MI HB4622

Requires savings banks to provide written disclosure to each joint account holder before opening a joint account, explaining that each holder owns the account money and can deposit or withdraw funds at any time.

Mandates the disclosure inform account holders about alternative account types that designate beneficiaries without allowing access during the account owner's lifetime, if that is their intention.

Requires each joint account holder to sign and deliver a written acknowledgment to the savings bank confirming they have read and understand the joint account disclosure.

Allows savings banks to include the required disclosure and acknowledgment on or with any signature card provided to joint account holders in connection with opening an account.