Adding Someone to Your Bank of America Account: A Definitive Guide

Adding someone to your Bank of America account can be a significant step, requiring careful consideration and a clear understanding of the implications. The process primarily involves visiting a Bank of America branch with the person you wish to add and completing the necessary paperwork, which will determine the type of access they have to your account. Let’s dive into the details.

How to Add Someone to Your Bank of America Account: A Step-by-Step Guide

Adding someone to your Bank of America account is a process that requires in-person interaction. Here’s the breakdown:

1. Determine the Type of Access: Before anything else, decide what kind of access you want to grant. The two most common options are:
   • Joint Account Holder: This gives the individual equal rights to the account. They can deposit, withdraw, transfer funds, and manage the account independently. Both parties are equally responsible for any overdrafts or fees.
   • Authorized Signer: An authorized signer can make transactions on the account, such as depositing and withdrawing funds. However, they typically don’t have ownership rights or responsibility for debt. They also may not have the power to close the account.
2. Gather Necessary Documentation: You and the person you’re adding will both need to provide certain documents. Typically, this includes:
   • Valid Government-Issued Photo ID: Driver’s license, passport, or state-issued ID are all acceptable.
   • Social Security Number (SSN) or Tax Identification Number (TIN): This is required for tax reporting purposes.
   • Proof of Address: Utility bill, lease agreement, or bank statement in your name.
3. Visit a Bank of America Branch: This step is crucial. You cannot add someone to your account online or over the phone. Both you and the person you’re adding must be present. Find the nearest Bank of America branch through the Bank of America website or mobile app.
4. Speak with a Bank Representative: Explain that you want to add someone to your account and specify whether you want them as a joint account holder or an authorized signer. The bank representative will guide you through the required forms.
5. Complete the Application/Signature Card: This form is the official document that adds the person to your account. It will require both your signatures and potentially ask for information such as the person’s address, date of birth, and contact information. Make sure to read all the fine print carefully, understanding the responsibilities and rights associated with each type of account access.
6. Review and Submit: Once you’ve completed the forms, carefully review all the information to ensure accuracy. Submit the forms to the bank representative.
7. Confirmation: The bank representative will process the request. The new account setup will be completed immediately or will require 24-48 hours, depending on the Bank of America protocols and complexity of the process. In the case of joint accounts, new cards might be ordered to be used by the other person added to the account.

Important Considerations

• Credit Implications: Adding someone as a joint account holder means their financial actions can directly impact your credit score. Negative actions, like overdrafts, will appear on both your credit reports.
• Financial History: Be aware of the financial history of the person you are adding, especially when making them a joint account holder. Any existing debts or financial issues they have could potentially affect the account.
• Relationship Dynamics: Consider the potential impact on your relationship. Combining finances, even partially, can create stress and disagreements. Open and honest communication is key.
• Legal Implications: Understand the legal implications of joint ownership. In the event of a dispute or legal action, a joint account can become subject to legal claims.

Frequently Asked Questions (FAQs)

Here are some commonly asked questions related to adding someone to your Bank of America account.

1. Can I add someone to my Bank of America account online?

No, you cannot add someone to your Bank of America account online. Bank of America requires both you and the person being added to visit a branch in person to complete the necessary paperwork and provide identification. This is a security measure to protect your account and ensure the identity of the person being added.

2. What is the difference between a joint account holder and an authorized signer?

A joint account holder has equal rights to the account, including the ability to deposit, withdraw, transfer funds, and manage the account independently. They are also jointly responsible for any overdrafts or fees. An authorized signer, on the other hand, can only make transactions on the account (like depositing and withdrawing) but doesn’t have ownership rights or responsibility for debts.

3. What documents does the person I am adding need to bring?

The person being added to the account will need to bring a valid government-issued photo ID (driver’s license, passport, state-issued ID), their Social Security Number (SSN) or Tax Identification Number (TIN), and potentially proof of address (utility bill, lease agreement, or bank statement). It’s always best to confirm the specific requirements with the bank beforehand.

4. What happens if the person I add overdrafts the account?

If you add someone as a joint account holder, both of you are equally responsible for any overdrafts. Bank of America can pursue either of you for the full amount owed. If they are only an authorized signer, you as the primary account holder are solely responsible.

5. Can an authorized signer close my account?

Typically, no. An authorized signer usually does not have the authority to close the account. This power usually rests solely with the primary account holder(s). However, specific account agreements may vary, so it’s crucial to clarify this point with the bank representative when adding the signer.

6. Can I remove someone from my Bank of America account?

Yes, you can remove someone from your Bank of America account. The process involves visiting a branch and completing the necessary paperwork to either remove a joint account holder or revoke the privileges of an authorized signer. All primary account holders will need to agree to the removal.

7. Does adding someone to my account affect my credit score?

Adding someone as an authorized signer typically does not affect your credit score. However, adding someone as a joint account holder can impact your credit, as their financial actions on the account will be reflected on your credit report.

8. What if the person I want to add lives in another state?

The process is the same, but it may require coordination. Both you and the person you’re adding will still need to visit a Bank of America branch in person. You might need to plan a trip together to a branch convenient for both of you.

9. Are there any fees associated with adding someone to my account?

Generally, Bank of America does not charge a fee to add someone to your account, whether as a joint account holder or an authorized signer. However, it’s always a good idea to confirm this with a bank representative to avoid any surprises.

10. What happens to the account if one of the joint account holders passes away?

In the event of the death of a joint account holder, the account typically passes directly to the surviving joint account holder(s). This is known as “right of survivorship.” Bank of America will require a copy of the death certificate to update the account records.

11. Can I limit the authorized signer’s access to the account?

While you can’t set specific spending limits for an authorized signer, you can monitor their transactions and revoke their access at any time if you’re not comfortable with their activity. It’s crucial to maintain open communication and regularly review account statements.

12. Is there a limit to how many people I can add to my Bank of America account?

Bank of America may have limits on the number of joint account holders or authorized signers you can add to an account. It’s best to inquire about specific limitations with a bank representative when adding the person to the account, as these limitations may vary based on account type or other factors.