The owner of a bank or credit union account may not want to add another person’s name to the account as a co-owner. Often co-ownership in a bank or credit union account means that when one owner dies, the surviving owner(s) is automatically entitled to all the funds in the account. Another alternative is to require that at least one other person be an authorized signatory on the bank account. Being a signatory allows a person to sign checks, but does not give the signatory ownership rights to the account.

Having the signatory would allow someone to help another pay bills. The bank or credit union can set up the account so that the signatures of the owner and the signatory are required on every check or account transaction. With proper paperwork at the bank or credit union, the owner will be unable to write checks or make withdrawals from the account without the other signatory’s signature. Of course, the original owner of the account must be willing to change the account to require more than his or her signature on every transaction.