• Unlike a true joint account, only one person, the creator, has an ownership interest in the deposited funds. Convenience accounts are often established by those who need a financial manager’s help and want to make it easy for the manager to pay bills. Although the manager’s name is on the account, he or she does not contribute any personal funds to the account and can write checks or make withdrawals only at the direction of or on behalf of the creator.
convenience account
An apparent joint account, but without right of survivorship, established by a creator to enable another person to withdraw funds at the creator’s direction or for the creator’s benefit.