Tom and Mary set up an account using the word "and", and now Tom wants to change the word to "or" and have the first check voided and a new one issued with the "or". Is this legal?
Generally this matters when a check is payable to "Tom AND Mary" where both need to endorse it to cash it. If a check was payable to "Tom OR Mary" either could endorse and cash it.
For account ownership, both Tom and Mary are the owners and have the benefits and liabilities that come with a joint account, regardless of "and" or "or" on their records.
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Generally this matters when a check is payable to "Tom AND Mary" where both need to 