Joint Account Set Up

Question 1

What is Joint Account Ownership?

Answer 1

An account opened by two or more individuals who may or may not be related to one another in which each depositor has full access to the account. There are two types of Joint Accounts.

Question 2

What are the two types of Joint Accounts?

Answer 2

• Joint w/ Right of Survivorship

* Joint w/o Right of Survivorship

Question 3

What is Joint Account w/ Right of Survivorship?

Answer 3

AKA- Joint Tenants; Allows the surviving owner(s) full ownership of the funds in the event of one of the owner’s death.

Question 4

What is Join Account w/o Right of Survivorship?

Answer 4

AKA- Tenants in Common; Restricts the surviving owner(s) ownership to their percentage of the remaining funds in the event of one of the owner(s) death. The deceased owner’s percentage is distributed according to the deceased owner’s will.

Question 5

What is required to open a Joint Account?

Answer 5

• Valid US Gov issued photo ID
• Minimum opening deposit of $100
• SSN
• Physical Address

Question 6

What are the two class of relationship for a Joint Account?

Answer 6

1st person listed on account is the Primary, all others are Joint Signers.

Question 7

To set up online banking, do so after the account upload. Where is the Online banking application found?

Answer 7

In Streamline, go to the Account Maint selection and then the deposits master. Be sure to change the MISC FORMS to Y and selecd INDIV ONLINE BANKING SET UP FORM

Question 8

After the Joint Account is set up when is it activated?

Answer 8

After the opening deposit is secured and the following forms are signed:

• Signature Card
• Disclosure Forms
• Debit Card Application