Compliance Question of the Week

Does one joint owner on an account have the right to remove all of the money in the account?

Yes. This is true regardless of whether the credit union has classified the joint owner as the “primary” or the “secondary” joint owner. For account purposes, any joint owner has the right to remove all of the money in the account (except the membership share) at any time.

Related Links

RCW 30.22.090
RCW 30.22.120
ORS 723.488

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance.