Common use of Accounts for Living Trusts Clause in Contracts

Accounts for Living Trusts. An Account of a living trust is an individual account held by one or more trustees of a trust for the benefit of one or more beneficiaries pursuant to a revocable trust agreement. The trustee shall sign a Membership Application and provide any other evidence of the trust’s authority that we require. Trustee warrants that a valid living trust has been created, currently exists, and that the trust or beneficiaries are eligible for membership. We will not act as a trustee and are under no obligation to inquire as to the powers or duties of the trustee(s). The Trustee agrees to notify us in writing if any change of trustee occurs. We may withhold payment of funds to any party until proper evidence of authority is provided. Representative Payee Accounts. A Representative Payee account is established on behalf of a recipient (Beneficiary) of benefits from the Social Security Administration (SSA), Supplemental Security Income (SSI), or the Veterans Administration (VA) on which a person, as designation by SSA/VA as Representative Xxxxx, acts on behalf of the beneficiary as Authorized Signer. The account is established in the name of the beneficiary as the only owner, by the Representative Xxxxx as Authorized Signer. Neither the Representative Xxxxx nor a third party can have ownership interest in the account. While the Beneficiary retains ownership interest, the account title must be established to not permit him or her to have direct access to the funds, for example. “(Beneficiary’s (member’s) Name) by (Representative Xxxxx’s Name), Representative Payee or (Representative Xxxxx’s Name), Representative Payee for (Beneficiary’s (member’s) Name). The Beneficiary must be eligible for membership and is the Primary Member. The Representative Xxxxx agrees to be bound by the terms of the Account Agreement to provide us a copy of the written Social Security Administration authorization designating the Representative Xxxxx and such other documents and authorizations, as we may deem necessary or appropriate. In opening a Representative Payee account, we only act as a depository for the Beneficiary’s SSA or SSI funds, and we are under no obligation to act as a fiduciary or to inquire as to the powers or duties of the Representative Payee. The Representative Xxxxx agrees that he or she is liable to us for any and all obligations incurred by any actions or transactions with the account and agrees to indemnify and hold us harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney’s fees, we may suffer or incur arising out of or related to any action or claim by a party with respect to the authority or actions taken by the Representative Payee in handling or dealing with the account. Unless expressly stated to the contrary, all of the other terms and conditions of the Membership Agreement and Disclosure apply equally to Representative Payee account. Accounts of Businesses, Organization, and Associations. Accounts held in the name of an association or organization are subject to the same terms set forth in this Agreement and the following additional rules. A majority of the members, officers, or those who control the funds of a group, club, association, or business must be eligible for membership. We reserve the right to require the member to provide a Business Account Application informing us, who is authorized to act on its behalf. You agree to notify us of any change in authority. We may rely on written authorization until such time as we are informed of changes in writing and have had a reasonable time to act upon such notice. We may require that third party checks payable to an organization, business, and/or association may not be cashed, but must be deposited to a business account of the same name. We shall have no notice of any breach of fiduciary duties arising from a transaction by any agent of the account owner unless we have actual notice of any wrongdoing. Agency Designation on an Account. An agency designation on an account is an instruction to us that the owner authorizes another person to make transactions as agent for the account owner regarding the account designated. An agent has no ownership interest in the account(s) or Credit Union voting rights. We have no duty to inquire about the use or purpose of any transaction made by the agent.

Accounts for Living Trusts. An Account of a living trust is an individual account held by one or more trustees of a trust for the benefit of one or more beneficiaries pursuant to a revocable trust agreement. The trustee shall sign a Membership Application and provide any other evidence of the trust’s authority that we require. Trustee warrants that a valid living trust has been created, currently exists, and that the trust or beneficiaries are eligible for membership. We will not act as a trustee and are under no obligation to inquire as to the powers or duties of the trustee(s). The Trustee agrees to notify us in writing if any change of trustee occurs. We may withhold payment of funds to any party until proper evidence of authority is provided. Representative Payee Accounts. A Representative Payee account is established on behalf of a recipient (Beneficiary) of benefits from the Social Security Administration (SSA), Supplemental Security Income (SSI), or the Veterans Administration (VA) on which a person, as designation by SSA/VA as Representative Xxxxx, acts on behalf of the beneficiary as Authorized Signer. The account is established in the name of the beneficiary as the only owner, by the Representative Xxxxx as Authorized Signer. Neither the Representative Xxxxx nor a third party can have ownership interest in the account. While the Beneficiary retains ownership interest, the account title must be established to not permit him or her to have direct access to the funds, for example. “(Beneficiary’s (member’s) Name) by (Representative Xxxxx’s Name), Representative Payee or (Representative Xxxxx’s Name), Representative Payee for (Beneficiary’s (member’s) Name). The Beneficiary must be eligible for membership and is the Primary Member. The Representative Xxxxx agrees to be bound by the terms of the Account Agreement to provide us a copy of the written Social Security Administration authorization designating the Representative Xxxxx and such other documents and authorizations, as we may deem necessary or appropriate. In opening a Representative Payee account, we only act as a depository for the Beneficiary’s SSA or SSI funds, and we are under no obligation to act as a fiduciary or to inquire as to the powers or duties of the Representative Payee. The Representative Xxxxx agrees that he or she is liable to us for any and all obligations incurred by any actions or transactions with the account and agrees to indemnify and hold us harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney’s fees, we may suffer or incur arising out of or related to any action or claim by a party with respect to the authority or actions taken by the Representative Payee in handling or dealing with the account. Unless expressly stated to the contrary, all of the other terms and conditions of the Membership Agreement and Disclosure apply equally to Representative Payee account. Accounts of Businesses, Organization, and Associations. Accounts held in the name of an association or organization are subject to the same terms set forth in this Agreement and the following additional rules. A majority of the members, officers, or those who control the funds of a group, club, association, or business must be eligible for membership. We reserve the right to require the member to provide a Business Account Application informing us, who is authorized to act on its behalf. You agree to notify us of any change in authority. We may rely on written authorization until such time as we are informed of changes in writing and have had a reasonable time to act upon such notice. We may require that third party checks payable to an organization, business, and/or association may not be cashed, but must be deposited to a business account of the same name. We shall have no notice of any breach of fiduciary duties arising from a transaction by any agent of the account owner unless we have actual notice of any wrongdoing. Agency Designation on an Account. An agency designation on an account is an instruction to us that the owner authorizes another person to make transactions as agent for the account owner regarding the account designated. An agent has no ownership interest in the account(s) or Credit Union voting rights. We have no duty to inquire about the use or purpose of any transaction made by the agent. Direct Deposit. We may offer preauthorized deposits (e.g. payroll checks, Social Security, or retirement checks, or other government checks) or preauthorized transfer from other accounts. You must authorize direct deposits or preauthorized transfer by filing out a separate form. You must notify us at least thirty (30) days in advance to cancel or change a direct deposit or transfer option. If your account is overdrawn, you may authorize us to deduct the amount your account is overdrawn from any deposit, including deposits of government payments or benefits. If we are required to reimburse the U.S. Government for any benefit payment directly deposited into your account, we may deduct the amount returned from any of your accounts, unless prohibited by law. Crediting of Deposits. Deposits made after the deposit cut-off time and deposits made on either holidays or days that are not our business days will be credited to your account on the next business day.

Accounts for Living Trusts. An Account of a living trust is an individual account held by one or more trustees of a trust for the benefit of one or more beneficiaries pursuant to a revocable trust agreement. The trustee shall sign a Membership Application and provide any other evidence of the trust’s authority that we require. Trustee warrants that a valid living trust has been created, currently exists, and that the trust or beneficiaries are eligible for membership. We will not act as a trustee and are is under no obligation to inquire as to the powers or duties of the trustee(s). The Trustee agrees to notify us in writing if any change of trustee occurs. We may withhold payment of funds to any party until proper evidence of authority is provided. Representative Payee Accounts. A Representative Payee account is established on behalf of a recipient (Beneficiary) of benefits from the Social Security Administration (SSA), Supplemental Security Income (SSI), or the Veterans Administration (VA) on which a person, as designation by SSA/VA as Representative Xxxxx, acts on behalf of the beneficiary as Authorized Signer. The account is established in the name of the beneficiary as the only owner, by the Representative Xxxxx as Authorized Signer. Neither the Representative Xxxxx nor a third party can have ownership interest in the account. While the Beneficiary retains ownership interest, the account title must be established to not permit him or her to have direct access to the funds, for example. “(Beneficiary’s (member’s) Name) by (Representative Xxxxx’s Name), Representative Payee or (Representative Xxxxx’s Name), Representative Payee for (Beneficiary’s (member’s) Name). The Beneficiary must be eligible for membership and is the Primary Member. The Representative Xxxxx agrees to be bound by the terms of the Account Agreement to provide us a copy of the written Social Security Administration authorization designating the Representative Xxxxx and such other documents and authorizations, as we may deem necessary or appropriate. In opening a Representative Payee account, we only act as a depository for the Beneficiary’s SSA or SSI funds, and we are under no obligation to act as a fiduciary or to inquire as to the powers or duties of the Representative Payee. The Representative Xxxxx agrees that he or she is liable to us for any and all obligations incurred by any actions or transactions with the account and agrees to indemnify and hold us harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney’s fees, we may suffer or incur arising out of or related to any action or claim by a party with respect to the authority or actions taken by the Representative Payee in handling or dealing with the account. Unless expressly stated to the contrary, all of the other terms and conditions of the Membership Agreement and Disclosure apply equally to Representative Payee account. Accounts of Businesses, Organization, and Associations. Accounts held in the name of an association or organization are subject to the same terms set forth in this Agreement and the following additional rules. A majority of the members, officers, or those who control the funds of a group, club, association, or business must be eligible for membership. We reserve the right to require the member to provide a Business Account Application informing us, who is authorized to act on its behalf. You agree to notify us of any change in authority. We may rely on written authorization until such time as we are informed of changes in writing and have had a reasonable time to act upon such notice. We may require that third party checks payable to an organization, business, and/or association may not be cashed, but must be deposited to a business account of the same name. We shall have no notice of any breach of fiduciary duties arising from a transaction by any agent of the account owner unless we have actual notice of any wrongdoing. Agency Designation on an Account. An agency designation on an account is an instruction to us that the owner authorizes another person to make transactions as agent for the account owner regarding the account designated. An agent has no ownership interest in the account(s) or Credit Union voting rights. We have no duty to inquire about the use or purpose of any transaction made by the agent.