Banks That Allow Tenants by Entirety

When couples purchase property together, they have the option to own the property as "tenants by entirety." This form of ownership provides several benefits, including asset protection and simplified transfer of ownership in case of death.

Tenancy by entirety differs from other forms of co-ownership in that it is only available to married couples. Under this arrangement, each spouse owns an equal share of the property and has the right to use and enjoy the entire property. In addition, neither spouse can sell or encumber their share without the other’s consent.

One important consideration for couples who choose tenancy by entirety is which banks will allow them to open a joint account. Not all banks permit accounts owned by tenants by entirety, so it’s important to do some research before choosing a bank.

In this article, we will explore banks that allow tenants by entirety and provide some tips for finding a bank that meets your needs.

Banks That Allow Tenants By Entirety

The following is a list of banks that allow tenants by entirety:

1. Chase Bank
2. TD Bank
3. PNC Bank
4. Wells Fargo
5. US Bank

These are just a few examples of banks that permit tenancy by entirety accounts. However, it’s important to note that policies may vary depending on location and specific account type.

How To Find A Bank That Allows Tenants By Entirety Accounts

If you’re interested in opening a joint account as tenants by entirety, there are several steps you can take to find a bank that permits this form of ownership:

1. Research Local Banks

Start your search for a tenant by entirety friendly bank in your local area. Check with smaller community banks first as they tend to be more flexible with such arrangements than major regional or national banking institutions.

2. Ask For Recommendations

Ask people you know who have jointly owned accounts with their spouses about their banking experiences. They may be able to recommend a bank that permits tenancy by entirety.

3. Check Bank Policies

Once you have identified potential banks, check their policies online or give them a call to confirm they allow tenants by entirety accounts. Also, inquire about any fees or requirements associated with opening such an account.

4. Consider Multiple Accounts

If the bank does not allow tenants by entirety accounts, consider opening separate joint accounts for each spouse, which can still provide many of the same benefits.

Benefits Of Tenants By Entirety Ownership

There are several benefits of owning property as tenants by entirety:

Asset Protection

Tenants by entirety ownership offers protection from creditors in case one spouse is sued, as creditors cannot take action against property owned jointly as tenants by entirety.

Simpler Transfer Of Ownership

If one spouse dies, the other spouse automatically inherits the entire ownership of the property without going through probate. This can simplify estate planning and avoid lengthy and costly legal proceedings.

Equal Ownership And Control

Each spouse has an equal right to use and enjoy the entire property and neither partner can sell or encumber their share without the consent of the other.

Conclusion

When choosing a bank for joint accounts as tenants by entirety, it’s important to do your research and find a bank that meets your needs. While larger national banks tend to have more restrictive policies regarding joint ownership arrangements, smaller community banks may be more accommodating.

Overall, tenancy by entirety provides several advantages over other forms of co-ownership and should be considered if you are married and purchasing property together.