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#1565770 - 06/16/11 03:13 PM Tenancy by the Entirety Ownership
Banker Kathy Offline
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Joined: Apr 2010
Posts: 103
Do you offer Tenancy by The Entirety ownership catagories for married couples or do you just offer joint accounts with the right of survivorship?

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#1566304 - 06/17/11 12:54 PM Re: Tenancy by the Entirety Ownership Banker Kathy
Beachbum, CRCM Offline
Gold Star
Joined: Dec 2006
Posts: 499
Knee Deep in Regs
Every PA State Chartered Bank I have worked for (4) have used Joint with Suvivorship.
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What we think, we become.
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#1566495 - 06/17/11 03:51 PM Re: Tenancy by the Entirety Ownership Beachbum, CRCM
dottiec Offline
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Joined: Jul 2007
Posts: 305
We ask if the relationship is married in order to make death reporting easier.
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"Life begins at the end of your comfort zone."

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#2126744 - 04/18/17 04:39 PM Re: Tenancy by the Entirety Ownership Banker Kathy
Half Pint Offline
Member
Joined: Sep 2012
Posts: 76
Pennsylvania
Can ownership of tenants by the entirety be changed to joint w/survivorship in PA?
At our bank, in order to add someone to an account etc. both would be granting permission
because they would all have to sign a new signature card, in which case, it would then change to joint
w/survivorship.

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#2126790 - 04/18/17 06:26 PM Re: Tenancy by the Entirety Ownership Banker Kathy
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
I'd be careful about how you handle such situations, because there are certain protections that typically go with a T by E account that aren't applicable to a JTWROS account. Just obtaining a new signature card may not be a wise choice. Check with local counsel familiar with the nuances of the two forms of joint ownership and come up with a procedure that will avoid putting the bank in a sticky spot. It may be necessary to close the T by E account and open a new JTWROS account, or it might be preferable to maintain two separate accounts.
Last edited by John Burnett; 04/18/17 06:27 PM. Reason: spelling
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John S. Burnett
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#2127034 - 04/19/17 05:20 PM Re: Tenancy by the Entirety Ownership John Burnett
Half Pint Offline
Member
Joined: Sep 2012
Posts: 76
Pennsylvania
Thanks John!

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