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Bank account should I use AND or OR when I add my son's name to my account?
I have been told if I put it under AND I would have to pass away before he can assess the account. If I put it under OR can he access my account also?
1 Answer
- Anonymous1 decade agoFavorite Answer
If you set up the account as OR you will both have equal access, either one can write checks, etc. and is considered "Joint Tenants with Right of Survivorship". An account set up with AND would mean that transactions requires both signatures, and is "Tenants in Common".
Source(s): banker