Question: QUESTION 3. A joint account involves an account owned and operated by two or more individuals other than a partnership or trust. As a banker,

QUESTION 3.

A joint account involves an account owned and operated by two or more individuals other than a partnership or trust. As a banker, how will you handle the following situations relating to joint accounts?

(a) Explain in detail the two incidents of Joint Accounts Right of survivorship and Joint Liability to Mr. & Mrs. Dacosta Aboagye who have requested to open a joint account with your bank

[8 MARKS]

(b) List and explain 6 clauses that can be found in a joint account mandate form.

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