Why do joint accounts need to give equal ownership as well as equal membership to both joint owners?February 23, 2015
It’s standard practice for financial institutions to give equal ownership rights to eligible joint account holders. This is done to provide protection and ease of access for each account owner. An alternative to joint account tenancy is for each joint member to open a separate account with BCU and then assign beneficiaries to their account. This would allow the primary member to have complete control over their own individual membership account without having to worry about the joint member.
- Greg K.