Survivorship Agreement

ABOUT

• Survivorship Agreement is an arrangement mutually agreed into by the depositors of joint accounts so that in case of death of one depositor, the total outstanding balance of the account jointly owned by the parties, after deducting the deceased member’s obligations, shall be automatically transferred to the surviving co-depositors.

FEATURES

• Automatic transfer of outstanding balance to the surviving co-depositor after deduction of the deceased member’s financial obligations and any other necessary account/s adjustments.

ELIGIBILITY

• All AFPSLAI members (regular and associate) with updated membership records and membership account status.

PROCEDURES

1. Member proceeds to Membership Section of any AFPSLAI Branch.
2. Membership Staff screens eligibility of the requesting members based on the prevailing By-Laws and Association policies
3. Member completely fills out the Request Form for Joint Account and the Survivorship Agreement Form. Membership Staff receives the request form.

Q: Can Non-AFPSLAI member also apply for a Survivorship Agreement?
A: No. Only AFPSLAI members can be in a Joint Account and apply for a Survivorship Agreement.

Q: How many account holders are allowed in a Joint Account with Survivorship Agreement?
A: Maximum of three (3) account holders (principal account holder and two (2) co-depositors)

Q: Can the principal account holder apply for a Joint Account and Survivorship Agreement even in the absence of its chosen co-depositor?
A: Yes. As long as the application is duly signed by the co-depositor of choice, and the membership records and status of accounts are updated.

Q: Is Joint Account allowed for Pension and PVAO accounts?
A: No. Joint Account is only applicable for Capital Contribution Account and Savings Deposit

• SURVIVORSHIP AGREEMENT FORM