Joint accounts

bonzai bob

Is it possible to have an account between 4 or more people? For instance, when you're renting a unit between 4 people and you have to pay the rent by standing order.

And if so, is there anyway to set this account up without everyone being in the same room at the same time? as in can they just fill in the forms and send them wherever they need to go?

Ancient1

I don't know about 4, but it's certainly possible for 2. It's a simple current account in two names. Either of the two people can authorize payments from that account.

Your bank should be able to give you more info on this.

RainyDay

I've never heard of an account that required 4 signatories for cheques - 2 or possibly 3 for business accounts, maybe - but not 4.

Do the 4 trust any 2 to be responsible for writing cheques?

a_ominous

It is possible to have more than 2 signatories on an account. Business accounts usually do, and can be set up to require 2 signatures for cheque to be valid.
also remember in the dark mists of time being treasurer of a college society which had multiple signatories.
These sorts of accounts might have different costs associated with them. And different set up mechanisms. Business account I have required letting the bank copy the company arts and memos of association. Just phone the bank and see what they can do.
Simplest thing might be for all to pay into landlord's account and let him follow up with a person who defaults. Can avoid potential conflicts with the sharers and puts it on a more formal business basis.

nlgbbbblth

bonzai bob wrote:

Is it possible to have an account between 4 or more people? For instance, when you're renting a unit between 4 people and you have to pay the rent by standing order.

And if so, is there anyway to set this account up without everyone being in the same room at the same time? as in can they just fill in the forms and send them wherever they need to go?

I have seen accounts in the name of six people

Usually it's any two or three to sign - anything more is logistically impossible

boa-constrictor

What your looking for is a Joint or Partnership account. It is possible to set it up without everyone being in the one room at the same time. Each person has to sign the forms and pass them on and supply the usual anti money laundering docs (id and proof of address).

nlgbbbblth

boa-constrictor wrote:

What your looking for is a Joint or Partnership account. It is possible to set it up without everyone being in the one room at the same time. Each person has to sign the forms and pass them on and supply the usual anti money laundering docs (id and proof of address).

if the account is for personal use then a joint account mandate is appropriate
business use - a partnership mandate
OR a club/society mandate if that is the nature of the account

in my experience requiring more than two signatures for cheques/withdrawal of funds is a major nuisance.