Eddie and Edith open a JTWROS account with you. This means that:
I. You can accept a buy or sell order from either Eddie or Edith.
II. Any check that is drafted upon a request to withdraw funds can be written to either Eddie or Edith, or both.
III. If either Eddie or Edith die, the account assets will pass to that individual's estate, based on his or her percentage ownership of the account.
IV. Correspondence concerning the account can be sent to either Eddie or Edith.

Question

Quizplus · Accepted Answer

Only Selections I and IV are true statements. If Eddie and Edith open a JTWROS account with you, you can accept a buy or sell order from either one of them, and any correspondence concerning the account can be sent to either one of them. However, a check must be made out to both of them, in the same manner that the account is titled. A JTWROS account is a "joint tenants with rights of survivorship" account, which means that if either Eddie or Edith die, the account assets pass directly to the other one and do not go into the deceased's estate.

Eddie and Edith Open a JTWROS Account with You