You will be required to set up a stronger password the next time you login to Internet Banking. If you’ve already done this, you won’t need to do it again. One Time Passwords will also be mandatory in order to continue to have full access to all Internet Banking features – please contact us to register your mobile if we don’t have yours yet.

Operating joint accounts

A joint account is an account held by two more persons. The important legal consequences of holding a joint account are:
  • the right of survivorship – when one joint holder dies, the surviving joint holders automatically take the deceased joint holder’s interest in the account (for business accounts different rules may apply)
  • joint and several liability – if the account is overdrawn, each joint holder is individually liable for the full amount owing.
You can operate a joint account on an ‘all to sign’ or ‘either/or to sign’ basis:

  • ‘all to sign’ means all joint holders must sign withdrawal forms, etc
  • ‘either/or to sign’ means any one joint holder can sign withdrawal slips, etc
All joint account holders must consent to the joint account being operated on an ‘either/or to sign’ basis. However, any one joint account holder can cancel this arrangement, making it ‘all to sign’.
Note: The right of survivorship does not automatically apply to joint business accounts, such as partnerships. A partner’s interest in a business joint account would normally pass to beneficiaries nominated in the partner’s will or next-of-kin if there is no will.
If you are operating a business partnership joint account, you should obtain your own legal advice to ensure your wishes are carried out.