Of these, Wells, Fargo, Livingston and McKay were also on the board of American Express. Financier Edwin B. Morgan of Aurora, Cayuga County, New York, was appointed Wells Fargo's first president. They commenced business May 20, 1852, the day their announcement appeared in The New York Times.
A more specific definition in common use is an account with a balance that is the opposite of the normal balance (Dr/Cr) for that section of the general ledger. An example is an office coffee fund: Expense Coffee (Dr) may be immediately followed by Coffee-employee contributions (Cr).
Joint account is a bank account shared by two or more individuals. Any individual who is a member of the joint account can withdraw from the account and deposit to it. Usually, joint accounts are shared between close relatives or business partners.