OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION. BUSINESS ACCOUNTS The following are persons authorized (“Authorized Person(s)”) to establish and act on behalf of the Account Owner with respect to accounts held at the Credit Union: if the Account Owner is a sole proprietorship, the business owner and any person designated by the business owner; if the Account Owner is a partnership, each partner (or general partner in the case of a limited partnership) and any person designated by the partners; and/or if the Account Owner has any other form of organiza- tion or is an unincorporated organization or association, the individuals vested with the power to make decisions concerning the operation of the Account Owner must designate the persons authorized to establish accounts at the Credit Union and transact business on such accounts on behalf of the Account Owner. All Authorized Persons must be at least 18 years of age. Authorized Persons are vested with the authority to open and close the account on behalf of the Account Owner, and transact any business of any nature on such accounts including but not limited to the following: depositing, withdrawing and transferring funds into, out of and between one or more accounts; signing drafts, checks and other orders for payment or withdrawal; issuing instructions regarding orders for payment or withdrawal; endorsing any check, draft, share certificate and other instrument or order for payment owned or held by the Account Owner; and receiving information of any nature about the account. POWER OF ATTORNEY If you choose to appoint an agent to act on your behalf pursuant to a power of attorney (“POA”), we may rely on instructions provided by the agent and will have no liability or responsibility to verify the transac- tions. The POA must be properly executed, valid under Commonwealth of Virginia law and the form of appointment must be acceptable to us. We have the right to request further documentation or information if deemed necessary or appropriate. In accordance with the terms of the POA, the agent you designate to act on your behalf will be authorized to transact business on your account(s) pursuant to the terms of such POA. Notwithstanding the foregoing, we reserve the right to contact you as the principal under the POA, to verify your intent, prior to acting under the authority of the POA. You further agree that unless prohibited by law, we may refuse, with or without cause, to accept or otherwise act under a POA, which you grant to others. If we choose to accept ...
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION. These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION. Some of the following sections apply to your account depending on the form of ownership and beneficiary designation, if any, specified on our records for your account. We reserve the right to refuse some forms of ownership (including without limitation forms of ownership that are not described below) on any or all accounts. We make no representations as to whether any ownership and beneficiary designations are appropriate or effective, except as they determine to whom we may pay account funds.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION. These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We reserve the right to refuse some forms of ownership on any or all of our accounts. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds. Revocable Trust Account: If two or more of you create such an account, you own the account jointly with survivorship. Beneficiaries cannot withdraw unless: (1) all persons creating the account dies, and (2) the beneficiary is then living. If two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account in equal shares, without right of survivorship. The person(s) creating this account type reserve the right to: (1) change beneficiaries, (2) change account types and (3) withdraw all or part of the account funds at any time. Business Accounts: Earnings in the form of interest, dividends or credits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the legal entity. If this option is selected, this is a temporary account agreement. Each person who signs in the space designated for signatures on the signature card (except as indicated to the contrary) may transact business on this account; however, we may at some time in the future restrict or prohibit further use of this account if you fail to comply with the requirement we have imposed within a reasonable time.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION. You have asked us to establish this time deposit account as designated on the Signature Card. The Bank does not issue a physical certificate to evidence your ownership of a time deposit account, but relies on the account Signature Card to reflect the capacity in which the depositor holds the account. Such designations are subject to applicable state law, and you acknowledge that any dispute regarding the meaning of such designations will be resolved by applicable state law and this Agreement. The following describes in greater detail each of the ownership options described on the Signature Card, and how we will pay the funds in the account based on each such designation. Other than the following statements, we make no representation as to the consequences of opening an account in a particular manner. Individual Account – is owned by one person. Joint Account – is owned by two or more persons with rights of survivorship (not as tenants in common). Each of you intends that upon your death the balance in the account will belong to the surviving owner(s). If two or more of you survive, you will own the balance in the account as joint tenants with right of survivorship and not tenants in common. Any one of you who owns this account may withdraw or transfer all or any part of the account balance. Each of you authorizes all other persons who are named owners of this account on the Signature Card to endorse any item payable to you or your order for deposit to this account or any other transactions with us. Trust Accounts (Revocable or Irrevocable) -- is an account by a formal written trust created by one or more owner(s)/grantor(s) which may provide that the owners/grantors retain ownership during their lifetime (revocable) or that the trust may not be revoked by the owner(s)/grantor(s) (irrevocable). Deposit accounts of formal trusts will be titled in the name of the trust with trustee(s) being authorized signers on the deposit account. The trustee(s) of the trust is required to provide a valid and current document to us at the time of account opening. The trustee or successor trustee agrees to assume any and all liability that is caused by any subsequent changes made to the trust and that are not provided to us, or if in good faith, we rely on the most recent trust agreement in our file. Revocable Trust Account (“POD,” “in trust for,” or Xxxxxx trust account) – is an Individual or Joint Account with one or more beneficiaries. A beneficiary acquires the right to ...
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION. These rules Individual Account - is an account in the name of one person. Joint Account - With Survivorship (And Not As Tenants In Common) - is an account in the name of two or more persons. Each of you intend that when you die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. Joint Account - No Survivorship (As Tenants In Common) - is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship in any other person. We encourage you to agree and tell us in writing of the percentage of the deposit contributed by each of you. This information will not, however, affect the "number of signatures" necessary for withdrawal. Revocable Trust or Pay-On-Death Account - If two or more of you create this type of account, you own the account jointly with survivorship. Beneficiaries of either of these account types cannot withdraw unless: (1) all persons creating the account die, and (2) the beneficiary is then living. If two or more beneficiaries are named and survive the death of the owner(s) of the account, such beneficiaries will own this account in equal shares, without right of survivorship. The person(s) creating either a Pay-On-Death or Revocable Trust account reserves the right to: (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the account funds at any time. UTMA ACCOUNTS - You may deposit money into an account established as a gift for a minor child under the Illinois Uniform Transfers to Minors Act. The gift is not revocable. You may name yourself or another adult as custodian and may appoint a successor custodian. The custodian is authorized to handle this account on behalf of the minor child until the minor child reaches 21 years of age at which time the minor shall have unrestricted access to the account. Any action that the custodian takes, including withdrawals from this account, must be made in the capacity of custodian for the benefit of the minor. BUSINESS, ORGANIZATION AND ASSOCIATION ACCOUNTS - Earnings in the STOP PAYMENTS - Unless otherwise provided, the rules in this section cover stopping payment of items such as checks and drafts. Rules for stopping payment of other types of transfers of funds, such as consumer electronic fund transfers, may be estab...
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION. These rules Individual Account – is an account in the name of one person. Joint Account – With Survivorship (And Not as Tenants In Common) – is an account in the name of two or more persons. Each of you intends that when you die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. Joint Account – No Survivorship (As Tenants In Common) – is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship in any other person. We encourage you to agree and tell us in writing of the percentage of the deposit contributed by each of you. This information will not, however, affect the “number of signatures” necessary for withdrawal. Revocable Trust or Pay-On-Death Account – If two or more of you create this type of account, you own the account jointly with survivorship. Beneficiaries cannot withdraw unless: (1) all persons creating the account die, and (2) the beneficiary is then living. If two or more beneficiaries are named and survive the death of all persons creating the account, beneficiaries will own this account in equal shares, without right of survivorship. The person(s) creating either of these account types may: (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the account funds at any time. BUSINESS ACCOUNTS – Earningsin the form of interest, dividends, orcredits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization untilwe actually receive written notice of a change from the governing body of the legal entity. STOP PAYMENTS – You must make any stop-payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it before our stop-payment cutoff time. To be effective, your stop-payment order must precisely identify the number, date and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the TELEPHONE TRANSFERS – A telephone tr...
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION. 12 9 Business, Organization, and Association Accounts; Authorized Representatives 13 10 Fiduciary Accounts 13 11 Authorized Signer 14 12 Power of Attorney 14 13 Death or Incompetence 15 14 Notices 15 15 Statements; Duty to Review and Promptly Report 16 16 Assignment 17 17 Setoff; Security Interest; Subordination of POD Beneficiary Interest 18 18 Overdrafts and Insufficient Funds; Payment Order of Transactions Being Presented 18 19 Signatures on Items; Facsimile Signatures 19 20 Indorsements 19 21 Abandoned, Inactive, or Dormant Accounts; Escheatment 20 22 Transaction Instructions; Restrictions; Breaches of Your Security 20 23 Stop Payments 20 24 Lost, Destroyed, or Stolen Certified, Cashier's, Official, or Xxxxxx's Checks 21 25 Backup Withholding/Taxpayer Identification Number and Certification 21
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION. These rules apply to the account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds. Single-Party Account - Such an account is owned by one party. Multiple-Party Account - Parties own account in proportion to net contributions unless there is a clear and convincing evidence of a different intent.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION. These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds. Business, Organization and Association Accounts. Earnings in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. You represent that you have the authority to open and conduct business on this account on behalf of the entity. We may require the governing body of the entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the entity. Stop Payments. Unless otherwise provided, the rules in this section cover stopping payment of items such as checks and drafts. Rules for stopping payment of other types of transfers of funds, such as consumer electronic fund transfers, may be established by law or our policy. If we have not disclosed these rules to you elsewhere, you may ask us about those rules.
