Is the term "joint signer" the same as "joint owner" as far as a checking account is concerned?
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These two phrases are often thought to mean the same thing. However, "signer" and "owner" have very different meanings when used by a banker.
Whether an individual is an owner of an account can only be determined from the contract (signature card or other form of contract) between the individual and the depository institution. An owner is a person who contracts with the bank to open and maintain the account. The owner may an individual, or there may be multiple owners of an account. Multiple owners are usually called "joint owners." A corporation or other entity may also own an account.
When it comes to personal accounts, an owner is almost always also a signer, but owners may also appoint other persons to be "authorized signers." An authorized signer on a personal account is not an owner of the account, but someone whom the owner trusts to act on the owner's behalf. This individual may hold a power of attorney from the owner of the account (although that's not always necessary).
If you have any question about whether you are an owner or only a signer on an account, contact the bank and ask. The bank's records are the only authoritative source of that information.
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These two phrases are often thought to mean the same thing. However, "signer" and "owner" have very different meanings when used by a banker.