Read the situation and determine the type of account ownership, why you chose th
ID: 2427071 • Letter: R
Question
Read the situation and determine the type of account ownership, why you chose that type of account, what the tile of the account will read and what documents would be required to open the account
Situation 1
Bill and Jean Atkinson are both 49 years old. They married last Friday in the Los Angeles County Courthouse. As practicing lawyers, they knew the judge, and some of their close friends and adult children attended the ceremony. In fact, the judge advised them about the prenuptial agreement, which they filed. That was a month ago. Today they are busy setting up their home. They go to their bank and begin the process of opening up a deposit account for household expenses (each has an individual checking account). They explain to their banker that they want an account where both signatures are required to make a transaction valid.
Situation 2
Edith, a widow, is 90 years old. She has poor eyesight; arthritis makes it difficult to use her hands. And she has trouble remembering recent event, such as whether she deposited her Social Security check. Edith has no immediate family, so her niece, Sally, has taken the necessary step of obtaining a court decree to make her aunt her ward and assume her financial affairs. Today she is at Edith’s bank and will set up a deposit account so she can write checks to pay for Edith’s health care and other expenses.
Situation 3
A few months ago, Ramona Castile opened a store called “Looking Good” that specializes in beauty products. It is a great success and has been featured in the local newspaper. Ramona has used her own checking account so far, but now she wants to set up an account with the business name.
Explanation / Answer
Situation 1:
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