Ownership Requirements

• Personal Account– Account ownership does not have to be the same on the accounts. You must speak with an owner on the account being debited.
  • Personal account to Business Account - titling on debiting and credit accounts DO NOT have to match.
• FLUTMA/ALUTMA/GUTMA – The custodian can transfer funds in and out of the account; the account owner does not have to be the same on both accounts. The beneficiary cannot request a transfer.
• Convenience Signer – Only the owner of the account can transfer funds. The convenience signer has no authority to request a transfer.
• Payable on Death (POD) – Only the account owners can transfer funds from this account. The POD beneficiary can only obtain funds once the account owner is deceased.
• Guardianship – A court order is required to complete any type of transaction with this account.
• Power of Attorney (POA) – The POA can transfer funds, as long as the POA has not been terminated or is no longer valid. See Power of Attorney.
• Representative Payee – Only the representative payee can transfer funds. The payee can transfer funds into accounts that do not list the beneficiary on the title.
• Estate Accounts – The executor can transfer funds to any account.
• Business Account
  • Sole Proprietor
    
    • Only the sole proprietor (owner) can request a transfer.
    • All other authorized signers are NOT allowed to make transfers.
  • Corporation, Limited Liability Company (LLC), Associate, Partnership, Club/Civic Group
    • Any signer on the debiting account can transfer funds to an account with the same business name and TIN/EIN.
    • Transfers to a personal account can ONLY be made if ALL of the business account signers are also signers on the personal account.