November 18, 1997
Dear :
You have asked whether your account titled "Mr ____. or
Mrs ____.," instead of "Mr ___. and Mrs ____.,"
would be insured as a joint account. Yes, provided you have established
a valid, qualifying joint account.
A joint account is qualifying and insured for up to $100,000 separately
from the joint owners individual accounts if each joint owner
has signed an account signature card and has an equal right to
withdraw the funds. If the joint owners have signed a Joint Share
Account Agreement, a separate joint account signature card is
unnecessary.
Therefore, provided the above requirements have been satisfied,
your account, titled "Mr ___. or Mrs. ___" instead
of "Mr ____. and Mrs _____.," will be insured
as a valid qualifying joint account. Whether "or" instead
of "and" is used between the owners' names is inconsequential.
Both terms denote that more than one person has access to the
account and, thus, that the account is not a single ownership
account.
Sincerely,
Sheila A. Albin
Associate General Counsel
GC/NSW:bhs
SSIC 8010
97-1107A