Hi @gfb107 – we do not have an account type for joint tenancy specifically. What kind of funding source is being attached to the customer, is it a personal consumer account or is it a business account? This will help us determine which existing account type you can use.
Thanks for the clarification, Greg. Our Compliance team recommends the following for Joint Tenancy customer.
The authorized account holder should be what dictates the type of account. If it is a business account then it should be set up under a business account. Soleprop account types are really meant for one owner, but yes we also allow a soleprop to be used for trusts because our product is not created for every scenario.
If the funding source is not in a business name, and say there are several individuals as authorized signers, they may just want to set up as a personal VCR under one of the authorized signer’s names, but if it is a business account it really needs to be under a business account type to ensure the correct SEC code is applied since business accounts have a shorter return window.
That is correct! Except, if the bank account to be used by the joint tenancy is a personal consumer bank account, then they must be created as a Personal Verified Customer to ensure that there are no issues when creating transfers.