|
|
|
 |
Adding Daughter to Father & Son Joint Account
by John Burnett, BOL Guru
Guru Bio
Question: A customer has come in to add his daughter to his existing joint account with his son. The son does not want the daughter on the account and will not sign the new signature card. Can I add the daughter to the account?
Answer: A joint account involves cross-responsibilities for overdrafts in most deposit contracts, not to mention comingling of the funds. If one party isn't willing to accept a new joint owner, I don't think you can force it on him or her. The son has the right to cut and run by closing the current account if he wishes. The daughter would have the same right if added. I don't think any of the joint owners would like the result. If the family can't resolve its differences, you should not allow the bank to be dragged into the inevitable problems.
First published on BankersOnline.com 4/28/08
Privacy Policy Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
|
|
|
|
Print Friendly!
Email This Article!
Discuss NOW!