Authored by Edward L. Kelly and Karl R. Gruss and Edward L. Kelly and Karl R. Gruss of Rogers TowersFlorida law recognizes, and most banks offer, multiple forms of account designation to meet the desires and needs of individual customers. Keep in mind, however, that the standard demand deposit account agreement (whether checking or savings), is primarily, and understandably, designed to guide and instruct the bank with respect to the payment of checks drawn upon, or withdrawals made from, such accounts. A depository institution does not want to become entangled with issues regarding the ownership of the funds on deposit in accounts designated in the names of multiple parties and to which there may be competing interests. Chapter 655 of the Florida Banking Code includes a number of provisions primarily designed to govern and protect the financial institution in establishing and maintaining checking and savings accounts (including, in most cases, certificates of deposit) in the names of multiple parties, but those same provisions may also have adverse consequences for the uninformed depositor.
Multiparty Bank Accounts Available in Florida