NY A08002

Establishes new Banking Law Section 675-a creating joint accounts and joint and survivorship accounts at banking organizations, savings and loan associations, and credit unions.

Allows either account holder to withdraw funds during both parties' lifetimes, but requires written notice from either party to restrict withdrawals to both parties jointly.

Provides that deposits made by a third party to a joint account are considered made by the original depositor and do not constitute a gift.

Upon the depositor's death, funds pass either by right of survivorship to the other person or as part of the depositor's estate based on written designation at account establishment; if no designation is made, funds default to the depositor's estate.

Requires the banking superintendent to promulgate regulations ensuring depositors are informed of joint account terms, conditions, and consequences, and applies only to accounts opened after this law's effective date.

Repeals Banking Law Section 678 and renumbers Section 679 as Section 678 to update the public awareness campaign requirements to reference joint and survivorship accounts.