Skip to content

Difference b/w Joint as Tenants & Survivorship

Answered by: 

Question: 
When dealing strictly with spousal accounts, is there any difference between Joint as tenants by the entirety or joint with survivorship?
Answer: 

This is a State law issue. Not all States allow tenancy by the entirety and it usually is only available for spouses.

Basically, if a bank account is a tenancy by the entirety account, a single spouse may not transfer money from the account without the consent of the other spouse. Tenancy by the entirety is more commonly used to hold title to real property rather than deposit accounts.

When a bank account is held as joint tenancy with right of survivorship, any joint owner can transfer funds out.

In either case, the remaining funds or property transfer to the survivor(s).

For additional specifics in your State, you need to sit down with your legal counsel.

First published on 06/18/2017

Filed under: 
Filed under operations as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics