Common use of Account Ownership & Designations Clause in Contracts

Account Ownership & Designations. The classification and form of ownership of your accounts are designated on your Account Card. All accounts opened under the same member number will have the same ownership and beneficiary designations, except for IRA accounts, which are owned individually and may have different beneficiary designations. Different ownership and beneficiary designations may be established under a separate member number. You understand that certain account designations, such as joint ownership with right of survivorship or POD beneficiary may be invalidated upon the Credit Union's receipt of notice of marriage dissolution or a testamentary disposition, as required by applicable law.

Account Ownership & Designations. The classification and form of ownership of your accounts are designated on your Account Card. All accounts opened under the same member number will have the same ownership and beneficiary designations, except for IRA XXX accounts, which are owned individually and may have different beneficiary designations. Different ownership and beneficiary designations may be established under a separate member number. You understand that certain account designations, such as joint ownership with right of survivorship or POD beneficiary may be invalidated upon the Credit Union's receipt of notice of marriage dissolution or a testamentary disposition, as required by applicable law.