How to Open a Tenancy by the Entirety Account

Opening a tenancy by the entirety account in Florida requires more attention than most couples expect. Banks and brokerage firms do not explain the asset protection consequences of their account applications, and courts have held that the responsibility for selecting the correct ownership type falls entirely on the depositor.

The steps depend on whether the institution offers TBE as an ownership option. When it does, the couple must select it. Choosing JTWROS when a TBE option is on the form creates a presumption against entireties ownership under Beal Bank, SSB v. Almand & Associates (Fla. 2001). When TBE is not offered, Section 655.79 creates a default presumption of entireties ownership, but the couple should still document their intent.

Opening a New Bank Account as TBE

A married couple opening a new bank account should start by confirming that the bank does not disclaim TBE in its deposit agreement. Truist, PNC, and Fifth Third have written language stating that joint accounts are JTWROS “and not tenants by the entirety.” Opening an account at one of these banks will not produce a TBE account regardless of what the signature card says. Roughly 25 states recognize tenancy by the entirety for bank accounts, and which banks allow TBE designation varies by institution.

The second step is completing the signature card correctly. If the bank’s application offers TBE as one of several ownership options, select it. Do not select “joint tenants with right of survivorship,” “multi-party account with right of survivorship,” or any similar option when TBE is available as an alternative. Selecting JTWROS when TBE is on the form constitutes an affirmative rejection of TBE under Beal Bank.

Some banks use abbreviations on the signature card: “Ten. by Ent.,” “Tenancy Entir.,” or “TBE.” These all mean the same thing. If you are unsure which option to select, ask the branch manager. Do not rely on the bank teller to explain the legal consequences. Courts have held that banks have no obligation to advise customers about asset protection implications.

The third step is reading and keeping a copy of the customer agreement. Even if the signature card correctly designates TBE, a contradictory clause in the customer agreement can defeat TBE ownership. The Fourth District Court of Appeal held in Storey Mountain, LLC v. George (Fla. 4th DCA 2023) that the bank’s written agreement controlled over the signature card. Keep a copy of the agreement as it existed on the date the account was opened.

When the Bank Does Not Offer TBE

Florida Statutes Section 655.79 creates a presumption that any joint account held by a married couple is TBE unless the couple specifies otherwise in writing. When a bank does not list TBE on its signature cards and does not disclaim TBE in its customer agreement, this presumption applies automatically. A married couple that opens a joint account at such a bank is presumed to have a TBE account.

The presumption is strongest when no TBE option was available on the form because the couple had no opportunity to accept or reject TBE. A creditor would need to overcome the presumption by showing that the couple intended some other form of ownership, which is difficult when the bank never presented the choice.

A Florida bankruptcy court has noted, however, that when a bank does not offer TBE, the depositors bear the initial burden of showing their intent to hold the account as TBE. The couple should take steps to document their intent even when the bank’s system does not accommodate TBE.

The most effective approach is to send a signed letter to the bank declaring that both spouses intend the joint account to be held as tenants by the entirety. The letter should include the account number, both spouses’ names, and a request that the bank place it in the account file.

A sample letter might read: “We, [Spouse A] and [Spouse B], as husband and wife, intend our joint Account #[XXXX] to be held as Tenants by the Entirety under Florida Statutes Section 655.79. We request that this letter be placed in the account file.” Keep a copy for your records.

A supplementary step is to execute a TBE affidavit—a sworn statement signed by both spouses affirming that they intend to hold the account as tenants by the entirety. The affidavit creates stronger evidence of intent than an unsigned letter because it carries the weight of a sworn declaration. If a creditor later challenges the account’s status, the affidavit and the letter together establish a clear record that the couple intended entireties ownership from the outset.

Even if the bank’s staff are unfamiliar with TBE or cannot formally acknowledge it in their system, this documentation creates a paper trail that can be produced in court.

Opening a Brokerage Account as TBE

Most major brokerage firms explicitly offer TBE as an account ownership option, making the process more straightforward than at many banks.

At Charles Schwab and Interactive Brokers, TBE is a standard checkbox on the account application. Select it during the application process, and the account will be designated as TBE from the outset.

At Fidelity, TBE is not listed as a standard online option. Couples must use the paper “Non-Retirement Brokerage Account” form, select “Other non-trust account,” and write in “Joint Tenants by Entirety.” Fidelity’s customer agreement recognizes TBE, and the firm allows Transfer on Death beneficiary designations on TBE accounts.

At Vanguard, TBE requires a phone call—no online option exists. During the call, Vanguard verifies that the customer’s state recognizes TBE before proceeding. The account will be titled “Tenants by entirety with right of survivorship (TEN ENT WROS).” Existing Vanguard joint accounts cannot be converted to TBE; the couple must open a new account and transfer assets.

A married couple’s investment accounts often hold more value than bank accounts, so getting the brokerage account designation right is worth the extra effort each firm’s process requires.

Converting an Existing Account to TBE

Many married couples discover—often after consulting with an attorney—that their existing joint accounts are titled as JTWROS rather than TBE. The conversion process depends on whether the account is at a bank or a brokerage firm.

Bank accounts are the simplest to convert after the Florida Supreme Court’s December 2025 decision in Loumpos v. Bank One. The Court held that Florida Statutes Section 655.79 controls over the common law unities of time and title for bank accounts. Under this ruling, a couple that adds a spouse to an existing account and designates it as TBE on a new signature card can create valid TBE ownership, even though the account was originally opened by one spouse alone.

The practical process is to visit the bank, request a new signature card, and designate the account as TBE. If the bank offers TBE on the signature card, select it. If the bank does not offer TBE, submit a letter of intent as described above. The Loumpos decision makes conversion viable, but opening a new joint account with both spouses from the start remains the cleanest path because it eliminates any potential dispute over the original account’s history.

Brokerage accounts require more caution. The Loumpos ruling applied to bank accounts governed by Section 655.79. Whether the same reasoning extends to brokerage accounts remains an open question. The safer approach for brokerage accounts is still to open a new joint account with both spouses as original owners, designate it as TBE, and transfer the assets from the old account.

Conversion processes vary by firm. Fidelity allows conversion through a letter of instruction. Schwab requires a specific form plus deletion of any existing beneficiary designations. Vanguard does not allow conversion at all and requires opening a new account. During any asset transfer, keep independent records of cost basis, as some firms report a loss of cost basis data during the transition.

Accounts to Avoid for TBE

Avoid banks that expressly disclaim TBE in their customer agreements for asset protection purposes. No matter what the signature card says, the written agreement controls under Storey Mountain. Truist, PNC, and Fifth Third all include express TBE disclaimers.

Online banks that designate all joint accounts as JTWROS in the deposit agreement present a similar problem. Under the Storey Mountain ruling, an agreement that affirmatively designates JTWROS may constitute a written disclaimer of TBE. Couples should read the full deposit agreement before opening an account at any online bank.

Fintech platforms like Robinhood offer only JTWROS for joint accounts. Coinbase does not offer joint accounts at all. Neither platform is suitable for couples seeking TBE protection. Webull may support TBE through its Apex Clearing relationship, but confirm this directly with the platform before relying on it.

Maintaining TBE Status Over Time

TBE ownership can be lost after the account is opened if the couple or the bank makes changes that break the requirements for entireties protection. Several recurring situations cause problems.

Do not add third parties as account owners. A TBE account must be held exclusively by the married couple. Adding a parent, child, or business partner as a co-owner destroys the tenancy by entirety because the property is no longer held solely by the marital unit. If someone other than the spouse needs access to the account for convenience purposes, use a power of attorney or authorized signer designation rather than adding them as a joint owner.

Both spouses should use the account. While day-to-day transactions do not require both spouses to approve each action, the account should function as a genuine joint marital account. If only one spouse ever deposits into or withdraws from the account, a creditor could argue that the account is not truly held by the marital unit. This argument is difficult to win after Beal Bank, but it can be avoided entirely by ensuring both spouses have access and both use the account at least occasionally.

Review the account after bank mergers. When one bank acquires another, the surviving entity’s customer agreement replaces the original. If the acquiring bank’s agreement includes a TBE disclaimer that the original bank’s agreement did not, the account may lose its TBE designation going forward. Review account terms whenever you receive a notice of a bank merger or acquisition, and confirm that TBE ownership has been preserved under the new agreement.

Monitor account statements for unexpected changes. Bank of America reclassified at least one TBE joint account as “tenants in common” without notifying the depositor. The bank’s customer agreement reserved the right to modify contract terms without notice.

While the couple’s original intent may still control in court, a creditor that sees a non-TBE designation on the bank’s records may serve a garnishment writ based on what the records show. Catching such changes early allows the couple to move the funds before a creditor acts.

Keep copies of all account-opening documents. The signature card, the customer agreement as it existed on the date the account was opened, any letters of intent, and any TBE affidavits submitted to the bank are the primary evidence of TBE ownership. Store these documents in a safe place accessible to both spouses.

Quick Reference by Account Type

Account Type	Best Approach	Key Consideration
Bank account (TBE offered on form)	Select TBE on signature card; read customer agreement	Do not select JTWROS when TBE is available
Bank account (TBE not offered)	Open as joint; send letter of intent and TBE affidavit; read customer agreement	Confirm the agreement does not disclaim TBE
Brokerage account (TBE offered)	Select TBE during application	Process varies by firm
Brokerage account (TBE not offered)	Contact firm to request TBE designation before selecting JTWROS	If TBE is unavailable, consider a different firm
Existing individual account	Open new joint TBE account and transfer assets	Loumpos simplifies conversion for bank accounts; brokerage accounts should use new account
Online bank / fintech	Read full deposit agreement; send letter of intent if no TBE disclaimer	Situs and governing law questions may affect TBE applicability

Selecting the wrong ownership type, failing to read the deposit agreement, or relying on banks that disclaim entireties ownership are the most common errors that defeat TBE protection. Only TBE provides creditor protection against individual judgments; JTWROS and tenancy in common both leave the account vulnerable to garnishment despite offering survivorship rights.