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<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D">This is interesting to know. That is why I peruse this listserv’s email from time-to-time, looking for whether my agency’s regulated entities are understanding
and following the law that governs them. Since these accounts are opened by lay non-managerial bank employees, they might be confused with what “community property” means in the specific context. Rather, they have bank procedures with internal labels ascribed
to every account they offer. Had the client in question simply asked for a “joint account” that eliminated the designation “JTWROS” (joint tenants with right of survivorship) from the account, this would likely have caused no confusion to the bank employee.
Mr. Shafer is quite correct: Chapter 30A.22 RCW presents a general regulatory overlay retail individual depositary accounts in Washington State. However, to the extent not covered by Ch. 30A.22 RCW, deposit accounts are otherwise governed by the bank’s deposit
agreement itself (or any published deposit rules incorporated by reference in the deposit agreement). The different types of accounts, consistent with RCW 30A.22.050, are typically the following:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoListParagraph" style="text-indent:-.25in;mso-list:l0 level1 lfo1"><![if !supportLists]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D"><span style="mso-list:Ignore">1.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D">Individual
<o:p></o:p></span></p>
<p class="MsoListParagraph" style="text-indent:-.25in;mso-list:l0 level1 lfo1"><![if !supportLists]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D"><span style="mso-list:Ignore">2.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D">Joint
<o:p></o:p></span></p>
<p class="MsoListParagraph" style="text-indent:-.25in;mso-list:l0 level1 lfo1"><![if !supportLists]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D"><span style="mso-list:Ignore">3.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D">Joint Tenancy with Right of Survivorship (JTWROS)<o:p></o:p></span></p>
<p class="MsoListParagraph" style="text-indent:-.25in;mso-list:l0 level1 lfo1"><![if !supportLists]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D"><span style="mso-list:Ignore">4.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D">Corporate/LLC/Partnership with Authorized Agent Signature<o:p></o:p></span></p>
<p class="MsoListParagraph" style="text-indent:-.25in;mso-list:l0 level1 lfo1"><![if !supportLists]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D"><span style="mso-list:Ignore">5.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D">Trust (involving a named trustee, either by trust agreement or court order)<o:p></o:p></span></p>
<p class="MsoListParagraph" style="text-indent:-.25in;mso-list:l0 level1 lfo1"><![if !supportLists]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D"><span style="mso-list:Ignore">6.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D">Pay-on-Death (POD) with Beneficiary named by the deceased account holder<o:p></o:p></span></p>
<p class="MsoListParagraph" style="text-indent:-.25in;mso-list:l0 level1 lfo1"><![if !supportLists]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D"><span style="mso-list:Ignore">7.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D">Custodial [e.g., Uniform Transfer to Minors Act (UTMA) account]<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif;color:#1F497D">A simple joint account without a “JTWROS” designation, as between a married couple or domestic partners, is presumptively “community property” without having
to discuss that with a bank employee. Just say that all account holders on the JTWROS account want that designation removed and turned into a straight joint account, and all sign off on the amended signature card.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:24.0pt;font-family:"Freestyle Script";color:blue">Joseph M. Vincent<o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:#006600">Director of Regulatory & Legal Affairs<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:#006600">WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:#006600">(360) 902-0516 - joseph.vincent@dfi.wa.gov<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="color:windowtext">From:</span></b><span style="color:windowtext"> wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Doug Schafer<br>
<b>Sent:</b> Thursday, January 25, 2018 2:33 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com>; Julius, Daelyn <djulius@vjglaw.com><br>
<b>Subject:</b> Re: [WSBAPT] Great Banks in Tacoma<o:p></o:p></span></p>
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</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I've not seen a bank account denominated as "community property account."<br>
I believe an account denominated as "joint account without right of survivorship" would be considered a tenancy in common.<br>
Most depository institutions limit their account types to those listed at RCW 30A.22.050 "The types of accounts in which funds may be deposited with a financial institution include, but are not limited to, the following:<br>
(1) A single account;<br>
(2) A joint account without right of survivorship;<br>
(3) A joint account with right of survivorship;<br>
(4) An agency account;<br>
(5) A trust or P.O.D. account; and<br>
(6) Any compatible combination of the foregoing."<span style="font-size:12.0pt"><o:p></o:p></span></p>
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<p class="MsoNormal" style="text-indent:.25in"><br>
And note this: RCW 30A.22.030 Construction. When construing sections and provisions of this chapter, the sections and provisions shall:<o:p></o:p></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt">(5) Not be deemed to alter the community or separate property nature of any funds held on deposit by a financial institution or any individual's community or separate property rights thereto, and a depositor's
community and/or separate property rights to funds on deposit shall not be affected by the form of the account;<br>
<br>
And see: RCW Ch. 64.28 that provides even an account JTWROS is presumed to be a community property account if between spouses.
<a href="http://app.leg.wa.gov/RCW/default.aspx?cite=64.28">http://app.leg.wa.gov/RCW/default.aspx?cite=64.28</a><br>
<br>
Doug Schafer, in Tacoma<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal">On 1/25/2018 9:04 AM, Julius, Daelyn wrote:<o:p></o:p></p>
</div>
<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
<p class="MsoNormal">My married couple clients are having difficulty finding banks in Tacoma that will let them transfer their assets out of Joint Tenants With Right of Survivorship to a Community Property Account. Does anyone know of any Tacoma banks that
will let you have a Community Property Account and if not a Joint Tenants Without Right of Survivorship Account? Thanks in advance for your responses. Have a great day.<o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal"><b><span style="font-size:14.0pt">Daelyn Julius</span></b><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Attorney at Law</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:8.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><img border="0" width="270" height="84" style="width:2.8125in;height:.875in" id="Picture_x0020_2" src="cid:image001.png@01D395F1.A5654210" alt="VJG logo"><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:8.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#943634">1201 Pacific Avenue, Suite 1900</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#943634">PO Box 1315</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#943634">Tacoma, WA 98401-1315</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#943634">Office: 253-383-3791</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#943634">Fax: 253-383-6377</span><o:p></o:p></p>
<p class="MsoNormal"><u><span style="font-size:12.0pt;color:#943634"><a href="http://www.vjglaw.com/"><span style="color:blue">www.vjglaw.com</span></a></span></u><o:p></o:p></p>
<p class="MsoNormal"><i><span style="font-size:10.0pt;color:#1F497D">_______________________________</span></i><o:p></o:p></p>
<p class="MsoNormal"><i><span style="font-size:10.0pt;color:#1F497D">This email and any files transmitted with it are from the law firm of Vandeberg Johnson & Gandara, LLP and may contain privileged, confidential, or protected information. If you are not the
intended recipient, any disclosure, copying, or use of the contents of this message or any attachments is prohibited. If you have received this transmission in error, please notify us and delete this email and any attached files.</span></i><o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><br>
<br>
<br>
<o:p></o:p></span></p>
<pre>_______________________________________________<o:p></o:p></pre>
<pre>WSBAPT mailing list<o:p></o:p></pre>
<pre><a href="mailto:WSBAPT@lists.wsbarppt.com">WSBAPT@lists.wsbarppt.com</a><o:p></o:p></pre>
<pre><a href="http://mailman.fsr.com/mailman/listinfo/wsbapt">http://mailman.fsr.com/mailman/listinfo/wsbapt</a><o:p></o:p></pre>
</blockquote>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
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