Banking
... any item drawn on the account or even draw upon any over draft or any line of credit which may be established in connection to the account (Wallis, pg. 6). All balances in a joint account are owned by the co-owners as joint tenants with right to claim (Kilmer, pg. 52). If they are husband and wife and you elect on the signature card or account title to own the account as a tenancy by the entireties, all funds held in the joint account will be owned as tenants by the entireties (Kilmer, pg. 52-53). If one of the co-owners should die, the account balance will pass on to the survivors subject to any limitations written in the law, and to the banks right of setoff, including the right to charge the account for any debt the co-owners may have owed prior to death (Kilmer, pg. 52). Another form of banking account is the "in trust for" accounts (Fordham, pg. 34-35). This is an account that lets you designate an account to be held by the trustee in trust for one more other person known as a beneficiary (Fordham, pg. 34-35). If the bank has received no evidence of a valid written trust, all funds in such an account will, upon the death of the last surviving trustee, be paid to the beneficiary, if living, or there is more than one living beneficiary, to the living beneficiaries jointly, subject to the banks setoff right against the debts of them and any of there trustees (Fordham, pg. 34-35). You may revoke the trust designation at any time and may use the funds to there extent according to law (Fordham, pg. 34-35). For business and other nonpersonal accounts. If the depositor is a corporation, unincorporated association, limited liability company, or partnership or other entity holding an account in any capacity other than an individual one, each person signing the signature card or other account documents represents and agrees that: such person is fully authorized to execute all documents in the capacity stated such person has furnished all documents necessary to evidence that authority the depositor will then furnish any other documents in such form as the bank may request from time to time (Kilmer, pg. 61). Any change in authorized signers will not be effective towards the bank until 3 days after the receipt of the documents effecting the change, provided they may recognize some change prior (Kilmer, pg. 61). When it comes to dormant or abandoned accounts if the bank is unable to contact a person through the U.S mail and they do not initiate activity in the account for a substantial amount of time, which may be defined byapplicable law or regulation, the bank may treat the account as being dormant (Kilmer, pg. 61). Unless otherwise prohibited by law, that person must agree up front that the bank may charge dormant account fees on these accounts in addition to regular maintenance and other applicable fees (Kilmer, pg. 61-62). Unless otherwise required by law, the bank, depending on which one, may not pay interest on dormant non-personal, non-consumer accounts (Kilmer, pg. 62). The customer will not be entitled to recover any such fees or unpaid interest in the event that they re-establish contact with their bank (Kilmer, pg. 62). If not clai...