Banking Awareness - Types Of Bank Accounts
In a joint account where only the first-named account holder can operate the account during their lifetime, which instruction is followed?
In a joint account where only the first-named account holder can operate the account during their lifetime, which instruction is followed?
easy Q1 of 15
Step-by-Step Solution
Step 1: Identify who can operate during lifetime.
The question specifies only the first-named holder.Step 2: Match with joint account rule.
Former or Survivor allows only the former (first-named) to operate.Final Answer:
Former or Survivor → Option BQuick Check:
Former = first holder only ✅
Quick Trick: Former always refers to the first-named holder.
Common Mistakes:
MISTAKES- Mixing up Former or Survivor with Either or Survivor.
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