Common use of JOINT ACCOUNT LIABILITY Clause in Contracts

JOINT ACCOUNT LIABILITY. If your account is a joint account, any one of the account holders may, without notice to the other account holders, initiate withdrawals or close the account, and, in the case of checking accounts, write items against the account or request stop payment. Each joint account holder is jointly and severally liable to us for any and all overdrafts to the account and each joint account holder is jointly and severally liable to us for any and all fees and charges associated with your accounts and services. Cash withdrawals or payments at any branch may be restricted due to the limited amount of currency on hand. We may require reasonable advance notice for large cash withdrawals. We may also refuse to honor a request to withdraw funds in cash from your account or to cash an item (including a cashier’s check or other bank-issued item) at a branch if we believe that the amount is unreasonably large or that honoring the request would cause us an undue hardship or constitute a security risk. We may require that such withdrawals be made at a cash vault facility by an armored courier, acceptable to us and at your sole risk and expense. We are not responsible for providing for your security in such transactions. Rather than permitting a large cash withdrawal, we reserve the right instead to provide you with a cashier’s check for the amount requested. You authorize us to accept and act on any legal process that we believe to be valid without any liability by us to you, whether served in person, by mail, by facsimile transmission or electronic communication, and whether at locations other than the branch or office at which the account, property, or records are held or in one state for property or records held in another state. “Legal process” includes a subpoena, restraining order, injunction, writ of attachment or execution, levy, garnishment, warrant or other legal order relating to you or your account. If we are permitted, we will use good faith efforts to send you notice of any legal process received by us by telephone, electronically or in writing. You acknowledge that any accounts opened with trust or fiduciary designations (e.g., “XYZ, Inc. – Client Trust Account”) may be subject to levies and other legal process against your property unless our records clearly reflect the existence of an express written trust or court order. The Bank has a legal process cutoff time. If we receive legal process against your account before our cutoff time which requires us to attach, garnish or turn over your funds, and you do not have enough funds in the account to cover the legal process, we may return items presented against your account, including those presented the previous business day, and apply the funds to satisfy the conditions of the legal process. Please contact us for the applicable legal process cutoff time. We have designated a central location for acceptance of service of legal process. Irrespective of where your account is located within our branch network, service of legal process will apply to all accounts you have with us, wherever located. If any legal process directs us to attach, garnish or turn over funds or other property, then, depending on the type of order, we either immediately deliver the funds or property or hold them for a legally permitted period of time. We do not pay interest on the funds during the period we hold them. If we attach or hold funds from a time deposit account due to the service of a legal process, we may impose an early withdrawal penalty. You authorize us to charge your account a legal process fee for each order, as provided in the Fee Schedule. You agree to pay our fees and expenses for research and copying of documents and all other expenses, including administrative expenses, we incur in responding to any legal process related to your account. You authorize us to deduct these fees and expenses from any of your accounts without prior notice to you. Any legal process requiring us to attach, garnish, freeze or turn over your funds shall be subject to the Bank’s right of setoff and security interest in the account. We are not liable to you for not paying items because we have withdrawn funds from your account or in any way restricted your access to funds because of a legal process or our setoff.

JOINT ACCOUNT LIABILITY. If your account is a joint account, any one of the account holders may, without notice to the other account holders, initiate withdrawals or close the account, and, in the case of checking accounts, write items against the account or request stop paymentpayments. Each joint account holder is jointly and severally liable to us for any and all overdrafts to the account and each joint account holder is jointly and severally liable to us for any and all fees and charges associated with your accounts and services. Cash withdrawals or payments at any branch may be restricted due to the limited amount of currency on hand. We may require reasonable advance notice for large cash withdrawals. We may also refuse to honor a request to withdraw funds in cash from your account or to cash an item (including a cashier’s check or other bank-issued item) at a branch if we believe that the amount is unreasonably large or that honoring the request would cause us an undue hardship or constitute a security risk. We may require that such withdrawals be made at a cash vault facility by an armored courier, acceptable to us and at your sole risk and expense. We are not responsible for providing for your security in such transactions. Rather than permitting a large cash withdrawal, we reserve the right instead to provide you with a cashier’s check for the amount requested. You authorize us to accept and act on any legal process that we believe to be valid without any liability by us to you, whether served in person, by mail, by facsimile transmission or electronic communication, and whether at locations other than the branch or office at which the account, property, or records are held or in one state for property or records held in another state. “Legal process” includes a subpoena, restraining order, injunction, writ of attachment or execution, levy, garnishment, warrant or other legal order relating to you or your account. If we are permitted, we will use good faith efforts to send you notice of any legal process received by us by telephone, electronically or in writing. You acknowledge that any accounts opened with trust or fiduciary designations (e.g., “XYZ, Inc. – Client Trust Account”) may be subject to levies and other legal process against your property unless our records clearly reflect the existence of an express written trust or court order. The Bank has a legal process cutoff time. If we receive legal process against your account before our cutoff time which requires us to attach, garnish or turn over your funds, and you do not have enough funds in the account to cover the legal process, we may return items presented against your account, including those presented the previous business day, and apply the funds to satisfy the conditions of the legal process. Please contact us for the applicable legal process cutoff time. We have designated a central location for acceptance of service of legal process. Irrespective of where your account is located within our branch network, service of legal process will apply to all accounts you have with us, wherever located. If any legal process directs us to attach, garnish or turn over funds or other property, then, depending on the type of order, we either immediately deliver the funds or property or hold them for a legally permitted period of time. We do not pay interest on the funds during the period we hold them. If we attach or hold funds from a time deposit account due to the service of a legal process, we may impose an early withdrawal penalty. You authorize us to charge your account a legal process fee for each order, as provided in the Fee Schedule. You agree to pay our fees and expenses for research and copying of documents and all other expenses, including administrative expenses, we incur in responding to any legal process related to your account. You authorize us to deduct these fees and expenses from any of your accounts without prior notice to you. Any legal process requiring us to attach, garnish, freeze or turn over your funds shall be subject to the Bank’s right of setoff and security interest in the account. We are not liable to you for not paying items because we have withdrawn funds from your account or in any way restricted your access to funds because of a legal process or our setoff.