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#2043272 - 10/08/15 01:57 PM Revocable Trust - POD Accounts
lmaizel Offline
Member
Joined: Jan 2004
Posts: 90
Ohio
An employee told us that their former financial institution employer instructed them that Michigan Law limits the number of joint owners on a POD account to three. Is anyone aware of a Michigan law that places this restriction on account ownership? I've searched and cannot find anything that indicates this restriction exists. I'm thinking this could have been an internal bank policy that was established because of system limitations that would not allow the account ownership records to exceed three owners.

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#2049099 - 11/10/15 08:15 PM Re: Revocable Trust - POD Accounts lmaizel
BBoyd Offline
Diamond Poster
BBoyd
Joined: Mar 2002
Posts: 2,494
MI
I've never seen anything in the Michigan statutes that limits the number of joint owners. All references I found state "one or more" in the definition of "joint."
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#2049113 - 11/10/15 08:40 PM Re: Revocable Trust - POD Accounts lmaizel
lmaizel Offline
Member
Joined: Jan 2004
Posts: 90
Ohio
Thank you! So glad you are seeing the same thing I did.

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