30A.22.010 – Short title.

RCW 30A.22.010 Short title. This chapter shall be known and may be cited as the financial institution individual account deposit act. [ 1981 c 192 § 1. Formerly RCW 30.22.010.]

30A.22.020 – Purposes.

RCW 30A.22.020 Purposes. The purposes of this chapter are: (1) To provide a consistent law applicable to all financial institutions authorized to accept deposits from individuals with respect to payments by the institutions to individuals claiming rights to the deposited funds; and (2) To qualify and simplify the law concerning the respective ownership interests of […]

30A.22.030 – Construction.

RCW 30A.22.030 Construction. When construing sections and provisions of this chapter, the sections and provisions shall: (1) Be liberally construed and applied to promote the purposes of the chapter; and (2) Be considered part of a general act which is intended as unified coverage of the subject matter, and no part of the chapter shall […]

30A.22.040 – Definitions.

RCW 30A.22.040 Definitions. Unless the context of this chapter otherwise requires, the terms contained in this section have the meanings indicated. (1) “Account” means a contract of deposit between a depositor or depositors and a financial institution; the term includes a checking account, savings account, certificate of deposit, savings certificate, share account, savings bond, and […]

30A.22.041 – Definitions.

RCW 30A.22.041 Definitions. The definitions in this section apply throughout this section and RCW 30A.22.240 and 30A.22.245. (1) “Customer” means any person, partnership, limited partnership, corporation, trust, or other legal entity that is transacting or has transacted business with a financial institution, that is using or has used the services of an institution, or for […]

30A.22.050 – Types of accounts which financial institution may establish.

RCW 30A.22.050 Types of accounts which financial institution may establish. The types of accounts in which funds may be deposited with a financial institution include, but are not limited to, the following: (1) A single account; (2) A joint account without right of survivorship; (3) A joint account with right of survivorship; (4) An agency […]

30A.22.060 – Requirements of contract of deposit.

RCW 30A.22.060 Requirements of contract of deposit. The contract of deposit shall be in writing and signed by all individuals who have a current right to payment of funds from an account. The designation of an agent, or trust or P.O.D. account beneficiary by a depositor of a joint account without right of survivorship, or […]

30A.22.070 – Accounts of minors and incompetents.

RCW 30A.22.070 Accounts of minors and incompetents. A minor or incompetent may enter into a valid and enforceable contract of deposit with the financial institution and any account in the name of a minor or incompetent shall, in the absence of clear and convincing evidence of a different intention at the time it is created, […]

30A.22.080 – Accounts of married persons.

RCW 30A.22.080 Accounts of married persons. A financial institution may enter into a contract of deposit without regard to whether the depositor is married and without regard as to whether the funds on deposit are the community or separate property of the depositor. [ 1981 c 192 § 8. Formerly RCW 30.22.080.]

30A.22.090 – Ownership of funds during lifetime of depositor.

RCW 30A.22.090 Ownership of funds during lifetime of depositor. Subject to community property rights, during the lifetime of a depositor, or the joint lifetimes of depositors: (1) Funds on deposit in a single account belong to the depositor. (2) Funds on deposit in a joint account without right of survivorship and in a joint account […]

30A.22.100 – Ownership of funds after death of a depositor.

RCW 30A.22.100 Ownership of funds after death of a depositor. Subject to community property rights and subject to the terms and provisions of any community property agreement, upon the death of a depositor: (1) Funds which remain on deposit in a single account belong to the depositor’s estate. (2) Funds belonging to a deceased depositor […]

30A.22.110 – Controversies between owners.

RCW 30A.22.110 Controversies between owners. *RCW 30.22.090 and 30.22.100 are intended to establish ownership of funds on deposit in the accounts stated, as between depositors and/or trust or P.O.D. account beneficiaries, and the provisions thereof are relevant only as to controversies between such persons and their creditors, and other successors, and have no bearing on […]

30A.22.120 – Right to rely on form of account—Discharge of financial institutions.

RCW 30A.22.120 Right to rely on form of account—Discharge of financial institutions. In making payments of funds deposited in an account, a financial institution may rely conclusively and entirely upon the form of the account and the terms of the contract of deposit at the time the payments are made. A financial institution is not […]

30A.22.130 – Rights as between individuals preserved.

RCW 30A.22.130 Rights as between individuals preserved. The protection accorded to financial institutions under RCW 30A.22.120, 30A.22.140, 30A.22.150, 30A.22.160, 30A.22.170, 30A.22.180, 30A.22.190, 30A.22.200, 30A.22.210, and 30A.22.220 shall have no bearing on the actual rights of ownership to deposited funds by a depositor, and/or between depositors, and/or by and between beneficiaries of trust and P.O.D. accounts, […]

30A.22.140 – Payment of funds to a depositor.

RCW 30A.22.140 Payment of funds to a depositor. Payments of funds on deposit in a single account may be made by a financial institution to or for the depositor regardless of whether the depositor is, in fact, the actual owner of the funds. Payments of funds on deposit in an account having two or more […]

30A.22.150 – Payment to minors and incompetents.

RCW 30A.22.150 Payment to minors and incompetents. Financial institutions may make payments of funds on deposit in an account established by a depositor who is a minor or incompetent without regard to whether it has actual knowledge of the minority or incompetency of the depositor unless the branch of the financial institution at which the […]

30A.22.160 – Payment to trust and P.O.D. account beneficiaries.

RCW 30A.22.160 Payment to trust and P.O.D. account beneficiaries. Financial institutions may pay any funds remaining on deposit in an account to a trust or P.O.D. account beneficiary or beneficiaries when the financial institution has received proofs of death of all depositors to the account who pursuant to the terms of the contract of deposit […]

30A.22.170 – Payment to agents of depositors.

RCW 30A.22.170 Payment to agents of depositors. Any funds on deposit in an account may be paid by a financial institution to or upon the order of any agent of any depositor. The contract of deposit or other document creating such agency may provide, in accordance with chapter 11.125 RCW, that any such agent’s powers […]

30A.22.180 – Payment to personal representatives.

RCW 30A.22.180 Payment to personal representatives. Financial institutions may pay any funds remaining on deposit in an account which belongs to a deceased depositor to the personal representative of the depositor’s estate under any of the following circumstances: (1) When the decedent was the depositor on a single account; or (2) When the decedent was […]

30A.22.190 – Payment to heirs and creditors of a deceased depositor.

RCW 30A.22.190 Payment to heirs and creditors of a deceased depositor. In each case, where it is provided in RCW 30A.22.180 that a financial institution may make payment of funds deposited in an account to the personal representative of the estate of a deceased depositor or beneficiary, the financial institution may make payment of the […]