If the member wishes to have a joint account with some other person, a Joint Share Account Agreement must be signed by the persons who are to be the joint owners with right of survivorship. Persons not within the field of membership may become joint owners but may not become members of the Credit Union. Such persons have no vote and cannot borrow. No entrance fee is charged for joint owners who do not become members. If the joint owner is within the field of membership, he may become a member by filling out an Application for Membership card and paying the entrance fee.
When a joint account has been established, any one of the joint owners may make payments into the account, withdraw funds from the account, or pledge the shares as security for a loan, without the signature of the other joint owner(s).
The Joint Share Account is used to create a joint ownership of a member’s share account and to provide that upon the death of any joint owner, the surviving joint owner(s) retains ownership of the amounts represented by the account.
A joint owner who is not within the field of membership may not continue the share account in the Credit Union after the member-joint owner dies. Such an account may be retained, at the option of the owner, in the Credit Union until the close of the current dividend period, at which time the account must be closed.