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LSDefine
Simple English definitions for legal terms
convenience account
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A quick definition of convenience account:
A convenience account is a type of bank account that looks like a joint account, but only one person owns the money in it. The owner of the account can let someone else withdraw money from it, but they still own the money. This type of account is often used by people who need help managing their finances.A more thorough explanation:
A convenience account is a type of bank account that appears to be a joint account, but only one person, the creator, has an ownership interest in the deposited funds. The account is established by the creator to enable another person to withdraw funds at the creator's direction or for the creator's benefit. The manager's name may be on the account, but they do not contribute any personal funds to the account and can only write checks or make withdrawals at the direction of or on behalf of the creator.
For example, a convenience account may be established by an elderly person who needs a financial manager's help and wants to make it easy for the manager to pay bills. The manager's name may be on the account, but they do not have any ownership interest in the deposited funds and can only make withdrawals at the direction of the elderly person.