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Is a joint checking account frozen on the death of either party?

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  • Is a joint checking account frozen on the death of either party?

    Is a joint checking account frozen on the death of either party? Was legislation enacted prohibiting that action? What is the current status?

  • #2
    Re: Is a joint checking account frozen on the death of either party?

    I wish to inform you that in case of joint checking account if you are a joint owner in the account then after the death of one joint owner the accounts goes to other. When one person dies then other person has the right to use proceeds as he likes. It also depends upon the policy of the bank.

    AFF

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    • #3
      Re: Is a joint checking account frozen on the death of either party?

      It depends on whether your joint account is "joint tenancy" or "tenancy in common". With joint tenancy there is a right of surviorship, meaning if one party dies the remaining party (or parties) have rights to the entire account. This would not be frozen if one party dies. Tenants in common do not have rights of survivorship. If one party dies, his/her share goes to his/her heirs not necessarily the other party on the account. This could result in the account being frozen. Different states have different defaults for joint accounts. I knew all those years in banking would come in handy one day.

      www.themortgageavenue.com

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