Forms of Account Ownership i. Consumer Accounts:
Forms of Account Ownership. Special Accounts Ownership of your account is determined by the most current signature card. However, we are authorized (but not required) to rely on the account ownership information contained in our deposit system unless you notify us that the most current signature card and the deposit system contain different information.
Forms of Account Ownership. The way in which your Account is owned is designated on the signature card. We may rely on the form of ownership of your Account, as designated on the signature card, for all purposes relating to your Account. By signing the signature card you are approving the form of ownership and titling of your Account designated on the signature card. We have no responsibility to inform you as to how the designated form of ownership or titling affects your legal interests. If you have any questions regarding those matters, you should consult your own attorney, as you bear the sole responsibility for them. Based upon the type of account ownership that you have designated, the following terms and conditions apply. When we accept a deposit to an account or permit a withdrawal or payment from an account, we may rely upon the form of the account and the terms of the Agreement at the time we process the transaction. We do not have to inquire about the source or ownership of any funds we receive for deposit or about the application of any withdrawal or payment from an account. When we permit a withdrawal or payment from an account at the request of any signer, or the agent of any signer, in accordance with the terms of the Agreement, the withdrawal or payment completely releases and discharges us from all claims regarding the withdrawal or payment.
Forms of Account Ownership. This provision applies only to Consumer accounts. You can open an account that you own alone, or with more than one person. If the account is owned with more than one person, it is considered a joint account.
a. Joint Account Ownership. we treat all owners, who are referred to in this Agreement as “co-owners,” as joint tenants with right of survivorship. Any or all owners can make deposits or withdrawals regardless of contributions. Each owner guarantees the signature of all other owners; and appoints all other owners as agents. We may accept orders, instructions, and requests for future services from any account owner, which shall be binding on all owners. Any individual account owner may withdraw funds, stop payment of Items/transactions (regardless of who ordered the payment), transfer or pledge to us all or any part of the shares in any account, and block, terminate or discontinue or close any transaction or service without the consent of the other owner(s). We have no obligation to notify the other account owner(s) of any pledge or other actions, orders or instructions by any owner. Each owner is jointly and severally liable for all returned items, overdrafts or any other obligations owed to the Credit Union as a result of any transaction(s) on a multiple party account, regardless of the drawer, user or authorized user who orders or causes said transaction(s).
b. Joint Owners and Responsibility for Liability on your Account. Again, each joint owner is individually and jointly responsible for any overdraft on your account, regardless of who caused or benefited from the overdraft. If there is a setoff, an enforcement of our lien or security interests in your account, or legal action (such as a third-party garnishment, seizure, forfeiture, or tax levy) affecting any co- owner, we may treat all funds in the account as belonging to the owner against whom the setoff, enforcement of the security interest, or other legal action is directed. If your account is closed for unsatisfactory handling, we may report all joint owners to the consumer reporting agencies.
Forms of Account Ownership
