Two customers with a joint Cash Reserve account have equal ownership of the assets in the account. Each owner can transfer, deposit, and withdraw money. Upon the death of one of the joint Cash Reserve account owners, the entire interest in the account is transferred to the surviving account owner.
On the other hand, a beneficiary does not have access, control, or ownership over the account while the account owner is alive. Upon the death of both of the joint account holders, the assets are transferred to the beneficiary.
Please note that after the death of one of the joint Cash Reserve account owners, FDIC insurance will decrease after a six month grace period to the amount covered by an individual Cash Reserve account, up to $2 million† once deposited into our program banks.