Historically, producing a signed bank signature card containing the requisite statutory language of Section 675 of the Banking Law has been sufficient to create the presumption (although rebuttable) that the survivor is entitled to the remaining account proceeds upon the death of the joint tenant. The party seeking to challenge title to the account passing to the survivor has the burden of proving that undue influence and/or fraud existed.
Obtaining a physical copy of the signature card from a bank can be difficult as a result of numerous bank mergers and the passage of time from when the account was created.Īdditionally, Section 675 of the NY Banking Law creates a presumption that a bank account created in the name of two or more persons which is to be paid to either of them or the survivor, in the absence of any evidence of fraud and /or undue influence will vest title to the survivor named on the account. Generally, and in the past, the most important factor in determining whether a joint account is with rights of survivorship is whether the bank signature card establishing the account identifies the interests of the parties as being with rights of survivorship. Generally, the primary and most significant advantage to using a joint bank account is that any of the parties named to the joint account will have access to its funds and, if the account is a joint account with rights of survivorship, the account passes to the surviving named account holder(s) upon the death of any joint tenant. Does a Joint Bank Account Automatically Contain a Right of Survivorship?Ī joint bank account is a ubiquitous and popular way to own an account with one’s spouse, children, loved ones and friends.
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