MI HR0339

Memorializes Congress to require federally regulated financial institutions to disclose all ramifications of joint accounts to customers before issuing the accounts

Addresses vulnerability of senior citizens and others who may not understand that joint account holders can withdraw funds without permission or knowledge of other holders

Notes that joint account assets become sole property of surviving account holders upon death of another account holder, a consequence many account creators are unaware of

Calls for financial institutions to bear responsibility for ensuring customers fully understand the scope and authority granted to each joint account holder

Directs copies of the resolution be sent to the President of the United States Senate, Speaker of the House, and Michigan's congressional delegation