A Jointly-Owned Card Account
A joint account is an account that allows your cardholders to share a balance with another person. With the shared account, they can both pay bills, deposit paychecks via direct deposit, and make purchases with their cards. While any two people can open a joint account together, they are most often used in conjunction with a spouse, partner, significant other, family member, or business partner (in a commercial card program).
Benefits of Joint Account
With the optional Joint Account feature, any new or existing cardholder can share their account with another person , where they will each get their personalized card. Joint loading and sharing a balance is the key benefit of a Joint Account. The combined account provides access to both the cardholders. This means no more money transfers from one account to the other. Additionally, there are several other benefits:
- Pay Bills: Your cardholders will be able to pay bills from the same joint account.
- Track Funds: It will be easier for your cardholders to track money being shared between the joint account cardholders.
- Financial Transparency: There will be added financial transparency amongst your joint account cardholders.
With additional cardholders to load and spend money in your card program, you can increase deposits and interchange revenue with each additional card. This means more opportunities for additional revenue and an expanded footprint for your program.
Joint Accounts, Companion Accounts and Teen Accounts
With a joint account, cardholders can share a balance and an account with a secondary cardholder, allowing each the ability to load and spend from the same account.
With a “companion account”, your primary cardholder can share a balance and an account with a secondary cardholder, allowing the companion to spend from the same account. However, the companion cardholder will not be able to load money into the account.
With a “teen account” the additional cardholder card will have a separate balance from the primary cardholder. The primary cardholder can then move money in and out of the secondary card wallet as needed.
Contact Your New Issuer Processor
Getting started with Cascade is easy. Let’s talk and see how we can work together to build the card program you need. Just Ask.
Which Should You Choose For Your Business?
Whether you choose a Joint Account, Companion Account or Teen Account, depends on your business and marketing goals. One of our card program experts can help you decide which is best for you. Call us at 702-745-3065 or contact us today to arrange a consultation. Cascade can help you build a debit card program that works for you.