Common use of CONVENIENCE ACCOUNTS Clause in Contracts

CONVENIENCE ACCOUNTS. If an Account is a convenience account, within the meaning established under Section 678 of the New York Banking Law, it is understood and agreed that the initial deposit, and any additions or accruals thereto, are the property of the owner individually and, as such, only the owner may request that the Account be closed during his or her lifetime. Upon the death of the owner, the other named person on the Account shall have no right of survivorship in the Account. However, MCU may honor withdrawal requests from either the owner or the other named person. Prior to receiving written notice of either the owner’s death or the owner’s instructions not to pay any monies in this Account to the other named person on the Account, MCU may honor, and will not be responsible for, withdrawals by the other named person.

CONVENIENCE ACCOUNTS. If an the Account is a convenience account, account within the meaning established under Section 678 of the New York Banking Law, it is understood and agreed that the initial deposit, and any additions or accruals thereto, are the property of the owner individually and, as such, only the owner may request that the Account be closed during his or her lifetime. Upon the death of the owner, the other named person on the Account shall have no right of survivorship in the Account. However, MCU may honor withdrawal requests from either the owner or the other named person. Prior to receiving written notice of either the owner’s death or the owner’s instructions not to pay any monies in this Account to the other named person on the Account, MCU may honor, and will not be responsible for, withdrawals by the other named person.. CUSTODIAL (UNIFORM TRANSFERS TO MINORS ACT) ACCOUNTS: The funds in this