use of joint bank accounts

[oldone]

If a couple (husband and wife) have a joint bank account and one of them becomes incapacitated mentally, can the other spouse continue to use the joint bank account?

 

[woods]

When you open a bank account you are asker if it is "either or both" to sign off on transactions.
I would think that if you opted for "either" then you can continue to use it but if you opted for "both" then you can not.

 

[oldone]

My wife and I have an AIB joint account which allows "either" to make transactions and we assumed that either could then use the account.

I read recently in SAGA magazine that in England and Wales (but not Scotland) that once a bank believes one of the joint account holders has lost their mental capacity it must freeze the account.

What we are trying to find out is : what is the situation in Ireland if one of the joint holders loses his/her mental capacity - can the other joint account holder continue to use the account?

 

[Gulliver]

On becoming aware of a situation where one party to a bank account has impaired mental capacity, the bank would be obliged to consider the financial interest of that person, including the risk that the other party might use the opportunity to gain advantage. Each situation would be dealt with on its merits, but I would expect that the bank would freeze the account and expect the courts to decide how that interest should be best provided for. This should happen regardless of whether the account is set up for either to sign.

 

[Vanilla]

You might want to look into making an enduring power of attorney ( a kind of living will) which covers this type of situation if you are anxious about it.