Titling a joint account

[Nabu]

What is the name of your state (only U.S. law)? PA

Is there an effective difference as to ownership in a joint account that is titled "Owner A OR Owner B" versus "Owner A AND Owner B"

The account is not listed as JTWROS or otherwise.

Nabu

 

[FlyingRon]

Depends what short of account it is.
In most cases it makes no difference.

 

[Antigone*]

What is the name of your state (only U.S. law)? PA

Is there an effective difference as to ownership in a joint account that is titled "Owner A OR Owner B" versus "Owner A AND Owner B"

The account is not listed as JTWROS or otherwise.

Nabu

It makes a difference. With the "or" either account owner can act individually. With the "and" they must both act together.

 

[FlyingRon]

It makes a difference. With the "or" either account owner can act individually. With the "and" they must both act together.

It makes no difference as to ownership.
For many accounts, even if it says AND either can act. My bank accounts all say Ron and M**** and either of us can write checks.

More specifically, without the survivorship right (and you'll have to see if there is implicit survivorship in your situation without it being mentioned) if one of you dies, half of the account is subject to probate.

 

[Antigone*]

It makes no difference as to ownership.
For many accounts, even if it says AND either can act. My bank accounts all say Ron and M**** and either of us can write checks.

More specifically, without the survivorship right (and you'll have to see if there is implicit survivorship in your situation without it being mentioned) if one of you dies, half of the account is subject to probate.

That is on the checks for a checking account. If I remember correctly for certain types of accounts the vesting of that account matters. Since a checking account is a transactional account that type of restriction would be impossible since banks don't check signatures anymore, but some investment accounts there is more due diligence.

I've been out of the business of the opening and operating of accounts for some time now, so if I am incorrect, my apologies to the OP.

 

[anteater]

Depends what short of account it is.

Sure does. Dealing with those short accounts is brutal.