Common use of ACCOUNT OWNERSHIP AND BENEFICIARY DESIGNATION Clause in Contracts

ACCOUNT OWNERSHIP AND BENEFICIARY DESIGNATION. This Agreement applies to your account depending on the form of ownership and beneficiary designation, if any, specified in our most recent account records. We reserve the right to refuse some forms of ownership on any or all accounts. You agree, upon request by us, to provide us with documentation acceptable to us designating each authorized signer with respect to your account(s) and related services. Note: Because decisions concerning whether an account should be held in a particular capacity may have significant legal, tax, and estate planning consequences, consultation with your attorney or tax advisor is recommended. Business accounts may be available to both profit or non-profit businesses and associations. Corporate, Partnership, Limited Liability Company or Other Statutory Business Entity Account – These business accounts are established pursuant to statutory organizational requirements. Sole Proprietorship Account – These business accounts are owned and maintained by the individual who opens the account in the name of its proprietor and are not established primarily for personal, family or household purposes. Fictitious Business Name Account – If the name in which the account is held is fictitious, the account holder represents he or she has the right to use that name and has fulfilled all legal requirements for using and or doing business under that name. Organization Account – Such an account is issued in the name of a legal entity, such as a club or league. We reserve the right to require the governing body of the legal entity to give us a separate authorization telling us who is authorized to act on its behalf. We may honor such an authorization until we actually receive written notice of a change from the governing body. ACCOUNT STRUCTURE We may structure your account to consist of two or more sub-accounts to take advantage of an interpretation of federal regulations. The sub-accounts, a transaction account, and savings deposit account, will be used to allow for the transfer of funds between the accounts, subject to federal regulations. This structure will occur solely on our books and will not be visible to you, nor will it affect your account in any way. Also, this will not affect the FDIC deposit insurance coverage of your account. You agree that we may treat the sub-accounts as one and the same account if we receive a levy, subpoena or other legal process.