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Question & Answer
Question: I understand that if a deposit is made over $10,000 in cash to a joint account, both or all account holders must be named. Does the same rule hold true for withdrawals?
Answer: The Office of Financial Enforcement says that a deposit is presumed to benefit all account holders, and therefore all holders need to be named. That presumption does not hold true for withdrawals, and therefore the financial institution should ask the conductor of the transaction if this withdrawal is to benefit all or just the individual, and fill the 4789 out accordingly.
Copyright © 1993 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 4, No. 5, 11/93
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