The majority of bank accounts are personal accounts, as distinct from business accounts — they are accounts of individuals (or combinations of individuals) opened in order to carry out their own personal affairs. Some business transactions — such as those of the small businessmen — may pass through these accounts but, generally speaking, the transactions are those of the person who receives an income, possibly direct to the account, which is spent by drawing cheques on the account in respect of the normal expenditures as householders. The joint accounts are mostly between husband and wife, but there is no reason of course why any two or more persons should not open a joint private account. The joint account mandate must indicate whether one, all, or some of the account holders are to sign on the account, and it will also establish joint and several liability in respect of any borrowing that may occur on the account.
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