Account Designations. A Payable on Death (POD) account is an account held in the name of one (1) or more persons as owner or owners for one or more persons designated as beneficiaries. The account and any balance thereof is subject to the following: a) during your lifetime you may withdraw the money in the account; b) by written direction to the Credit Union, you may change the beneficiary or beneficiaries; and c) upon your death the money remaining in the account will belong to the beneficiary or beneficiaries, and the money will not be inherited by your heirs or be controlled by your will. Any POD beneficiary designation shall not apply to Individual Retirement Accounts (IRAs). If there is more than one (1) surviving beneficiary/payee, the account is owned jointly by such beneficiaries/payees without rights of survivorship upon the death of the last account owner. We are not obligated to notify any beneficiary of the existence of any account or the vesting of a beneficiary's interest in any account, except as otherwise provided by law. This paragraph does not apply to an account held on behalf of or held in the name of a trust. Accounts for Minors. For any account established by or for a minor, the Credit Union reserves the right to require the minor account owner to have his or her Social Security Number (SSN) or Tax Identification Number (TIN) and to have a parental joint account owner who is at least eighteen (18) years of age, who shall be jointly and severally liable to the Credit Union for any returned item, overdraft, or unpaid charges or amounts on such account. For a joint account, all funds in the account shall be owned as a joint account with rights of survivorship. The Credit Union may make payments of funds directly to the minor without regard to his or her minority. The Credit Union has no duty to inquire of the use or purpose of any transaction by the minor or joint account owner. The Credit Union will not honor any transaction request by a parent or guardian who is not a joint account owner. The minor account owner's Social Security Number (SSN) or Tax Identification Number (TIN) must be shown on the account. We will not change the account status when the minor reaches the age of majority unless the change is authorized in writing by all account owners. Uniform Transfers/Gifts to Minors Account (UTMA/UGMA). A Uniform Transfers/Gifts to Minors Account is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor. The minor...
Account Designations. Occasionally during the Term of this Agreement, Merchant may designate one or more specific Accounts which shall become subject to this Agreement. Each such account designation shall be made by Merchant under the Online Service. Merchant is not under any obligation to designate any minimum number of Accounts under this Agreement and is not limited to any maximum number of Accounts.
Account Designations. A Payable on Death (POD) account is an account held in the name of one (1) or more persons as owner or owners for one or more persons designated as beneficiaries. The account and any balance thereof is subject to the following: a) during your lifetime you may withdraw the money in the account; b) by written direction to the credit union, you may change the beneficiary or beneficiaries; and c) upon your death the money remaining in the account will belong to the beneficiary or beneficiaries, and the money will not be inherited by your heirs or be controlled by your will. Any POD beneficiary designation shall not apply to Individual Retirement Accounts (IRAs). We are not obligated to notify any beneficiary of the existence of any account or the vesting of a beneficiary's interest in any account, except as otherwise provided by law.
Account Designations. For certain Services, Company may be required to designate one or more Accounts to facilitate the particular Service. If one or more Accounts must be designated, they will be reflected in the Supporting Documents. However, Company understands that this Agreement will govern any and all Account for which Company uses any of the Services, whether or not the Account(s) have been formally designated as linked in the Agreement.
Account Designations. By way of the Online Cash Management Application, you agree to designate which accounts will be utilized for Online Cash Management Services. You understand that your Administrator will have responsibility for designating agent authority, granting and resetting passwords, and maintaining user rights and responsibilities in regard to the various accounts listed. IMPORTANT: If your Administrator designates an account that requires more than one signature for the withdrawal or transfer of funds, you agree that we may act upon any Service instruction that is initiated by use of a valid agent username and password. This may mean that we will act upon the instruction of only ONE person (e.g. to wire funds), even though the signature card for the account in question requires two or more signatures on checks. As long as the Service instruction is initiated by use of a valid agent username and password, the transaction will be deemed authorized by you. Security Procedures. We will provide your Administrator with a user name and initial password to access Online Cash Management and further set up your agents. We may also provide you with operating procedures in connection with certain Services. You agree to: a) comply with the procedures that we provide to you; b) take reasonable steps to safeguard the confidentiality and security of any user names and passwords assigned to you, your Administrator, or your agents; c) take reasonable steps to safeguard the confidentiality of the procedures or any other proprietary information we provide to you in connection with Online Cash Management; d) closely and regularly monitor the activities of employees who access Online Cash Management; e) maintain the changes in authority, addition or deletion of any agents; and f) notify us immediately if you have any reason to believe the security or confidentiality required by this provision has been or may be breached. IMPORTANT: Our security procedures are not designed for the detection of errors, such as duplicate payments or errors in your Service requests or instructions, and we are not obligated to detect such errors made by you, your Administrator or your agents. Once your Administrator has received a user name and password for access to Online Cash Management, you will be solely responsible for the use by anyone who utilizes the correct user name and password. Bank will have no duty to further verify the identity of any user with a valid user name and password, and will act on i...
