What is a bank account called that is used for an organization?

Question

I'm wondering what a bank account is called that is run by several people. That has a sort of check and balances effect so that one person doesn't have all the power. Can anyone help me?

Answer 1

Multiple signature checking account.  Most only have 2 people and it's called dual signature.  I don't think I would have a lot of people needing to sign checks, it can be tough to find people around the holidays and during the inevitable trips out of town.  I would advise authorizing multiple people to sign checks, but requiring 2 signatures.