Death or Incompetence of an Account Owner. Untilwereceive notice of death or incompetence of anyAccount Owner,wemay continue to actupon theAccount as if all Ownersarealive orcompetent. Youagree to notifyus immediately if anyAccount OwnerorAuthorized Signer has died or deemed incompetent bya court. After we receive a death certificate regarding anyOwner on the Account, we may restrict the Account and not allow any transactions and may return deposits. We may also choose to further restrict the Account if we receive information from the Social Security Administration that an Account Owner is deceased, but we have no obligation to do so until we receive a valid death certificate. If a transaction is presented for payment after the Owner’s date of death, wemaypaythe transaction. If thereis anyoutstanding debt, that amount is still owed to us and we mayexercise our Setoff rights (our right to apply funds in one Account to the debt associated with another Account) or securityinterest rights against the funds in the Account. If we receive a deposit for the deceased Owner, we may debit the Account and return the deposit back to the payor. This includes salary, pension, Social Security and Supplement Security Income payable to the deceased Owner. THE TYPE OF ACCOUNT OWNERSHIP MAY CHANGE HOW YOUR FUNDS ARE PAID UPON YOUR DEATH, EVEN IF YOUR WILL STATES OTHERWISE. PLEASE CONSULT YOUR ESTATE PLANNINGADVISOR ORATTORNEYABOUT YOUR CHOICES.
Death or Incompetence of an Account Owner. You irrevocably waive the right to make a testamentary disposition of any account with us now or in the future. You agree that upon your death, your account will be payable in accordance with any existing account designations and the terms of the Membership and Account Agreement. Upon the death of a primary account owner, funds in the account shall be payable to surviving joint account owners or any surviving POD beneficiaries in accordance with this Membership and Account Agreement and Michigan law. We may honor checks or accept payments or transfers drawn by you until 10 days after we learn of your death, or receive a court order declaring your incompetence. We require any person claiming an interest in the deceased member’s accounts to provide us proof of their right to the account and may require that person to indemnify us from any losses incurred as a result of honoring that claim. The conditions of this Membership and Account Agreement shall be binding upon any heirs, personal representatives, and successors of any account owner after their death, or conservators appointed upon declaration of incompetence of any account owner.
