During our Branch Managers/Operations meeting this morning, a discussion ensued regarding the necessity (or not) of having the ownership verbage appear on the system as opposed to just having it marked on the signature card. For example, if we have an ownership of JTWROS, and it is noted on the signature card, would it not also be prudent to have it appear on the system - signature cards are kept in a central location; signatures are scanned, but the ownership is not. Any thoughts?

If it appears on the "system" would that mean it also appeared on the customers monthly statement? If so, do you really want your customers to see that each month? They might ask what it actually means? Is all your staff prepared to respond... I doubt it? We have always downplayed the JTWROS vs. JTWOROS issue. In fact, 99.99999% of our accounts are JTWROS. We don't want to babysit, because with turnover and numerous branches we can't train ALL employees to ALWAYS catch a withdrawal after there has been a death and the person was only on the account as an accomodation, not as a JTWROS. If the staff was that smart, they'd be in law school not working at a bank. The more you advertise the issue of the difference b/w JTWROS and JTWOROS, the more likely your bank will make an error that will cost you $$$$$.
Good luck....and remember the old expression, "let sleeping dogs lie".

The only accounts we have that show JTWROS or JTWOROS in the account title are those where the account owners have specifically requested it. Generally, the customers asking us to do it have been directed to do so by their attorney or estate planner.