Banking Awareness - Types Of Bank Accounts
Which joint account type allows only the first-named account holder to operate the account during their lifetime?
Which joint account type allows only the first-named account holder to operate the account during their lifetime?
easy Q12 of 15
Step-by-Step Solution
Step 1: Identify the lifetime restriction.
Only the first-named holder can operate.Step 2: Recall joint account rules.
This rule applies to Former or Survivor accounts.Final Answer:
Former or Survivor → Option BQuick Check:
First holder only = Former or Survivor ✅
Quick Trick: Former = first-named holder.
Common Mistakes:
MISTAKES- Confusing Former or Survivor with Either or Survivor.
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