Multiple Owner Accounts with Us. A multiple owner account is a savings, checking or term (certificate) account started, maintained and used by two or more owners who together own the funds in the account. Multiple account owners have equal rights to take actions and conduct transactions on the account, products or services. These rights allow each owner alone to start, confirm, maintain, review, change, add, terminate and con- duct transactions on the multiple owned accounts, products or ser- vices on behalf of all owners for any purpose. This includes an owner withdrawing funds, terminating and adding new accounts, products or services on behalf of all other owners. Each owner owns the funds in a multiple owner account with right of survivor- ship. This means that when one owner dies, her or his interest in the account and the funds in the account are owned by the surviv- ing owner or owners on the account. On the death of the final owner on the account, the funds in the account belong to that owner’s estate and may be claimed by the representative of that owner’s estate or other claimant authorized by law. You understand that it is your responsibility (and not our responsibility) to inform a repre- sentative of your estate about any account with us. If an owner on the account dies before you, it is also your responsibility to notify us and change the account. Alternatively, you may designate a per- son or organization as a beneficiary/Payable on Death payee (POD payee) on a multiple owner account as reflected in our records. On the final owner’s death, the beneficiary/POD payee may claim the funds in the account on presenting proof of death of all owners and the beneficiary’s/POD payee’s ID. If the beneficiary/POD payee on the multiple owner account dies before the last owner is deceased, on the last owner’s death the funds in the account will go to the deceased beneficiary’s/POD payee’s estate. The deceased bene- xxxxxxx’s/POD payee’s estate may also claim the funds in the ac- count if the beneficiary/POD payee dies after the last owner on the multiple owner account dies but before receiving funds in the ac- count. If you as multiple owners designate more than one benefi- ciary/POD payee on the account (i.e., a multiple owner account with multiple beneficiaries/POD payees), on the death of the final owner on the account each beneficiary/POD payee may claim her or his (or its) equal share of the funds in the account by presenting proof of death of all the owners and the beneficiary’s/PO...
