Joint Tenancy in Joint Bank Accounts?

Joint Tenancy? What concept is this?

I got this article from a friend. It is a MUST READ for Malaysians.


It happens in west Malaysia , husband and wife and 1 son. Husband pass away due to accident and husband has
a RM50k joint saving account with wife, what happen is
the
wife / like most ppl think, when husband pass away, she
will
get the money automatically since it is joint account.
But
to her surprise, She could not withdraw even a
single
cent!! Joint saving account is meant for convenience
when
spouse need it the most, but most ppl always assume
once
the other holder dies, another half will get the money
automatically
which is very wrong.

I
would
like
to share my opinion with all of you, you may take it
as
educational thoughts or for you to be aware. When one
person
dies, the other joint holder of the saving account
wll
get the
money automatically only if that particular bank
practise
'JOINT TENANCY' - this terms means one
party
die, the other joint party gets money
automatically.But
unfortunately,not all banks practise JOINT
TENANCY,
some foreign banks practise and most local banks
dont
practise, If you want to be sure, just ask ur bank is
their joint saving
account based on JOINT TENANCY, if it is
yes,
get the black and white.

Can
u all imagine, when husband pass away, the wife already
suffer
emotional loss, now suffering the problem of having
'NO
MONEY' although it is in join
account.Because
of husband ignorance, now
the wife and son
pay
for it.