Common use of Benevolent Accounts Clause in Contracts

Benevolent Accounts. A benevolent Account is established as a Personal Account to collect funds “In Memory of” or to collect contributions to assist someone who has a medical or emergency need. The Account is established and managed solely by an administrator who is designated at the time of Account opening as the sole Authorized Signer on the Account. Benevolent accounts are established as a non-interest-bearing account that may remain open for only one year or less. No POD beneficiaries or Joint Account Holders are allowed on a benevolent Account. BECU does not issue charitable donation receipts with respect to benevolent Accounts.

Benevolent Accounts. A benevolent Account account is established as a Personal Account to collect funds “In Memory of” or to collect contributions to assist someone who has a medical or emergency need. The person benefitting from the collected funds is designated as the Primary Member on the account and must satisfy BECU’s membership rules. The Account is established and managed solely by an administrator who is designated at the time of Account opening as the sole Authorized Signer on the Account. Benevolent accounts are established as a non-interest-bearing account that may remain open for only one year or less. No POD beneficiaries or Joint Account Holders are allowed on a benevolent Account. BECU The administrator does not issue charitable donation receipts with respect have to benevolent Accountssatisfy BECU membership rules.