Common use of Individual and Joint Accounts Clause in Contracts

Individual and Joint Accounts. An Individual Account is an account in the name of one person. A Joint Account With Right of Survivorship (And Not As Tenants In Common) is an account in the name of two persons. Each of you intends that, when you die, the balance in the Joint Account (subject to any previous pledge to which we have agreed) will belong to the survivor. Each individual owner of a Joint Account is individually authorized to perform any account transaction with us (including deposits, withdrawals, account closing, and other account transactions) and to give us account instructions. We may send legal disclosures, notices, account statements and other account-related communications to any one individual owner of a Joint Account, and those legal disclosures, notices, statements and other communications will be considered legal disclosures, notices, statements and communications to all owners of the Joint Account.