MI SB0566

Requires savings banks to provide written disclosure to all applicants establishing a joint account explaining that each account holder owns the money in the account.

Mandates disclosure that each joint account holder has authority to deposit or withdraw any or all money in the account.

Requires disclosure that upon death of a joint account owner, remaining owners continue as owners with continued access to the account funds.

Mandates disclosure that money in a joint account may be subject to claims by creditors of any joint account holder.

Allows savings banks to include the disclosure in a separate document or as part of other account-related documents, with option to deliver to an adult on behalf of minor account holders.

Takes effect one year after enactment.