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Is the approval of all account holders required for a request to add a beneficiary when there are multiple account holders?

September 12, 2022
November 27, 2023
Customer Experience, Standard Operating Procedures, Account Maintenance, Beneficiary, Joint Owner
Joint owner, Beneficiary, Joint account requesting a beneficiary, Multiple Joint Signers, Approval
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No, approval is not required from other joint signers to add beneficiaries to an account. Each joint account holder possesses equal access, and any one of them is authorized to add a beneficiary to the account, with the condition that they adhere to the maximum limit of 5 beneficiaries per account.