Common use of Account Closure Clause in Contracts

Account Closure. You understand that your right or authority under this Agreement shall not be changed or terminated by you, except by written notice to the Credit Union that is accepted by the Credit Union and such accepted notice shall not affect transactions made before the notice is received. We reserve the right to require every owner of any multiple party account to agree in writing when a change of ownership is requested. We are not responsible for payment of any check (draft), withdrawal, or other item after your account is terminated; however, if we pay an item after termination, you agree to reimburse the Credit Union for such payment.