TYPES OF ACCOUNT OWNERSHIP. We currently offer the following types of account ownership. We may only offer these types of account ownership for certain types of accounts and may stop offering any type of account ownership at any time. We may also decline a request to open an account with any ownership structure that is not offered at that time. Individual Account – An individual account is owned by one person only. Joint Account – A joint account is owned by two or more people. We may limit the number of joint owners who may be on an account and may change these limits at any time. If two spouses married to each other are the only joint owners, a joint account is owned by them as “tenants by the entireties” if the owners reside in a state that recognizes that type of ownership, otherwise a joint account is owned by the joint owners as “joint tenants with a right of survivorship”. In either case, all joint accounts you open with the Bank will create a right of survivorship. A right of survivorship
TYPES OF ACCOUNT OWNERSHIP. Based upon the type of Account ownership that you have designated, the following terms and conditions apply: NOTICE TO YOU: THE TYPE OF ACCOUNT YOU SELECT MAY DETERMINE HOW PROPERTY PASSES ON YOUR DEATH. YOUR WILL MAY NOT CONTROL THE DISPOSITION OF FUNDS HELD IN SOME OF THE FOLLOWING ACCOUNTS. You may select some of the following Accounts by placing your initials next to the Account you select on the “Texas Uniform Single or Multiple-Party Account Selection Form.”
TYPES OF ACCOUNT OWNERSHIP. We offer Accounts in the name of one person, or joint accounts in the names of more than one person with rights of survivorship or payable-on-death features as specified by Utah law. The Application designates the account type applicable to your Account. We reserve the right to request a social security number or other identifying information for each beneficiary that you designate. If you establish a payable-on- death Account, the Account belongs to you during your lifetime and your beneficiaries have no interest in, and no access to, the Account until your death. Upon your death (or in the case of a joint Account, on the death of the last surviving joint Account owner), all of the funds in the payable-on-death Account will be owned by the beneficiary or beneficiaries. If there is more than one beneficiary, in our sole discretion and subject to our right of setoff and security interest (if any), we will pay the funds in a payable-on-death Account to your beneficiaries as instructed by you and recorded in our records, or pay the funds by issuing a check in the name of all beneficiaries, and giving the check to any one beneficiary. We have no obligation to notify any beneficiary of the existence of a payable-on-death Account or the vesting of an interest in such an Account. Certain state law restrictions may apply to payable-on-death Accounts. You are solely responsible for complying with applicable Iaw in establishing a payable-on-death Account. We make no representation that designating your Account as payable-on-death is advisable. You should consult an attorney or other qualified estate planning professional before designating your Account as payable-on-death. It may be appropriate or advisable to obtain spousal or domestic partner consent if you reside in a community property state (for example, AZ, CA, ID, LA, NV, NM, TX, WA or WI) if a spouse or domestic partner is not named as the sole beneficiary.
TYPES OF ACCOUNT OWNERSHIP. TYPES OF ACCOUNTS This section describes the several ways title and ownership can be held on your Logix accounts. With respect to all accounts, we make no representation regarding tax aspects or the legal implications or results of opening any particular account. Each Account Holder is solely responsible for selecting the appropriate type of account. You may wish to consult with an attorney and/or tax advisor in order to determine the advisability of establishing one type of account over another, and which form of account ownership (vesting) is best for you. Individual Accounts
TYPES OF ACCOUNT OWNERSHIP. GENERAL Logix welcomes local business to establish membership and open a business account with us; however, we may not accept all requests. While we may not be able to accept all business ownership/entity types, or establish accounts for all business purposes or uses, business owners and operators are always encouraged to establish Logix membership and open up a personal account for your individual banking and other financial needs. Please refer to our Membership and Accounts Agreement and Disclosure for complete information on personal accounts.
TYPES OF ACCOUNT OWNERSHIP
