This law allows banks to handle multiple-party accounts (where more than one person can access the account) just like single-party accounts. Any of the account holders or their agents can access the account unless the account terms say otherwise. If the account terms specify, more than one party may be needed to approve withdrawals, both while all account holders are alive and after any have passed away. However, this doesn't prevent the last survivor from accessing the remaining funds.

Banks do not need to check who's putting money into or taking money out of these accounts, determine who contributed what, or limit access based on contributions. Additionally, the funds in these accounts can still be subject to claims or holdbacks like debts or liens unless otherwise agreed in writing.

If you have a joint account, any of the account holders can withdraw money from it, no matter if the others are unable to or have passed away. However, if someone has died, their representative or heirs can't get money from the account unless they show proof that the deceased was the last living account holder. This rule changes if the account terms don't include the right of survivorship.

This law explains who can receive money from a "Payable on Death" (P.O.D.) account, and under what circumstances. Any original person listed on the account can access it as agreed. If a P.O.D. payee has died, their heirs or personal representative can claim the funds if they prove the payee outlived all other original account holders. Similarly, if an original account holder dies, their heirs or personal representative can claim the funds with proof that they outlived everyone else named on the account.

A Totten trust account can be paid out to the trustee upon request, as long as it follows the account's terms. If the trustee dies, the bank can pay out the funds to the trustee's personal representative or heirs, but only if no written notice has been received stating that the beneficiary's interest is not dependent on outliving the trustee. This payment is possible if the deceased trustee was the last surviving person on the account. Similarly, if a beneficiary dies, the funds can be paid to the beneficiary or their heirs, provided evidence shows the beneficiary outlived all the trustees.

This law explains that when a bank makes payments according to certain sections (5401 to 5404), it's protected from claims about those payments, even if there are disputes about who really owns the money in the account. However, this protection doesn't apply if the bank has been served with a court order stopping payments.

If a bank receives written notice that withdrawals shouldn’t be allowed without more than one signature, it must follow those instructions until ownership rights are settled. The bank is not responsible for following these instructions. Lastly, this law doesn’t affect disputes between account holders over ownership and works along with other legal protections for banks.

This law explains that if a bank account is labeled as a Totten trust account, the rules for Totten trusts will apply. This is true even if it's named as a trustee account for someone else, unless the bank has been given written notice that it is not actually a Totten trust.

This law explains how financial institutions should handle payments to minors in California.

If a minor is on a joint account, they or someone they authorize can receive payments, making it legal for the bank to release the funds.

However, if the minor is getting paid because they are named as a pay-on-death beneficiary or in a Totten trust, other rules apply. In these cases, payments must be handled under the California Uniform Transfers to Minors Act or other specific laws.