Legal Question in Banking Law in New York
Joint Accounts
If an account is opened as ''Jeff Smith and Joe Smith'' and Jeff Smith dies, does Joe have the right to close the account and transfer the money to another account without producing a death certificate? Can a bank force him to produce one in order to close this account?
Asked on 11/13/08, 9:50 pm
1 Answer from Attorneys
Carlos Gonzalez
Gonzalez Legal Associates PLLC
Re: Joint Accounts
ABSOLUTELY... so long as they are not properly notified of his death they must assume he is living... and will need authorization from the other party in order to make any major change such as this.
Answered on 11/14/08, 7:33 am
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