Common use of Death of Account Owner Clause in Contracts

Death of Account Owner. We may continue to honor all transfer orders, withdrawals, deposits and other transactions on an account until we are notified of a member's death and are provided satisfactory evidence thereof, such as a certified death certificate or court order. Once we are properly notified of a member's death, we may pay checks or honor other payments or transfer orders authorized by the member for a period of ten (10) days after the date of death unless we receive instructions from any person claiming an interest in the account to stop payment on the checks or other items. We may require anyone claiming the owner's account funds to indemnify us for any losses resulting from our honoring that claim. If a deposit – including salary, pension, Social Security, and Supplemental Security Income (SSI) – payable to the decedent is credited to the account after the date of the decedent’s death, we may debit the account for deposit and return it to the payer. This Agreement will be binding upon any heirs or legal representatives of any account owner. In the event of your death, funds will be transferred to your primary savings account and paid to the joint owner (if applicable) or to the beneficiary(ies) named on Payable on Death (POD) form as referenced in Section 2(f) or to your estate. If there is no beneficiary designation, no probate proceedings or no estate, we may, but are not required to, pay the funds to any heir, who will be solely responsible for any further distribution of the funds. Alternatively, we may hold the funds until a proper court order is presented to us. We may require proper documentary evidence satisfactory to us before we determine the proper treatment of the funds and before we will release funds to any claiming party. All dividend payments to an account may cease to accrue effective on the date of death of the primary owner, and any dividend payments made after the date of death of the primary owner may be reversed from the account upon the credit union’s receipt of notice of the death of the primary owner. Any payment of funds upon the death of any account holder is subject to our lien and security interest. This Agreement will be binding upon any heirs or legal representatives of any account owner. Additionally, when notified of the death of a primary member, any account where there is a joint owner may be closed within a reasonable amount of time in accordance with the credit union’s policies and procedures. Any account where there is a deceased joint owner will result in the removal of that joint owner within a reasonable amount of time after notification. Any deposits made payable to, or in the name of, a deceased member or owner will not be accepted (except as limited in the preceding paragraph). These items must be negotiated through an estate account at another financial institution.

Death of Account Owner. We may continue to honor all transfer orders, withdrawals, deposits and other transactions on an account your account(s) until we are notified receive actual notice of a member's death and are provided satisfactory evidence thereof, such as a certified death certificate or court orderyour death. Once we are properly notified of a member's deathAfter receiving actual notice, we may pay checks or honor other payments or transfer orders all transactions you authorized by the member for a period of ten (10) days after the date of death days, unless we receive instructions from any are ordered not to do so by a person claiming an interest in the account to stop payment on the checks or other itemsyour account(s). We may can require anyone any person claiming the owner's account funds in your account(s) to indemnify us for any losses resulting from our we may incur as a result of honoring that claimtheir order. Upon the death of an individual account holder, all funds on deposit shall be paid according to the express instructions on the Account Card (i.e., Payable on Death Beneficiary). If a deposit – including salaryno express beneficiary(ies) is provided, pensionsurvives the death of the last owner, Social Security, and Supplemental Security Income (SSI) – payable or can be located via the information provided to the decedent is credited to Credit Union by the account after the date of the decedent’s deathowners, we may debit the account for then all funds on deposit and return it to the payer. This Agreement will be binding upon any heirs or legal representatives of any account owner. In the event of your death, funds will be transferred to your primary savings account and paid to the joint owner (if applicable) or to estate of the beneficiary(ies) named on Payable on Death (POD) form as referenced in Section 2(f) or to your estateaccount holder. If there is no beneficiary designation, no probate proceedings or no estate, we then the Credit Union may, but are not required has no obligation to, pay the funds to any heir, who will be solely responsible for any further distribution of the said funds. Alternatively, we may hold the funds until a proper court order is presented to us. We The Credit Union may require proper documentary evidence satisfactory documentation be provided to us before we determine the proper treatment of the funds and before we will release funds to regarding any claiming party. All dividend payments to an account may cease to accrue effective on the date of death of the primary ownerright, and claim or fact regarding any dividend payments made after the date of death of the primary owner may be reversed matter related or arising from the account upon the credit union’s receipt of notice of the death of the primary owner. Any payment of funds upon hereunder. The Credit Union will have no further obligation or responsibility and you agree that we shall have no liability to you, your estate or any heir, successor or assignee related to the death distribution of such funds pursuant to this Agreement. The payment of any account holder funds is subject to our lien and or other security interest. This Agreement , and all debts you owe to the Credit Union will be binding upon paid from the funds in your accounts before any heirs or legal representatives of any account ownerpayment is made. Additionally, when notified In the case of the death of a primary memberjoint account owner, the deposits will be subject to additional provisions of this Agreement. The credit union may require closure of any account where there is a joint owner may be closed within a reasonable amount of time in accordance with the credit union’s policies deceased owned accounts to ensure accurate IRS Reporting and procedures. Any account where there is a deceased joint owner will result in the removal of that joint owner within a reasonable amount of time after notification. Any deposits made payable to, or in the name of, a deceased member or owner will not be accepted (except as limited in the preceding paragraph). These items must be negotiated through an estate account at another financial institutionNCUA guidelines.

Death of Account Owner. We may continue to honor all transfer orders, withdrawals, deposits and other transactions on an account until we are notified a. In the event of the death of a member's death , the funds in any deposit account shall automatically pass to any joint account owner(s), subject to the Credit Union’s right of offset to extinguish or satisfy any existing or future obligation that the deceased member may have with us. In the event that there are no joint account owners, then the funds on deposit (after any required offset) shall be disbursed to the last designated POD (Payable On Death) payee(s). If there is more than one POD payee, the funds shall be disbursed to the named POD payees pro rata. In the event that there are no joint account owners and are no designated POD payee(s), the funds may only be disbursed in accordance with West Virginia Probate Law and the policies and procedures of the Credit Union.The Credit Union shall have the right to retain any funds on deposit in a deceased member’s account(s) until such time as satisfactory arrangements have been made for payment of any obligations of the deceased member, and until the Credit Union has been provided documentation satisfactory evidence thereof, such as to the Credit Union supporting disbursement of the funds.We may require that anyone claiming a certified death certificate deceased owner’s account funds indemnify us for any losses resulting from our honoring that claim.This Agreement will be binding upon any heirs or court order. Once we are properly notified legal representatives of a member's death, we any account owner. b. We may pay checks or honor other payments or transfer orders authorized by the a member for a period of ten (10) days after the date of that member’s death unless we receive instructions from any person claiming an interest in the account to stop payment on the checks or other items. We may .West Virginia Probate Statutes require anyone claiming the owner's account funds to indemnify us for any losses resulting that no probated estate (court or informal, supervised or unsupervised) be settled before six months from our honoring that claim. If a deposit – including salary, pension, Social Security, and Supplemental Security Income (SSI) – payable to the decedent is credited to the account after the date of the decedent’s death, we may debit appointment of the Personal Representative. If the account for deposit and return it to is settled under the payer. This Agreement will be binding upon any heirs or legal representatives of any account owner. In Small Estates Act, then the event of your death, funds will be transferred to your primary savings account and paid to the joint owner (if applicable) or to the beneficiary(ies) named on Payable on Death (POD) form as referenced in Section 2(f) or to your estate. If there is no beneficiary designation, no probate proceedings or no estate, we may, but are not required to, pay the funds to any heir, who will be solely responsible for any further distribution closing of the funds. Alternatively, we may hold account must be accomplished by the funds until a proper court order is presented to us. We may require proper documentary evidence satisfactory to us before we determine the proper treatment close of the funds and before we will release funds to any claiming party. All dividend payments to an account may cease to accrue effective on period following the date of death of the primary owner, and any dividend payments made after the date of death of the primary owner may be reversed from the account upon the credit union’s receipt of notice of the death of the primary owner. Any payment of funds upon the death of any account holder is subject to our lien and security interest. This Agreement will be binding upon any heirs or legal representatives of any account owner. Additionally, when notified of the death of a primary member, any account where there is a joint owner may be closed within a reasonable amount of time in accordance with the credit union’s policies and procedures. Any account where there is a deceased joint owner will result in the removal of that joint owner within a reasonable amount of time after notification. Any deposits made payable to, or in the name of, a deceased member or owner will not be accepted (except as limited in the preceding paragraph). These items must be negotiated through an estate account at another financial institutionsettlement.

Death of Account Owner. a. We may continue to honor all transfer orders, withdrawals, deposits deposits, and other transactions on an account until we are notified know of a member's death and are provided satisfactory evidence thereof, such as a certified death certificate or court order’s death. Once we are properly notified know of a member's ’s death, we may pay checks or drafts or honor other payments or transfer orders authorized by the deceased member for a period of ten (10) days after the that date of death unless we receive instructions from any person claiming an interest in the account to stop payment on the checks checks, drafts, or other items. We may require anyone claiming the a deceased owner's ’s account funds to indemnify us for any losses resulting from our honoring that claim. If a deposit – including salary, pension, Social Security, and Supplemental Security Income (SSI) – payable to the decedent is credited to the account after the date of the decedent’s death, we may debit the account for deposit and return it to the payer. This Agreement will be binding upon any heirs or legal representatives of any account owner. b. In the event of the death of a member, the funds in any deposit account shall automatically pass to any joint account owner(s) unless we are required to remit the funds to someone else by law, subject to the Credit Union’s right of offset to extinguish or satisfy any existing or future obligation that the deceased member may have with us. In the event of your deaththat there are no surviving joint account owners, then the funds will on deposit (after any required offset) shall be transferred to your primary savings account and paid disbursed to the joint owner designated POD (if applicablePayable On Death) or payee(s) unless we are required to the beneficiary(ies) named on Payable on Death (POD) form as referenced in Section 2(f) or to your estate. If there is no beneficiary designation, no probate proceedings or no estate, we may, but are not required to, pay remit the funds to someone else by law. In the event that there are no joint account owners and no designated POD payee(s), the funds may only be disbursed in accordance with Colorado Probate Law and the policies and procedures of the Credit Union. The Credit Union shall have the right to retain any heirfunds on deposit in a deceased member’s account(s) until such time as satisfactory arrangements have been made for payment in full of any obligations of the deceased member, who will be solely responsible for any further distribution and until the Credit Union has been provided documentation satisfactory to the Credit Union supporting disbursement of the funds. Alternatively, we may hold the funds until a proper court order is presented to us. We may require proper documentary evidence satisfactory to that anyone claiming a deceased owner’s account funds indemnify us before we determine the proper treatment of the funds and before we will release funds to for any claiming party. All dividend payments to an account may cease to accrue effective on the date of death of the primary owner, and any dividend payments made after the date of death of the primary owner may be reversed losses resulting from the account upon the credit union’s receipt of notice of the death of the primary owner. Any payment of funds upon the death of any account holder is subject to our lien and security interesthonoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner. Additionally, when notified of the death of a primary member, any account where there is a joint owner may be closed within a reasonable amount of time in accordance with the credit union’s policies and procedures. Any account where there is a deceased joint owner will result in the removal of that joint owner within a reasonable amount of time after notification. Any deposits made payable to, or in the name of, a deceased member or owner will not be accepted (except as limited in the preceding paragraph). These items must be negotiated through an estate account at another financial institution.

Death of Account Owner. We may continue to honor all transfer orders, withdrawals, deposits and other transactions on an account until we are notified of a member's death and are provided satisfactory evidence thereof, such as receive a certified death certificate or court ordercertificate. Once we are properly notified of a member's death, we may pay checks drafts or honor other payments or transfer orders authorized by the member for a period of ten (10) days after the that date of death unless we receive instructions from any person claiming an interest in the account to stop payment on the checks drafts or other items. We may require anyone claiming the owner's account funds to indemnify us for any losses resulting from our honoring that claim. If a deposit – including salary, pension, Social Security, and Supplemental Security Income (SSI) – payable to Upon the decedent is credited to the death of an individual account after the date of the decedent’s deathowner, we may debit will pay all funds on deposit in accordance with the account for deposit and return it specific instructions on the Account Card such as to the payer. This Agreement will be binding upon any heirs or legal representatives of any account owner. In the event of your death, funds will be transferred to your primary savings account and paid to the joint owner (if applicable) or to the beneficiary(ies) named on a Payable on Death (POD) form as referenced in Section 2(f) or to your estateBeneficiary. If there is no beneficiary designation, no probate proceedings or no estate, we may, but are not required to, pay the funds to any heir, who will be solely responsible for any further distribution of the funds. Alternatively, we may hold the funds until a proper court order is presented to us. We may require proper documentary evidence satisfactory to us before we determine the proper treatment of the funds and before we will release funds to any claiming party. All dividend payments Funds in a joint account will be payable subject to an account may cease to accrue effective on the date of death of the primary ownerprovision, and any dividend payments made after the date of death of the primary owner may be reversed from the account upon the credit union’s receipt of notice of the death of the primary owner"Joint or Multiple Party Accounts". Any payment of funds upon the death of any account holder is subject to our lien and security interest. This Agreement will be binding upon any heirs or legal representatives of any account owner. AdditionallyTermination of Accounts and Services. We may terminate your accounts, when notified of services or place a freeze on the death of funds in your accounts at any time without notice to you or may require you to close your account and apply for a primary member, any new account where if: (1) there is a joint owner may be closed within change in owners or authorized signers; (2) there has been a reasonable amount of time in accordance with the credit union’s policies and procedures. Any account where forgery, fraud, or unauthorized use reported or committed involving your account; (3) there is a deceased joint owner will result dispute as to the ownership of the account or of the funds in the removal account; (4) any checks are lost or stolen; (5) there are returned unpaid items not covered by an overdraft protection plan; (6) there has been any misrepresentation or any other abuse of any of your accounts; (7) we believe that joint owner within you have been negligent in protecting your access devises or access codes; (8) you have breached any promise under this Agreement or any other agreements with us including but not limited to any default or other delinquency; (9) you do not fulfill the terms of any of the accounts; (10) we reasonably deem it necessary to prevent a reasonable amount loss to us or to be in the best interests of time after notification. Any deposits made payable tothe Credit Union or our members or employees; (11) the Credit Union incurs any loss or believes it may incur any loss relating to any loan(s), account(s) or service(s) you have with us; (12) if bankruptcy or any other insolvency proceeding is filed by or against you, or if we otherwise deem you to be insolvent or incapable of meeting your obligations to us; (13) you refuse or fail to cooperate as provided in this agreement; (14) you violate any Credit Union policy, procedure or standard or any law, regulation or rule; (15) if you participate or facilitate any transactions for another person who is prohibited from making transactions with us pursuant to applicable laws or Credit Union policy/ procedure; (16) making unauthorized posting(s), defacing or removing notices or signs on Credit Union premises and/or social media sites without management authorization; (17) misappropriating Credit Union funds, property, or other material proprietary to the Credit Union; (18) deliberately or repeatedly violating security procedures or safety rules; (19) possessing, using, or being under the influence of illicit drugs on Credit Union premises; (20) engaging in use or possession of weapons of any kind on Credit Union premises except for on-duty law enforcement officers or security officers; (21) any state or foreign laws, rules, regulations or other requirements that make it impractical or impossible for the Credit Union to meet the requirements of such laws, rules, regulations or other requirements; or (22) using one or more credit or debit cards to obtain cash and purchasing power we do not believe appropriate; using such devices to pay credit card balances with the proceeds of other cards, or using such devices in a manner we determine is primarily intended to abuse a rewards program. In addition to the above, you are also subject to termination of membership due to nonparticipation as disclosed in the name ofFederal Credit Union Act (Act). The Act defines nonparticipation as the failure to vote in annual credit union elections or failure to purchase shares from, obtain a deceased member loan from, or owner lend to us. If we are informed of such circumstances or otherwise believe that any of these circumstances are about to occur, we may place a stop payment on any item and we will not be accepted (except as limited in the preceding paragraph). These items must be negotiated through an estate account at another financial institutionliable to you for such a stop payment.