Common use of Minor Accounts Clause in Contracts

Minor Accounts. A minor Account may be established as a Joint Account or as a Personal Account and the minor is designated as the Primary Account Holder. We reserve the right, in our sole discretion, to require that a Joint Account Holder who may be a parent, or a legal guardian or conservator appointed by the court, and at least 18 years of age be placed on the Account. This additional Joint Account Holder will be jointly and severally liable to BECU for any loss, including without limitation any returned item, negative balance, unpaid charges, or amounts owing on the Account and any and all additional Joint Accounts opened by the minor or Joint Account Holder. Without the consent of a parent, legal guardian, or conservator, the minor is not authorized to open additional Joint Account(s) provided, however, it is not BECU’s responsibility to prevent a minor from opening any Additional Accounts. We have no duty to inquire as to the use or purpose of any transaction by a minor or any other Joint Account Holder. When the minor reaches the age of 18 years old, we are not required to, and typically will not without a request from the minor or the other Joint Account Holder, change the Account status to remove the other Joint Account Holder from the account.