Q: Does a bank have to provide notice to all owners of a joint account?
A: Yes, notice must be provided to all owners of a joint account. In addition, notice must be provided “in a manner reasonably designed to ensure that a customer is able to view the notice, or is otherwise given notice, before opening an account.” 31 C.F.R. § 103.121(b)(5)(ii). The Agencies agree that a bank may satisfy this requirement by directly providing the notice to any one accountholder of a joint account for delivery to the other owners of the account. Similarly, the bank may open a joint account using information about each of the accountholders obtained from one accountholder, acting on behalf of the other joint accountholders. (January 2004)