Common use of Business and Organization Accounts Clause in Contracts

Business and Organization Accounts. Accounts held in the name of a business, organization, or association member are subject to the same terms set forth in this Agreement and the following additional rules. The Credit Union reserves the right to require the business member to provide an Account Authorization Card informing the Credit Union who is authorized to act on its behalf. No POD beneficiary designation or other designation shall apply to the account. 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 reasonable time to act upon such notice. The Credit Union may require that third-party checks payable to a business not be cashed, but must be deposited to a business account. The Credit Union shall not be deemed to have notice of any breach of any duty arising from a transaction by any agent of the account owner, unless the Credit Union has actual notice of any wrongdoing or unauthorized transaction(s).