Common use of Joint Account with Right of Survivorship Clause in Contracts

Joint Account with Right of Survivorship. A personal (consumer) account opened by two or more persons is treated as a "joint account" and we will treat the persons opening such an account as joint tenants with right of survivorship and not as tenants in common or tenants by the entirety. Upon the death of a joint tenant, the surviving owner has the right to all of the funds in the account, subject to our right of setoff and security interest in the account. If more than one joint tenant survives, they will own the account as joint tenants with right of survivorship and not as tenants in common. We may remove a deceased owner from a joint account upon proof of the owner’s death. Each owner of a joint account has complete control over all funds in the account may withdraw or transfer by any means we make available any or all of the funds on deposit. Any joint owner may also close the account or enter into special agreements regarding the account. We may act on the instructions of any joint owner without the authorization of any other joint owner. Each joint owner guarantees the signatures of the other joint owners and authorizes the others to endorse for deposit any check, draft or other payment order made payable to the owners jointly, subject to the Bank’s further approval. Each joint owner also authorizes us to exercise our rights to setoff and enforce our security interest in the entire joint account, even if only one of the joint owners is the debtor; these rights exist irrespective of who contributed funds to the joint account. Similarly, we can enforce overdraft or other liability in the joint account against any joint owner individually, and each joint account owner agrees to be liable for all overdraft liability in the joint account, even if the joint owner did not sign or otherwise authorize the item creating the overdraft or receive any benefits from its proceeds. Garnishments against any one or more than one of the joint owners are subject to our right of setoff and security interest. Notice that we give to any one joint owner is notice to all joint owners.

Joint Account with Right of Survivorship. A personal (consumer) account opened by two or more persons is treated as a "“joint account" ,” and we will treat the persons opening such an account as joint tenants with right of survivorship and not as tenants in common or tenants by the entirety. Upon the death of a joint tenant, the surviving owner has the right to all of the funds in the account, subject to our right of setoff and security interest in the account. If more than one joint tenant survives, they will own the account as joint tenants with right of survivorship and not as tenants in common. We may remove a deceased owner from a joint account upon proof of the owner’s death. Each owner of a joint account has complete control over all funds in the account and may withdraw or transfer by any means we make available any or all of the funds on deposit. Any joint owner may also close the account or account, enter into special agreements regarding the account, place or remove a stop payment order on the account, or create an overdraft in the account. We may act on the instructions of any joint owner without the authorization of any other joint owner. Each joint owner guarantees the signatures of the other joint owners and authorizes the others to endorse for deposit any check, draft draft, or other payment order made payable to the owners jointly, subject to the Bank’s further approval. Each joint owner also authorizes us to exercise our rights to setoff and enforce our security interest in the entire joint account, even if only one of the joint owners is the debtor; these rights exist irrespective of who contributed funds to the joint account. Similarly, we can enforce overdraft or other liability in the joint account against any joint owner individually, and each joint account owner agrees to be liable for all overdraft liability in the joint account, even if the joint owner did not sign or otherwise authorize the item creating the overdraft or receive any benefits from its proceeds. Garnishments against any one or more than one of the joint owners are subject to our right of setoff and security interest. Notice that we give to any one joint owner is notice to all joint owners.