Common use of Ownership of Accounts Clause in Contracts

Ownership of Accounts. JOINT ACCOUNTS The co-owners of a joint account are those persons whose names appear on the joint account and who have signed the account signature card as co-owners. All funds in the account are owned jointly by the co-owners, regardless of who makes the deposit or whose money is deposited. Each co-owner has the right to withdraw funds from the account without limit and without the knowledge or consent of any other co-owner. We are authorized to recognize the signature and comply with the instructions of any co-owner or authorized signer or agent as to matters affecting the account. Each co-owner appoints each other co-owner as his or her agent. Any co-owner may appoint agents, authorized signers or attorneys-in-fact for the account. Once a joint account is opened, one co-owner cannot remove another from the account unless the other party agrees and we accept such change. Each co-owner agrees to notify us promptly of the death of another co-owner. The treatment of the account upon the death of a co-owner depends upon the type of joint account created.