0
I think it depends on the institution, But as an employee of scotiabank, YES.
Either one of the people (primary, or secondary) can close the account. Actually this is the only way to take someone's name off of a joint account as well. It has to be closed and reopened as a sole accounts for both parties.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Who can close a jonit savings account?
If the account is "Joint Tennants in Common" then all of the joint owners must be present to close that account/write checks/withdraw fund. Most banks do not offer Joint Tennants in Common, but offer "Joint With Rights of Survivorship" this means that only on owner must be present to close the account.
How is a joint banking account of an unmarried couple in the state of Indiana liquidated when one joint account owner passes away?
The surviving joint owner is the sole owner of the account and can maintain it or close it. That is the reason for having a joint account.
You and your father have a joint savings account separated by 'or'. When he dies does the the money go to probate?
No. When one joint owner of an account dies the account will become the sole property of the surviving owner with no need of probate.
Is a joint checking or savings account considered part of an estate?
No. Ownership of a a joint account passes automatically to the surviving joint owner unless it can be proven that the account was set up as joint for purposes of convenience only by the decedent.
Member of joint account does what happens for survivorship?
When a joint owner dies their interest passes automatically to the surviving owner. The survivor is the sole owner of the account and can close it or make changes. For example the survivor can take the decedent's name off the new checks for the checking account.
What is owners savings?
An owner's savings account is also known as the owner's equity account. The owner's equity account keeps track of deposits and withdrawals to the account, and how much principal the owner has invested in the business.
When a parent and child have a joint checking and the parent dies does the child receive the money?
Depends how the account was set up (Joint Tentancy with Survivorship Rights, Grantors Trust, under the UGMA, etc.) The generic answer is no, it would not be treated as income. The money in the account would be included in the decedants estate and be distributed through either Trust or Probate as a qualifying gift.
Can a person who is not appointed executor but his attorney tells him to close out accounts?
He can if the accounts are joint accounts and he is the joint account owner. However, if he was the joint owner for convenience purposes only the other heirs should seek their share of the funds.
If you have a joint savings account and the other party on the account dies must the remaining holder of the account place the entire amount into probate?
No. A joint account has the benefit of survivorship. That means if one owner dies the account becomes the sole property of the survivor bypassing probate.
What is the meaning of principal ownership of a joint account?
A Joint Account is when something is accessible by two people and has both their names in/on it.Principal Ownership means they are the main Owner.Sometimes this means that the Principal Owner can do things to the account or the Secondary Owner that the Secondary Owner can't."PRINCIPALadjectiveFirst, highest, or foremost in importance, rank, worth, or degree""OWNERSHIP noun...of being an owner""Whenever a bank opens a new savings or checking account for a customer, his or her name is listed as the sole authorized user of that account. If two or more individuals want to share access to the same account, however, the result is called a 'joint account'. Any one of the parties listed as a joint owner of the account can make deposits, write checks or withdraw cash. In general, a joint account is opened by individuals with a close family or business relationship; parents/children, married or unmarried couples, business co-owners, etc. Some participants in a joint account can restrict access by requiring two signatures on checks or withdrawal slips."For more please go to: http://www.wisegeek.com/what-is-a-joint-account.htm
What happens to a joint savings account when one person dies?
The bank must be notified so they can place appropriate notes on the account and take whatever other action is necessary. The funds belong to the other joint owner who may continue to use the account as usual.
Do I as a joint person on a checking account have the right to the check book One of the owners of this account has another person with power of attorney handling the account?
Yes. As a joint owner of the account you have as much right to the account as the other joint owner.
