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4 Min. Read

What Is an Account Name?

What Is an Account Name?

When you open a new account, you will list a name on the account. There are many different types of accounts that require a name, with bank accounts being the most common. There are other online service accounts that also require account names.

This account name could be your own name or the name of your business. In the case of a joint account, there may be multiple account names. This is most commonly seen in the case of spouses who open an account together.

What should you know about the account name, though? Are there any implications to name(s) on the account?

Here’s What We’ll Cover:

Importance of the Bank Account Name

Online Account Names

Key Takeaways

Importance of the Bank Account Name

The important thing to remember about your account name is this is the only person or entity that will access the account. If this is your personal account, it is set up with your name and personal info. This means your address, phone number, and email address are all attached. Nobody but you, as the name on the account, will gain access.

In the case of a joint account, there will be multiple account names. For example, you and your spouse may open a new account with both of your names on it. This means you can add the personal info for both account holders. This is important because account verification usually requires a birthday or social security number.

For business accounts, the account name is the business itself. If you are an individual user under a business name, only you will have access. But, as the business owner, you have the ability to add authorized user privileges for those in the company who need access. Only the business owner(s) can provide the list of users for the bank to grant access.

All bank account types will have an account name. Checking accounts, savings and health savings accounts will all require an account name.

Online Account Names

In modern times, we all have a wide number of online accounts. As a business owner, you may have accounts with different vendors. You may have accounts for different types of software, such as accounting software. Regardless of the type, almost all of these will also require an account name.

Just like a bank account, your online accounts are likely to require a name. The difference, however, is that typically an online account is on a per-user basis. Meaning that joint accounts are not an option unless you choose to share your credentials with others. This is usually frowned upon by the provider of the service through which you hold the account, though.

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For a business, you typically have the option of adding authorized users though, who will create their account. You can then link accounts to add these users to the primary account that has your business listed as the account name. The individual user accounts are able to input their profile picture and other personal info.

With most modern accounts, you will probably have access to a mobile app also. All users who have individual accounts linked to your business account will download this mobile app. This allows everyone to have access via both desktop and mobile apps. It also ensures that you, the business owner, are able to track who is doing what. This is because account activity is from the individual user accounts.

Key Takeaways

Whether you are opening a bank account or an online account for a service, you will need to decide on your account name. This will either be the individual in charge of the account or a business name. You may have multiple user accounts granted access to the account if you choose.

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