Washington Code 30A.22.050 – Types of accounts which financial institution may establish
Current as of: 2023 | Check for updates
|
Other versions
The types of accounts in which funds may be deposited with a financial institution include, but are not limited to, the following:
Terms Used In Washington Code 30A.22.050
- Contract: A legal written agreement that becomes binding when signed.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
(1) A single account;
(2) A joint account without right of survivorship;
(3) A joint account with right of survivorship;
(4) An agency account;
(5) A trust or P.O.D. account; and
(6) Any compatible combination of the foregoing.
In each case, the type of account shall be determined by the terms of the contract of deposit between the depositor and the financial institution. The financial institution shall describe to a potential depositor the various types of accounts available.
[ 1981 c 192 § 5. Formerly RCW 30.22.050.]