MI HB6252

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

Mandates disclosure inform account holders of alternative account types available if their intention is for other account holders to receive funds only upon death, rather than having access during lifetime.

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

Allows banks to include the required disclosure and acknowledgment on or with any signature card used in connection with the joint account.