D Adding a Person’s Name to a Financial Account

 

 

Revised 08/07/2020

Policy

Adding another person’s name to a customer’s financial account as a joint owner is usually not considered a transfer.  The funds in the financial account still belong to and can be accessed by the customer (MA705I).

Exception:

If adding the other person’s name to the account changes the customer’s access to or right to use the money in the account, it is reviewed as a transfer (see MA902B and MA902C).

NOTE          The customer is assumed to retain full access to the assets in the account unless there is evidence to the contrary.

 

Proof

When information or evidence indicates the customer’s access to the account has been changed, proof of the customer’s access to the account is needed.  Examples of proof include bank records or court documents that show any changes to the customer’s ability to access funds.

 

Legal Authority

Programs

Legal Authority

ALTCS

42 USC 1396p(c)(2)(A), (B) and (C)

42 USC 1396p(c)(3)

AAC R9-28-401 and 409