one account hence making the initiative cost effective; as a partner operating a joint account with others, you can have access to the auditing statement of the account at anytime.

You will find it online, and its free to download; members enjoy a collective tracking of the funds flow, and no one is left in the dark about transactions carried out on the account; and finally, every member can initiate a transaction without requiring the presence of the entire group.

Application for Opening a FNB account
According to the FNB “Terms and Conditions,” interested parties have to meet certain qualifications and be ready to provide the required documents before the application for a FNB joint account can be processed. The requirements include; the applicant must have a registered ID, so they must be at least 18 years old. And the applicant must have either two or more members within a maximum limit of four.
Joint account FNB required documents

The documents will enable the bank to ascertain if the applicant’s source of finances and wealth is legitimate. These include:
Source of wealth documents
The last payslip (original copy)
A letter from your employer indicating your yearly salary
Sold property
An authentic copy showing a sales contract
A signed copy with the buyers or advocates signature
You should also provide any required document for situations that include:
Finances/property earned through inheritance
Sold company
A divorce settlement
Savings
Finances earned through winning a bet/ lottery
Documents to prove your identity
Every client must provide documents that verify their identity. These documents include:
Passport photo
Records showing their real names
Birth certificates
Identity cards for the sake of the nationality or a travelling passport.
Documents that prove your residential address
You must provide a document confirming your current residence in the community. These include:
A residential bank statement
A utility bill
A telephone directory
Residential area documents ( P.O. BOX)

How to open a FNB account
After ensuring that you have all the necessary documents, you will have to fill the application form.
The forms address different account needs that include:
The creation of a new account
The addition of another member to an existing account
The removal of a member
Closure
Suspension
Joint account terms and conditions
FNB bank has a detailed 13-page list of rules that govern the relationship between you and the bank. Some of the important topics addressed include:
Definition of terms
Account opening
Transactions
Banking channels
Repayment
Deposits
Payments
Debit interest
Credit interest
Statements
Fees
Bank agreements
Internet banking
Service suite
Relationship manager
Termination
Once the criteria for owning a FNB account as being met, business groups can begin to enjoy ease in their financial transactions.

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