Common use of Ownership of Accounts Clause in Contracts

Ownership of Accounts. We may pay out funds or transact business pertaining to any account with the signature of any one of the account owners, or the signature of any designated agent(s), unless otherwise agreed in writing by the Credit Union. With respect to accounts owned by individuals where there is more than one owner on an account, you will each have access to the account and all the funds therein. We will consider all funds paid into the account, including dividends thereon, as held by each owner jointly and equally, without regard to net contribution of each owner, with right of survivorship, and all such funds shall be subject to withdrawal or receipt by any of the account owners or their survivors. Any such payment shall be valid and discharge the Credit Union from liability. With respect to ownership of funds, we will not inquire as to the source of funds received for deposit to a joint account or the proposed use of the funds withdrawn.