NY S06545

Establishes legal framework for joint accounts at banking organizations, savings and loan associations, and credit unions in New York, allowing deposits to be paid to either account holder or the survivor.

Designates title to property in joint accounts as solely belonging to the depositor regardless of the source of funds or when deposited.

Requires account contracts, signature cards, or documents to include a provision where the depositor selects whether remaining funds pass to the other person (survivorship account) or become part of the depositor's estate (convenience account).

Provides that if no selection is made or the provision is absent, remaining funds default to being part of the depositor's estate.

Directs the superintendent of banks to promulgate regulations requiring depositors to be informed of account terms, conditions, and consequences of joint account ownership.