Jointaccount. 4.1 – General information Any transactions whatsoever covering f inancial instruments entered in the joint account may be handled by any one of the account’s co-holders; each shall be jointly and sev erally liable towards the Bank for all obligations and commitments resulting f rom the account and the transactions carried out in the context of the Agreement. Accordingly, a co-holder of a joint account receiving financial instruments or cash specif ic to him/her (resulting from a gift or an inheritance) and who wishes to retain his/her own unrestricted rights must have a separate individual account opened for this purpose. Without approval from the other co-holders, each co-holder may: - put an end to the joint and several liability resulting from the Agreement. This disassociation should eventually lead to the closure of the account. Until its closure, the account may then only be operated by the joint signature of all co-holders; - withdraw as a co-holder of the joint account, which will then be closed. The co-holder who terminated the plurality of creditors or requested his/her withdrawal shall remain jointly and sev erally bound with the co-holders f or all commitments, including those stemming from transactions in progress, as of the date when the Bank receiv ed a recorded delivery letter informing it of his/her withdrawal. In the event of the death of one of the co-holders, the account shall continue to operate on the signature of the surviving co-holder(s), unless opposed in writing by one or more benef iciaries of the deceased. However, the surviving co-holder may exercise non- pecuniary rights attached to f inancial instruments only if he/she was specifically designated for that purpose. The co-holders declare that they are fully aware of the obligations incumbent upon the survivor, as well as upon the Bank, in the event of the death of one of the co-holders. The Bank also reminds co-holders that changing the residence for tax purposes or capacity of one of them may result in the account being closed.
Jointaccount. A joint account is an account owned by two or more persons. All joint owners agree with each other and with us that all sums now paid in or hereafter paid in by any one or all account owner(s), including all dividends thereon, if any, are and will be owned by all account owner(s) jointly and equally undivided regardless of their net contributions with a right of survivorship and will be subject to withdrawal or receipt by any one of the account owner(s) or the survivor(s) of any of the account owner(s). A right of survivorship arising from the express terms of a joint account cannot be changed by a will. We are not obligated to inquire as to the source of funds received for deposit to a joint account or to inquire as to the proposed use of any sums withdrawn from the account for the purpose of establishing net contributions. Being a joint owner of an account at the Credit Union will automatically cause all joint owners to be members provided that each member qualifies and maintains a par value share as provided herein. Each such member will have membership rights under this Agreement. Joint owners who use an account or otherwise request or use services with regard to an account agree to the terms, responsibilities and accompanying liabilities of this Agreement. If they do not qualify for membership, joint owners may be non-members. However, any non-member joint owner who uses an account, requests or uses a service and/or signs a Membership Application, agrees to the terms, responsibilities and accompanying liabilities of this Agreement. Unless otherwise agreed in writing between you and us, each joint owner, without the consent of any other joint owner, may, and hereby is authorized by every other joint owner, to conduct any transaction permitted under this Agreement, including without limitation:(1)to withdrawall or any part of the accountfunds;(2)to pledge the account funds as collateral to us for any obligation, whether that of one or more joint owners; (3) to endorse and deposit checks and other items payable to any joint owner; (4) to give stop payment orders on any check or item,whether drawnbythatjointowner,ornot;(5)toconsenttoorrevokeconsenttopaymentof service charges on overdrafts that result from ATM transactions or one- time debit card transactions under the Courtesy Pay Select Accept Service; and (6) to close the account, with the disbursement of account proceeds as instructed by the joint owner. While any owner may change, add or close a joint...
Jointaccount
