Letter format to change single account into joint account
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A 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.
In the United StatesEdit
Survivorship accounts vs. convenience accountsEdit
In the United States, there are typically two types of joint accounts - survivorship accounts and convenience accounts. Either joint owner of the account may withdraw funds during the lifetime of both owners, and most states have statutes protecting the bank from claims brought by one joint owner against the bank if the other owner "wrongfully" withdraws funds from the joint account. The distinction between survivorship and convenience accounts matters at the death of one of the owners. If the joint account is a survivorship account, the ownership of the account goes to the surviving joint account holder. Joint survivorship accounts are often created in order to avoid probate.[1] If two individuals open a joint account and one of them dies, the other person is entitled to the remaining balance and liable for the debt of that account.
In the United StatesEdit
Survivorship accounts vs. convenience accountsEdit
In the United States, there are typically two types of joint accounts - survivorship accounts and convenience accounts. Either joint owner of the account may withdraw funds during the lifetime of both owners, and most states have statutes protecting the bank from claims brought by one joint owner against the bank if the other owner "wrongfully" withdraws funds from the joint account. The distinction between survivorship and convenience accounts matters at the death of one of the owners. If the joint account is a survivorship account, the ownership of the account goes to the surviving joint account holder. Joint survivorship accounts are often created in order to avoid probate.[1] If two individuals open a joint account and one of them dies, the other person is entitled to the remaining balance and liable for the debt of that account.
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