Multiple Party Account Notice


OceanFirst is authorized by N.J.A.C. 3:1-12.4 to provide you with the following Important Notice regarding your Multiple Party Account, Joint Account or Trust Account. Any such account is subject to the provisions of the Multiple Party Deposit Account Act, N.J.S.A.17:16I-1, et seq.

Joint Accounts:

If you are a joint account holder, ownership of the account cannot be changed by will. Each party to the joint account has a present right to payment from the account. Each party owns his/her net contribution to the account. In the absence of proof of net contributions, and unless the parties have specifically otherwise agreed, each party will own an equal share of the account. We may make payment from the account, including payment of the entire account balance, (i) pursuant to any statutory or common law right of setoff, levy, attachment or other valid legal process or court order, relating to the interest of any one or more of the parties; and (ii) on request to a trustee in bankruptcy, receiver in any state or federal insolvency proceeding or other duly authorized insolvency representative of any one or more of the parties. We are not required to determine net contributions.

Upon death of a party to this account:

  1. Where there is only one surviving party, the entire account will belong to the survivor;
  2. Where there are two or more surviving parties, each will continue to own his/her proportionate share. The portion of the account owned by the deceased party will be shared equally by the survivors.
  3. Tenants in Common Accounts - If you designate the account as a tenants in common account, the portion of the account owned by the deceased party will not be shared by the survivors, rather that portion will be distributed according to the will of the deceased party. There are no rights of survivorship to a Tenants in Common Account.

If a party wants to change the form of the account, the party must notify us in writing. In the case of a Tenants in Common Account, the form can be changed only when a written notice has been signed by all parties to the account, and is received by us during the lifetimes of all parties and must not be countermanded by other written notice from the same parties.

Each party acknowledges having read this notice and agrees to be bound by it.

We will be protected from liability for all payments made from the account according to the Multiple Party Deposit Act. This notice is required by regulation of the New Jersey Department of Banking (N.J.A.C. 3:1-12.4).

Trust Accounts Opened Pursuant to the Savings and Loan Act:

If you hold a trust account, ownership of the account cannot be changed by will.

The account belongs to the trustee/trustees during the lifetime of the trustee/trustees and belongs to the beneficiary/beneficiaries upon the death of all trustees.

  1. Where there are two or more trustees, each trustee has a right to payment from the account. Each trustee owns his/her net contribution. In the absence of proof of net contribution and unless the trustees have specifically otherwise agreed, each trustee will own an equal share of the account during his/her lifetime. Upon the death of a trustee, the surviving trustee/trustees will continue to own his/her proportionate share of the account. The share owned by the deceased trustee will be shared equally by the surviving trustee/trustees. Upon the death of the sole surviving trustee, the account will belong to the beneficiary/beneficiaries;
  2. Where there are two or more beneficiaries, the account belongs to the beneficiary/beneficiaries who survive all the trustees. Unless otherwise specifically stated in the account by the trustee/trustees, each surviving beneficiary will own an equal share of the account. Unless specifically stated, upon the death of a surviving beneficiary, the remaining beneficiary/beneficiaries will not own any portion of the deceased beneficiary's share of the account.
  3. We may make payment from this account, including payment of the entire account balance, (i) pursuant to any statutory or common law right of set off, levy, attachment or other valid legal process or court order, relating to the interest of any one or more of the parties; and (ii) on request to a trustee in bankruptcy, receiver in any state or Federal insolvency proceeding, or other duly authorized insolvency representative of any one or more of the parties. We are not required to determine net contributions.

If a party wants to change the form of the account, the party must notify us in writing. The form of the account can be changed only when a written notice has been signed by all parties to the account and is received by us during the lifetimes of all parties to the account and must not be countermanded by other written notice from the parties.

Each party acknowledges having read this notice and agrees to be bound by it.

We will be protected from liability for all payments made from the account according to the Multiple Party Deposit Act. This notice is required by regulation of the New Jersey Department of Banking (N.J.A.C. 3:1-12.4).

Pay-on-Death (P.O.D.) Accounts:

If this account is a P.O.D. account, ownership of this account cannot be changed by will. This account belongs to the party/parties to this account during their lifetime and belongs to the payee(s) upon the death of all parties. The payee(s) have no present right of withdrawal:

  1. Where there are two or more parties, each party has right to payment from the account. Each party owns his/her net contribution. In the absence of proof of net contribution, and unless the parties have specifically otherwise agreed, each party will own an equal share of the account during their lifetimes. Upon the death of a party, the surviving party/parties will continue to own his/her proportionate share of the account. The share owned by the deceased party will be shared equally by the surviving party/parties. Upon the death of the sole surviving party, the account will belong to the P.O.D. payee(s).
  2. Where there are two or more P.O.D. payee(s), the account will belong to the payee(s) who survive all parties. Unless otherwise specifically stated in the account by the party/parties, each surviving P.O.D. payee will own an equal share of the account. Unless specifically stated in the account by the party/parties, upon the death of a surviving P.O.D. payee, the remaining P.O.D. payee(s) will not own any portion of the deceased payee(s) share of the account.
  3. The Bank may make payment from this account, including payment of the entire account balance, (i) pursuant to any statutory or common law right of set off, levy, attachment or other valid legal process of court order, relating to the interest of any one or more of the parties; and (ii) on request to a trustee in bankruptcy, receiver in any state or Federal insolvency proceeding, or other duly authorized insolvency representative of any one or more of the parties. We are not required to determine net contributions.