Common use of Accounts of Businesses and Organizations Clause in Contracts

Accounts of Businesses and Organizations. Upon our request, the authorized representative for the business or organization shall complete or provide any documentation we require. You agree to notify us of any change in authorized representatives in writing, which will not be effective until we have had a reasonable time to change our records. The Credit Union may require that checks payable to a business may not be cashed, but must be deposited to a business account. You agree not to hold us responsible for any breach of fiduciary duty arising from a transaction by any agent of an account owner, unless the Credit Union has actual notice of any wrongdoing.