Common use of Individual Accounts Clause in Contracts

Individual Accounts. An Individual Account is an account in the name of one depositor only. Only that person may write checks against the account or withdraw money, regardless of who actually owns the funds. An account with two or more account holders is a Joint Account. Joint account holders are joint tenants with right of survivorship. Each joint account holder, without the consent of any other account holder, may, and is authorized by every other joint account holder, to make any transaction permitted under the Agreement, including without limitation: to withdraw all or any part of the account funds; to pledge the account funds as collateral to us for any obligation, whether that obligation is of one or more account holders or of a third party; to endorse and deposit checks and other items payable to any joint account holder; to give stop payment orders on any check or item, whether drawn by that account holder or not; and, to close the account. Each joint account holder is authorized to act for the other account holder(s) and we may accept orders and instructions regarding the account from any joint account holder. If we believe there to be a dispute between joint account holders or we receive inconsistent instructions from the account holders, we may suspend or close the account, require a court order to act, and/or require that all joint account holders agree in writing to any transaction concerning the account. Your obligations under the Agreement are joint and several. This means that each joint account holder is fully and personally obligated under the terms of the Agreement, including liability for overdrafts, regardless of which joint account holder benefited from the withdrawal. If you establish a joint account without the signature of the other joint account holder(s), you agree to hold us harmless for our reliance upon your designation of the other joint account holder(s) listed on our documents.

Individual Accounts. An Individual Account individual account is an account in the name of owned by one depositor only(1) member (individual, corporation, partnership, trust, or other organization) qualified for membership. Only that person may write checks against If the account owner dies, the interest passes, subject to applicable law, to the account owner’s estate or withdraw moneyPayable on Death (POD) beneficiary/payee or trust beneficiary, regardless subject to other provisions of who actually owns this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner’s agent prior to notice of an owner’s death, and to any security interest or pledge granted by the fundsaccount owner, and subject to our statutory lien rights. An JOINT ACCOUNTS – A joint account with is an account owned by two (2) or more persons.  Rights of Survivorship. Unless otherwise stated on the Account Card, a joint account holders is a Joint Account. Joint account holders are joint tenants with right includes rights of survivorship. Each This means that when one (1) owner dies, all sums in the account will pass to the surviving owner(s). For a joint account holderwithout rights of survivorship, without the deceased owner’s interest passes to his or her estate. A surviving owner’s interest is subject to the Credit Union’s statutory lien for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.  Control of Joint Accounts. Any owner is authorized and deemed to act for any other owner(s) and may instruct us regarding transactions and other account matters. Each owner guarantees the signature of any other account holderowner(s). Any owner may withdraw or transfer funds, may, and is authorized by every other joint account holder, pledge to make any transaction permitted under the Agreement, including without limitation: to withdraw us all or any part of the account funds; shares, or stop payment on items without the consent of the other owner(s). We have no duty to pledge notify any owner(s) about any transactions. We reserve the account funds as collateral right to us require written consent of all owners for any obligation, whether that obligation is change to or termination of one or more account holders or of a third party; to endorse and deposit checks and other items payable to any joint account holder; to give stop payment orders on any check or item, whether drawn by that account holder or not; and, to close the an account. Each joint account holder is authorized to act for the other account holder(s) and we may accept orders and instructions regarding the account from any joint account holder. If we believe there to be receive written notice of a dispute between joint account holders owners or we receive inconsistent instructions from the account holdersthem, we may suspend or close terminate the account, account and require a court order or written consent from all owners in order to act, and/or require that all joint account holders agree in writing to any transaction concerning the account. Your obligations under the Agreement are joint and several. This means that each joint account holder is fully and personally obligated under the terms of the Agreement, including liability for overdrafts, regardless of which joint account holder benefited from the withdrawal. If you establish a joint account without the signature of the other joint account holder(s), you agree to hold us harmless for our reliance upon your designation of the other joint account holder(s) listed on our documents.