6.2-618 - (Effective October 1, 2010) Identification of joint accounts.
§ 6.2-618. (Effective October 1, 2010) Identification of joint accounts.
A. Every financial institution in the Commonwealth offering joint accounts toits depositors shall either:
1. Maintain two separate forms for the creation of joint accounts, one ofwhich shall be clearly labeled "JOINT ACCOUNT WITH SURVIVORSHIP" and theother of which shall be clearly labeled "JOINT ACCOUNT - NO SURVIVORSHIP,"both of which shall be made available to all persons opening joint accounts;or
2. Maintain one form for the creation of such accounts that shall contain thetwo labels "JOINT ACCOUNT WITH SURVIVORSHIP" and "JOINT ACCOUNT - NOSURVIVORSHIP," with appropriate blank space or lines beside such labels forthe parties to sign in order to indicate the type of account desired, whichsignature requirement shall be in addition to any signature verification form.
B. The forms provided for in subdivision A 1 may be identical in all respectsexcept for the labels therein specified. This section shall not be construedto prevent any financial institution from changing from one method ofidentification to the other method of identification at any time, nor torequire a financial institution making such a change to make any changes tothe forms of its existing accounts.
C. The forms described in subsection A shall include disclosures to informpersons opening joint accounts of the disposition of such accounts upon aparty's death. Disclosures in a form substantially similar to the followingshall satisfy the requirements of this section:
Joint Account With Survivorship - On the death of a party to the account, thedeceased party's ownership in the account passes to the surviving party orparties to the account.
Joint Account - No Survivorship - On the death of a party to the account, thedeceased party's ownership in the account passes as a part of the party'sestate under the party's will, trust, or by intestacy.
D. This section is not applicable to joint accounts created before July 1,1980.
(1979, c. 407, § 6.1-125.15; 1999, c. 125; 2010, c. 794.)