One Owner Accounts. A one owner account is an account owned by you alone, which you as the account owner use during your lifetime. In the event of your death the funds in the account will go to your legal representative (subject to the terms of this agreement). Alternatively, you can designate a specific person or persons or organization(s) as a beneficiary(s)/pod payee(s) for your one owner account in Part 1 of this contract. In the event of your death, the beneficiary(s)/pod payee(s) will be entitled to the funds in the account (subject to the terms of this agreement) upon proof of your death and the beneficiary’s/pod payee’s identification. If you designate more than one beneficiary/pod payee on the account, each will be entitled to his or her (or its) proportionate share of the funds in the account (which will be determined by dividing the amount of the funds in the account by the number of beneficiaries/pod payees designated on the account), and will own those funds without right of survivorship. If a beneficiary/pod payee predeceases you, it is your responsibility to notify us and change the account accordingly. Beneficiary/pod payee designations made on Part 1 of this contract do not apply to Individual Retirement Accounts (IRAs) or any account life savings insurance, which have separate beneficiary designations.
One Owner Accounts. A one owner account is an account owned by you alone, which you as the account owner use during your lifetime. Upon your death, the funds in the account will go to your estate and can be claimed by your legal representative or claimant subject to the terms of this Agreement. You understand that it is your responsibility (and not ours) to inform your legal representative(s) about your account(s) with us. Alternatively, you can designate a specific person or persons or organization(s) as a beneficiary(s)/Payable on Death payee(s) (POD payees) on your one owner account in Part 1 of this Agree- ment. Upon your death, the beneficiary(s)/POD payee(s) will be entitled to the funds in the account (subject to the terms of this Agreement) upon proof of your death and the beneficiary’s/POD payee’s identification. If you designate more than one benefi- ciary/POD payee on the account, each will be entitled to his or her (or its) equal share of the funds in the account, which will be determined by dividing the amount of the funds in the account by the number of beneficiaries/POD payees designated on the account), and will own those funds without right of survivorship (which means that the deceased beneficiary’s/POD payee’s share of the funds in the account would go to his or her estate). You understand that it is your responsibility (and not ours) to inform any person or organization that he, she or it is a beneficiary/POD payee on your account(s). If a beneficiary/POD payee on the account dies before you, it is your responsibility to notify us and change the account accordingly. Please be aware that your benefi- ciary/POD payee designations made on Part 1 of this Agreement do not apply to Indi- vidual Retirement Accounts (IRAs) or any account life savings insurance, which have separate beneficiary designations.
