Uniform Transfers to Minors. If you open an account for a minor under the Uniform Transfers to Minors Act, then you, as custodian, control the account until the minor reaches the age of majority, but the designated minor is the owner of the funds in the account. The Social Security number of the minor is to be used for income tax reporting.
Uniform Transfers to Minors. If you have established the Account as a custodian for a minor beneficiary under our state version of the Uniform Transfers to Minors Act, your rights and duties are governed by the Act. Deposits in the Account will be held by us for the exclusive right and benefit of the minor. The custodian and/or any person opening the Account, in their individual capacity, agree to indemnify and hold us harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney’s fees, we may suffer or incur arising out of any action or claim by any beneficiary or other custodian with respect to the authority or actions or claim by any beneficiary or other custodian with respect to the authority or actions taken by the custodian in handling or dealing with the Account.
Uniform Transfers to Minors. An account opened for a minor beneficiary by a custodian in accordance with the applicable law of the state in which the account is opened. Designations under state law include the Uniform 7UDQVIHUV WR 0LQRUV $FW DQG WKH 8QLIRUP *LIWV WR 0LQRUV $FW identification number and appoint a custodian who shall have authority on behalf of the minor to make withdrawals from, deposits to, and otherwise transact business on the account. No ownership rights or interest in the account is granted to the custodian. The custodian must notify the Bank in writing immediately upon the death of the minor or at the time the minor attains the age of majority as defined under the Act. Before it receives such notice, the Bank may honor any checks or drafts written on the account without incurring any liability to the minor or any third party and the custodian will be liable to the Bank for any loss or expense it incurs because of failure to give prompt notice. The Bank may rely on the FXVWRGauLthDorQity¶toVact on behalf of the minor until the Bank has received written QRWLFH WKDW D VXFFHVVRU FXVWRGLDQ KDV EHHQ GXO\ DSSRLQ otherwise terminated in accordance with applicable state law. The custodian agrees when the minor attains the age of majority under the Act to distribute the funds in the account to the named minor. The Bank reserves the right to limit an account to one custodian.
Uniform Transfers to Minors. If you have established the account as a custodian for a minor beneficiary under the state’s (state of minor residence) version of the Uniform Transfers to Minors Act or the Uniform Gifts to Minors Act, your rights and duties are governed by the Act. You will not be allowed to pledge the account as collateral for any loan to you. Deposits in the account will be held by us for the exclusive right and benefit of the minor. The custodian and/or any person opening the account, in their individual capacity, agree to indemnify and hold us harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney’s fees, we may suffer or incur arising out of any action or claim by any beneficiary or other custodian with respect to the authority or actions taken by the custodian in handling or dealing with the account.
Uniform Transfers to Minors. An account opened for a minor beneficiary by a custodian in accordance with the applicable law of the state in which the account is opened. Designations under state law include the Uniform Transfers to Minors Act and the Uniform Gifts to Minors Act (the “Act”). The account will be under the minor’s taxpayer identification number and appoint a custodian who shall have authority on behalf of the minor to make withdrawals from, deposits to, and otherwise transact business on the account. No ownership rights or interest in the account is granted to the custodian. The custodian must notify the Bank in writing immediately upon the death of the minor or at the time the minor attains the age of majority as defined under the Act. Before it receives such notice, the Bank may honor any checks or drafts written on the account without incurring any liability to the minor or any third party and the custodian will be liable to the Bank for any loss or expense it incurs because of failure to give prompt notice. The Bank may rely on the custodian’s authority to act on behalf of the minor until the Bank has received written notice that a successor custodian has been duly appointed or that the custodian’s authority has been otherwise terminated in accordance with applicable state law. The custodian agrees when the minor attains the age of majority under the Act to distribute the funds in the account to the named minor. The Bank reserves the right to limit an account to one custodian.
Uniform Transfers to Minors. As custodian for a minor beneficiary you are subject to the New York Uniform Transfers to Minors Act (NYUTMA). Deposits in the account are held for the exclusive right and benefit of the minor. The minor has no authority to transact on the account. The custodian is liable for all transactions conducted and must transfer the funds to the minor upon reaching the age designated on our records. If the account is not closed and funds are not transferred to the minor, it will be blocked for deposits and withdrawals to comply with the NYUTMA. A successor custodian must be designated to act as custodian if you resign, die, or become legally incapacitated. Fiduciary Accounts. A fiduciary account can be established as an estate, guardianship, conservator, infant compromise, representative xxxxx, or benefit account. We reserve the right to require such documents and authorizations to satisfy us that the individual(s) who establishes and transacts on the account have the proper authority to do so. This applies at the time of account opening and at all times thereafter. Club Accounts. Club accounts can be opened for “not-for-profit” clubs or organizations. All individuals of the organization or club must be either members of HVFCU or eligible for membership. Checking and Health Savings Accounts (HSAs). A checking account may not be used to establish membership. Funds must be available in your account before an item is presented for payment, and HVFCU may without liability, accept, pay, guarantee, or charge items to the account in any order convenient to HVFCU. You must notify HVFCU immediately if your checks are lost or stolen. Checks are not returned with statements and a fee is assessed for any check copies you request. HVFCU may refuse to pay funds from this account:
