On the naming of the account, it is a little more complicated. Everyone gets, at least, two accounts with us. One is a joint account, that is named 'Simple', but titled for the benefit of (FBO) our customers. But titling it such, all FDIC insurance flows through to the individual customers.
In addition to the co-mingled account, everyone gets an individual interest baring account, which is directly titled in the name of the customer.
Either way, you can access your funds at any time.
In the case of the co-mingled account, we generate pseudo-account numbers that correspond to your portion of that account.
It is a complicated answer, but unfortunately, banking is complex. We do a lot of heavy lifting on the back end to make it as simple as possible for you.