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.
You may be able to add someone to your savings account ..contact the bank where you have the savings account for details
No. The account becomes the sole property of the survivor.
My mother and i have a joint savings account my mother passed away does the money in the account become part of the estate
please let us the procedure premier to normal savings account
acf
A Joint Savings Account is when two people have joint access to the savings account. If a Wife and Husband, Boyfriend and girlfriend, parents and child open a Joint Account then "either" one of them can access ALL the money in the account. If one of them is involved in an illegal activity the Police can freeze the WHOLE account and "can" take ALL the money. It would be up to you to prove the money didn't come from the illegal activity. (Actually they would freeze separate accounts in the same household also) Good and bad parts are you both can access the money as needed, but the other person can "empty" the account with out your say so.
Depends on if the person is the primary on the account, but usually a joint account shares all rights unless otherwise specified. You would have to review your deposit agreement, but normally money in a joint account can be withdrawn or the account closed by either party.
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.
yes they do
A Joint Savings Account is when two people have joint access to the savings account. If a Wife and Husband, Boyfriend and girlfriend, parents and child open a Joint Account then "either" one of them can access ALL the money in the account. If one of them is involved in an illegal activity the Police can freeze the WHOLE account and "can" take ALL the money. It would be up to you to prove the money didn't come from the illegal activity. (Actually they would freeze separate accounts in the same household also) Good and bad parts are you both can access the money as needed, but the other person can "empty" the account with out your say so.
Both people can and that's why it's called a 'joint account.' If you have one with a live-in boyfriend or your husband than both of you would have access.
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.