1°) A joint account is divided equally among its co-holders prior to calculation of the compensation accruing to each of them, unless otherwise specified in the agreement.
Each co-holder combines his/her share of the joint account with his/her other deposit accounts and is eligible for a compensation ceiling of €100,000, independently of the other co-holders.
Person A has an individual account with a balance of €6,000.
Person B has an individual account with a balance of €8,000.
Together they have a joint account with a balance of €3,000.
DISTINCTION BETWEEN A JOINT ACCOUNT AND A TENANTS-IN-COMMON ACCOUNT
3°) Note: a joint account is different from a tenants-in-common account.
A joint account can be used by either of the co-holders. Its name generally includes the words "Person A or Person B".
A tenants-in-common account can only be used with all the co-holders' signatures. Its name generally includes the words "Person A and Person B".
Both types of accounts can be opened for more than two people.