Here are some notes on operational instructions in joint accounts in banks:
- Operational instructions are the terms and conditions that govern how a joint account can be operated. These instructions are typically set by the bank and are agreed upon by all of the joint account holders.
- There are a number of different operational instructions that can be used for joint accounts. Some of the most common ones include:
- Either or survivor: This means that any one of the joint account holders can operate the account without the consent of the other(s).
- Both or survivor: This means that both of the joint account holders must sign for any transactions on the account.
- Former or survivor: This means that the first joint account holder can operate the account alone, but after their death, the second joint account holder will have sole control of the account.
- Anyone or survivor: This means that any two or more of the joint account holders can operate the account together.
- The operational instructions for a joint account can be changed at any time by all of the joint account holders. This is typically done by submitting a written request to the bank.