Common use of Agent Designations Clause in Contracts

Agent Designations. An account owner on a one owner account, and the account owners together on a multiple owner account, may designate a person or persons to be an agent(s) on the account who will be authorized to conduct transactions on the account. We will require you (the account owner(s)) to provide information about the agent(s) and will also require the agent(s) to sign Part 1 of this contract. An agent only has rights to conduct transactions on the account, and has no ownership or survivorship rights in the account or to the funds held in the account and cannot make changes to or close the account. Once you have designated an agent(s) it is your responsibility (and not the credit union’s) to monitor an agent’s transactions on the account, and you agree that we have no duty or responsibility to monitor, inquire about, or notify you of the use and purpose of any transaction conducted by your agent on the account, or assure that any transaction is for your benefit. The agent’s authority to conduct transactions will continue until you terminate that authority with us or until we receive written notice of your death and have a reasonable opportunity to act on that notice. If you wish to terminate an agent’s authority conduct transactions on the account, you must notify us and change Part 1 of this contract in writing according to the terms of this agreement. We have no duty to preclude an agent from conducting transactions on the account until you have made this change. In the event of your death on a one owner account or the final surviving account owner’s death on a multiple owner account, any funds in the account will be disbursed according to Part 1 of this contract and provision 4 of this agreement.

Agent Designations. An account owner on a one owner single-party account, and the account owners together on a multiple owner multiple-party account, may designate a person or persons to be an agent(s) on the account who will be authorized to conduct transactions on the account. We will require you (the account owner(s)) to provide information about the agent(s) and will also require the agent(s) to sign Part 1 of this contract. An agent only has rights to conduct transactions on the account, and has no ownership or survivorship rights in the account or to the funds held in the account and cannot make changes to or close the account. Once you have designated an agent(s) it is your responsibility (and not the credit unionCredit Union’s) to monitor an agent’s transactions on the account, and you agree that we have no duty or responsibility to monitor, inquire about, or notify you of the use and purpose of any transaction conducted by your agent on the account, or assure that any transaction is for your benefit. The agent’s authority to conduct transactions will continue until you terminate that authority with us or until we receive written notice of your death and have a reasonable opportunity to act on that notice. If you wish to terminate an agent’s authority to conduct transactions on the account, you must notify us and change Part 1 of this contract in writing according to the terms of this agreement. We have no duty to preclude an agent from conducting transactions on the account until you have made this change. In the event of your death on a one owner account or the final surviving account owner’s death on a multiple owner account, any funds in the account will be disbursed according to Part 1 of this contract and provision 4 of this agreement.