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Joint Accounts
July 26, 2020
6:42 am
JenE
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FYI re EQ joint accounts:

“If an Account holder dies, and that Account holder is not at the time of death a resident of the province of Quebec, any positive balance in the Joint Account may be withdrawn by the surviving Account holder(s). You hereby assign any balance of your Joint Account(s) to the surviving Account holder(s) in the event of your death. Where the deceased Account holder is, at the time of death, a resident of the province of Quebec, the Joint Account may be frozen by us and any positive balance will be settled in accordance with the estate of the deceased Account holder.

The request by any Account holder to leave or close the Joint Account will be treated by us as a request to close the Account. We may also treat the death of an Account holder as a request to close the Account. This is subject to any other provisions set out in this Account Agreement and anything else we may require from time to time.“

July 26, 2020
8:04 am
Doug
British Columbia, Canada
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JenE said
FYI re EQ joint accounts:

“If an Account holder dies, and that Account holder is not at the time of death a resident of the province of Quebec, any positive balance in the Joint Account may be withdrawn by the surviving Account holder(s). You hereby assign any balance of your Joint Account(s) to the surviving Account holder(s) in the event of your death. Where the deceased Account holder is, at the time of death, a resident of the province of Quebec, the Joint Account may be frozen by us and any positive balance will be settled in accordance with the estate of the deceased Account holder.

The request by any Account holder to leave or close the Joint Account will be treated by us as a request to close the Account. We may also treat the death of an Account holder as a request to close the Account. This is subject to any other provisions set out in this Account Agreement and anything else we may require from time to time.“  

That's fair; I like that policy. It becomes exceedingly difficult for virtual banks and fintechs to deal with executors, without completely upgrading their technology platforms and internal policies, so this way, they can treat the death of an account holder as request to close the account and withdraw the funds, making it payable either to (a) the surviving joint account holders or (b) to the estate of the remaining holder(s) on the account (if no survivors). Simplifies it from a bank account management standpoint. sf-cool

Cheers,
Doug

July 26, 2020
10:05 pm
Loonie
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thanks for posting the details. It is reassuring.

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