Common use of Joint Accounts with Right of Survivorship Clause in Contracts

Joint Accounts with Right of Survivorship. If you open an account that is joint with right of survivorship, your rights and the rights of the other person(s) whose name(s) appear on the account are set forth in Section 36a-290 et. seq. of the Connecticut General Statutes. Briefly, these laws provide that the other person(s) named on the account may withdraw the entire balance in the account including deposits you have made and, upon your death, the funds in the account are held for the other person(s). For certain checks, such as a check payable by the government, the Bank may require all persons to whom the check is payable to endorse the check for deposit. The other person named on the account may also stop payment on a check and create an overdraft. Each joint account owner authorizes the bank to exercise setoff and enforce its security interest in the entire joint account, even though only one of the joint owners is the defaulting debtor and irrespective of who signed the check creating the overdraft. Each person named on a joint account can pledge or lien the entire account. The Bank will not accept an account for individuals that require the signatures of two or more persons for a withdrawal. The bank has the right to limit the number of owners on any account.