How to Open a Tenancy by the Entirety Account

Opening a tenancy by the entirety account in Florida should be straightforward, but in practice it 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 repeatedly held that the responsibility for selecting the correct ownership type falls entirely on the depositor.

This article walks through the process of opening a TBE account at a bank or brokerage firm, what to do when the institution does not offer TBE as an explicit option, how to convert an existing account, and the steps to take to document and preserve TBE ownership over time.

Opening a New Bank Account as TBE

The simplest way to create a TBE bank account is to open a new joint account with both spouses present from the beginning, at a bank that recognizes TBE ownership.

Step one is confirming that the bank does not disclaim TBE in its deposit agreement. Some banks, including Truist, PNC, and Fifth Third, have written language in their customer agreements that expressly states 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. The Which Banks Offer Tenancy by the Entirety? article provides institution-by-institution comparisons.

Step two 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 the framework established in Beal Bank, SSB v. Almand & Associates, 780 So. 2d 45 (Fla. 2001).

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, as courts have held that banks have no obligation to advise customers on the asset protection implications of ownership options.

Step three is reading and keeping a copy of the customer agreement. The agreement is the written contract between the depositors and the bank. 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

Many banks, particularly national banks and online institutions, do not list TBE as an option on their signature cards or account applications. The only joint ownership option may be JTWROS or simply “joint.”

Under Florida Statutes Section 655.79, any deposit or account in the name of two persons who are husband and wife is considered TBE “unless otherwise specified in writing.” This means that when a bank does not offer TBE as an explicit option and does not disclaim TBE in its customer agreement, the statutory presumption of TBE 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.

That said, the presumption is not a guarantee. A Florida bankruptcy court has noted that when a bank does not offer TBE, the depositors bear the initial burden of showing their intent to hold the account as TBE. This means 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 stating that both spouses intend the joint account to be held as tenants by the entirety under Florida law. The letter should include the account number, both spouses’ names, and a request that the bank place the letter in the account file. Keep a copy for your records.

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 in accordance with Florida Statutes Section 655.79. We request that this letter be placed in the account file.”

Even if the bank’s staff are unfamiliar with TBE or cannot formally acknowledge it in their system, the letter creates a paper trail that can be produced in court if a creditor ever challenges the account’s status.

Opening a Brokerage Account as TBE

The process at a brokerage firm is generally more straightforward than at a bank because most major brokerages explicitly offer TBE as an account ownership option.

At firms like 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.

The Brokerage Accounts article provides a detailed comparison of TBE availability at each major brokerage firm, including firms like Robinhood that do not offer TBE at all.

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. Converting the account depends on the institution and the specific circumstances.

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 this conversion much safer than it was under the old common law rules, which required both spouses to have opened the account simultaneously.

Brokerage accounts require more caution. Loumpos 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

Not every financial institution is compatible with TBE ownership. The following situations should prompt a couple to move their funds elsewhere.

Banks that expressly disclaim TBE in their customer agreements should be avoided entirely 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 framework, 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 this should be confirmed directly with the platform before relying on it.

Maintaining TBE Status Over Time

Creating a TBE account is only the first step. The account must be maintained correctly to preserve TBE ownership.

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 trading or transactions typically 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 your 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. In at least one documented case, Bank of America unilaterally changed a joint account from “tenants by entireties” to “tenants in common” without the depositor’s knowledge. The bank’s customer agreement reserved the right to modify contract terms without notice. While the couple’s original intent to hold the account as TBE may still control in court, the practical consequence of a changed designation is that a creditor may serve a garnishment 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, and any letters of intent 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; read customer agreement	Confirm the agreement does not disclaim TBE
Brokerage account (TBE offered)	Select TBE during application	Process varies by firm; see brokerage comparison
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

For a comprehensive overview of tenancy by the entirety in Florida, see the Tenancy by the Entirety in Florida guide. Couples who want to understand the errors that most frequently defeat TBE protection should review the Common Mistakes When Opening TBE Accounts article. The Joint Ownership Types article explains how TBE compares to JTWROS, tenancy in common, and community property ownership.