Common use of Accounts of Business Organizations Clause in Contracts

Accounts of Business Organizations. You must designate on the Account Card who is authorized to act on behalf of the Member/Account Owner as a Responsible Individual, Authorized Signer or Business Representative. You agree to notify the Credit Union of any change in authority. The Credit Union may rely on the written authorization until such time as the Credit Union is informed of changes in writing and has had a reasonable time to act upon such notice. The Credit Union may require that third party checks payable to a club or association may not be cashed, but must be deposited to the account. The Credit Union shall have no notice of any breach of fiduciary duties arising from a transaction by any agent of the account owner, unless the Credit Union has actual notice of any wrongdoing.

Accounts of Business Organizations. You must designate on the Account Card who is authorized to act on behalf of the Member/Account Owner as a Responsible Individual, Authorized Signer or Business Representative. You agree to notify the Credit Union of any change in authority. The Credit Union may rely on the written authorization until such time as the Credit Union is informed of changes in writing and has had a reasonable time to act upon such notice. The Credit Union may require that third party checks payable to a club or association may not be cashed, but must be deposited to the account. The Credit Union shall have no notice of any breach of fiduciary f iduciary duties arising from a transaction by any agent of the account owner, unless the Credit Union has actual notice of any wrongdoing.