a. Describe how retail bank turn a single saving account into joint account. Briefly describe the procedure involved. In additions, your team is required to mention three major differences in account opening procedure or documentation between single account and joint account.

b. Daniel and Mark have maintained a joint current account at your branch with the usual form of joint a/c mandate requiring both to sign for withdrawal of funds. Today you receive notice of death of Mark together with a letter from his Executors asking you to pay the entire balance of $75,000 in the a/c. Around the same time you also receive a request from Daniel asking for the entire balance in the account to be transferred to the savings account in his sole name at your branch.

Discuss, supported by appropriate reasons, how you will deal with the requests.

c. Martin your customer informs that he wishes his daughter, who looks after him, to receive the balance of his fixed deposit and savings account after his death. He asks you to accept his letter as formal notification to this effect. Explain what action will you take? Why?