looking for legal difference between name of convience and joint owner of bank accounts?

Answer 1

It's always good to be precise with terminology, especially in the field of law. Joint owner could refer to either "owner in common" or "joint tenancy (owner) with rights of survivorship". Each works differently.

Ownership in common simply means both parties have equal access to and use of the property, be it a house or a bank account. Each person's interest is separate, and no special rules apply for inheritance or transfer.

Joint tenancy (ownership) with rights of survivorship mean that upon one person's death, the other person automatically inherit the other half property as an operation of law. So, for example, if two people owned a house in joint tenancy, and one died, the other would get the whole house, regardless of what the deceased person's will said. In almost every state, joint tenancy operates outside of probate, so the will does not take effect. Same would generally apply to other types of jointly-owned property, including bank accounts. However, be aware of Community Property laws, which exist in some states, and make things even more complicated.

I can't find any references to "name of convenience" as a term of art or having special meaning in the banking or legal industry.