New York
| Joint With Survivorship | Trust | Pay on Death | |
| Banks | Yes 675 Banking Law* |
Yes 7-5.1 to 7-5.7, EPTL** |
No |
| Thrift Institutions | Yes 675 Banking Law* |
Yes 7-5.1 to 7-5.7, EPTL |
No |
| Credit Unions | Yes 675 Banking Law* |
Yes 7-5.1 to 7-5.7, EPTL |
No |
*Section 678 of the Banking Law authorizes the creation of “convenience accounts.” A convenience account is one where the owner of the funds designates another person as having authority to make deposits and withdrawals from the account. However, this authorized person has no ownership interest in the account balance and has no survivorship rights. This type of account was presumably created to discourage people from opening joint accounts with survivorship where the depositor’s purpose was only to give the other person authority to make deposits and withdrawals and not give that person any survivorship rights. Also see the Banking Department, Banking Board General Regulations, Part 15, specifying the formalities for a “convenience account.”
**EPTL stands for Estates Powers and Trusts Law.