FAQs on Joint accounts
How do I establish a Joint Account?
Complete, sign and return the necessary forms which are available at the Credit Union and online along with a form of identification for the Joint Partner.
Will my joint partner(s) have access to my funds and any other information on my account?
Your joint partner is authorized to withdraw unencumbered shares from the account and has access your information.
Are my joint partners liable for existing loan balances at death?
No. The principal member is the only one liable for all loans.
What is the purpose of having a joint partner(s) versus a beneficiary?
Your joint partner can conduct transactions on your behalf while you are alive but upon your passing, your beneficiary supersedes your joint partner. Payment to a beneficiary, however, is limited by law to a maximum of $50,000. Amounts in excess of$50,000 due to the estate can only be obtained via probate of a will or letter of administration. This process will incur legal costs.
How many joint partners can I have?
Maximum joint partners allowed – One (1).
What are the privileges/benefits of a Joint Account Holder?
The Joint Partner has authority to conduct share withdrawals and deposit transactions as authorized by Member. The Joint Partner must be 14 years and older and a Member of TECU Credit Union. Please note that the Joint Partner is NOT eligible for applying for loans on behalf of the principal Account Holder nor are they able to close the account.
What is a Joint Account?
A joint account is an account held in the name of two (2) persons-the first person named is the member and any other person nominated by the member, who must also be a member of the Credit Union.