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What does 1-1 after one's name mean ?

  • 26-08-2009 7:54pm
    #1
    Chevy RV
    Registered Users, Registered Users 2 Posts: 467 ✭✭


    Hello Everybody,


    I was just wondering if any of you could enlighten me what 1-1 means after the person's name on a bank account if there is only one person named as an account holder?

    Any thoughts please ?

    Regards,



    Chevy RV:confused:


Comments

  • #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    Is your account with BOI? If so that usually means that you have nominated someone who can sign on your account (ie some students set this up so their parents can check their balances and transfer funds for them if they are off travelling)


  • #3
    Chevy RV
    Registered Users, Registered Users 2 Posts: 467 ✭✭Chevy RV


    Thanks Toots,


    That sounds right to me but now for my next question - what signing and /or authority might that other person have or put another way what is the legal position of the 2nd person to any funds that may be in the account?

    Thanks,

    Chevy RV


  • #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    Basically you have authorised the bank to honour any cheques or debits on your account signed by that person. I'm not sure what 'legal right' they have to your money, I'd imagine none, but there's nothing to stop them going into a bank and cleaning out your account.


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