Common use of Account Ownership Clause in Contracts

Account Ownership. You may open your account in one or more names. Minors may not open accounts as sole owners. Joint Accounts: If opened in more than one name, your account will be treated as a joint account with right of survivorship. If one owner dies, funds will be payable to the surviving owner(s). The TIN assigned to the account for IRS reporting purposes shall be that of the first listed owner. Any account owner may withdraw any or all of the funds, regardless of any information we may have regarding actual ownership of the funds on deposit. We may honor instructions concerning the account from any account owner or the legal representative of any account owner, including instructions regarding account closure, account re-titling, and/or the removal of account owners. Each joint account owner guarantees the signature of the other joint owner(s). All owners on a joint account are jointly and individually liable for any overdrafts created in the account, regardless of which joint owner made the withdrawal overdrawing the account or who benefited from the payment. All owners must sign a permanent signature card and provide the required documentation of identity. Failure to provide us with this completed document may result in the Bank’s refusal to negotiate checks or payment orders against the account. For your convenience, we may allow you to establish a joint account, even if only one joint account owner signs the signature card. If we allow you to do this, you agree to indemnify and hold us harmless from and against losses we may incur, or other harm arising from, or in any way relating to, establishing your joint account without having a signature card signed by another joint account owner. By transacting any business on the joint account, a joint account owner who has not signed the account’s signature card agrees to be bound by this Agreement, the Consumer Banking Fee Schedule, and any other applicable agreement. If any joint account owner has not provided us with a signed signature card, your joint account may not qualify as a joint account for purposes of Federal Deposit Insurance coverage under applicable law concerning inheritance or the transfer of property upon death. We reserve the right to refuse to pay or honor checks and other orders of withdrawal signed by a joint account owner who has not signed the account’s signature card. We may, in our sole discretion, convert your joint account into an individual account. Each joint account owner hereby appoints each other joint owner as his or her agent for the purpose of requesting services relating to the account, such as ATM or debit cards, Online Banking, and telephone banking.

Account Ownership. You may open your Individual: An individual account in is owned by one or more namesperson. Minors may not open accounts as sole owners. Joint Accounts: If opened in more than one name, your account will be treated as a joint account with right of survivorship. If one owner dies, funds will be payable to Upon the surviving owner(s). The TIN assigned to the account for IRS reporting purposes shall be that death of the first listed owner. Any account owner may withdraw any or all of the funds, regardless of any information we may have regarding actual ownership of the funds on deposit. We may honor instructions concerning the account from any account owner or the legal representative of any account owner, including the interest passes to the decedent’s estate unless a Payable on Death (POD) beneficiary has been designated. This is subject to other provisions of this Agreement governing our protection for honoring transaction requests of an owner or owner’s agent prior to notice of an owner’s death and to any security interest or pledge granted by the account owner and subject to our statutory lien rights. Joint Ownership with Rights of Survivorship and not as Tenants in Common: A joint ownership account is owned by two or more persons. Joint ownership applies to all deposit suffixes under the account number, such as special savings, checking, etc. Any or all owners can make deposits and withdrawals regardless of contributions. Any joint owner is authorized or deemed to act for the other owner(s) and the Credit Union may accept orders and instructions regarding account closurethe account, account re-titling, and/or the removal of requests for future services and any transaction from any account owners. Each joint account owner guarantees the signature of the other joint owner(s). All owners on a joint Any account are jointly and individually liable for any overdrafts created owner may withdraw all funds in the account, regardless stop payment on items drawn on the account, transfer, or pledge to the Credit Union all or any part of which joint owner made the withdrawal overdrawing deposits of any account without the consent of the other account owner(s), and the Credit Union shall have no duty in such event to notify any other account owner(s). The Credit Union reserves the right at any time to require written consent of all account owners of a change of ownership, termination of an account or who benefited from the payment. All require that all owners must sign a permanent signature card and provide the required documentation of identity. Failure agree in writing to provide us with this completed document may result in the Bank’s refusal to negotiate checks or payment orders against any transaction concerning the account. For your convenienceIf a deposited item in a jointly owned account is returned unpaid, an account is overdrawn, or if we do not receive final payment on any transaction, each account owner is jointly and severally liable for the amount of the returned item, overdraft, or unpaid amount and any charges of fees, regardless of who initiated or benefitted from the transaction. If any account owner is indebted to us, we may allow you enforce our rights against any account owner or all funds in the jointly owned account regardless of who contributed them. A joint account includes rights of survivorship. This means when one owner dies, all sums in the account will pass to establish the surviving owner(s). A surviving owner’s interest is subject to the Credit Union’s statutory lien for the deceased owner’s obligations, and to any security interest or pledge granted by a joint accountdeceased owner, even if only one joint account a surviving owner signs the signature carddid not consent to it. If we allow you a joint owner of an account desires to do this, you agree open an individual account with the Credit Union or to indemnify and hold us harmless from and against losses we may incur, or other harm arising from, or in any way relating to, establishing your joint account without having a signature card signed by open another joint deposit account owner. By transacting any business on with the Credit Union, with one or more different joint accountowners, a joint account owner who has not signed the account’s signature card agrees to this may be bound accomplished by this Agreement, the Consumer Banking Fee Schedule, and any other applicable agreement. If any joint account owner has not provided us with a signed signature card, your joint account may not qualify as a joint account for purposes of Federal Deposit Insurance coverage under applicable law concerning inheritance or the transfer of property upon death. We reserve the right to refuse to pay or honor checks and other orders of withdrawal signed by a joint account owner who has not signed the account’s signature card. We may, in our sole discretion, convert your joint account into an individual account. Each joint account owner hereby appoints each other such joint owner as his or her agent for the purpose of requesting services relating to the account, such as ATM or debit cards, Online Banking, and telephone bankingpurchasing a new membership share under a different account number.

Account Ownership. When you enroll in the Services, all of the Accounts on which you are an owner will be automatically placed in your Account Summary (or your Accounts page). You may open request the Bank to remove any of these Accounts from the Services. If you are not the owner of an Account, but are an agent or signer on the Account, you may request the Bank add the Account to your account Account Summary. It is the Bank’s sole discretion whether to add the requested non-owner Account to your Account Summary. The addition of one non-owner Account to your Account Summary does not obligate the Bank to add any other non-owner Accounts to your Account Summary. The Bank may remove non-owner Accounts from your Account Summary at any time without prior notice to you. Determination of ownership of an Account at any specific time shall be based on the information reflected in the current records maintained by the Bank. Multiple Owners/Signers: If you are a Consumer and you own an Account (or Accounts) with one or more namesperson(s), the Bank may act on the verbal, written or electronic directions of any one owner for that jointly owned Account. Minors Each owner who enrolls the Account in Online Banking will receive a separate User ID and Password. If you are a Business, the Bank may not open accounts as sole ownersact on the verbal, written or electronic directions of any one person authorized by the Resolution executed by you regarding the enrollment in the Services. Joint Accounts: If opened in more than Only one name, your account User ID and Password will be treated as a joint account with right of survivorship. If one owner dies, funds will be payable issued to the surviving owner(s). The TIN assigned to the account for IRS reporting purposes shall be that you regardless of the first listed ownernumber of signers authorized on your Accounts. Any account owner may withdraw any person who has the User ID and Password (whether authorized or not) will have access to view Account balances, Account transactions, stop payment on funds, transfer funds and access other information available from all Accounts enrolled in the Services regardless of whether they had such access to all of the Accounts previously. Any Account, which requires two or more signatures to withdraw or transfer funds, regardless of may not be enrolled in the Services. You agree not to change the Account documentation to require two or more signatures until you have first notified the Bank to terminate the Account on Online Banking and the Bank has had reasonable opportunity to act on your request. You release the Bank from liability for any information we may have regarding actual ownership action taken on an Account by any one person authorized to act as a signer on the Account even though that person’s authority to act on the Account by other means (e.g., by check) must be exercised jointly with one or more other persons. If you are a Business and an authorized signer takes action on your Account which has not been properly authorized or is outside of the funds on deposit. We may honor instructions concerning authorized signer’s scope of authority, you assume the account from any account owner or the legal representative entire risk of any account owner, including instructions regarding account closure, account re-titling, and/or the removal of account owners. Each joint account owner guarantees the signature of the other joint owner(s). All owners on a joint account are jointly loss and individually liable for any overdrafts created in the account, regardless of which joint owner made the withdrawal overdrawing the account or who benefited from the payment. All owners must sign a permanent signature card and provide the required documentation of identity. Failure to provide us with this completed document may result in hold the Bank’s refusal to negotiate checks or payment orders against the account. For your convenience, we may allow you to establish a joint accountits directors, even if only one joint account owner signs the signature card. If we allow you to do thisofficers, you agree to indemnify employees and hold us agents, harmless from and against losses we may incurall loss, liability, claims, demands, judgments or other harm expenses arising from, out of or in any way relating to, establishing your joint account without having a signature card signed by another joint account owner. By transacting any business on the joint account, a joint account owner who has not signed the account’s signature card agrees to be bound by this Agreement, the Consumer Banking Fee Schedule, and any other applicable agreement. If any joint account owner has not provided us connected with a signed signature card, your joint account may not qualify as a joint account for purposes of Federal Deposit Insurance coverage under applicable law concerning inheritance or the transfer of property upon death. We reserve the right to refuse to pay or honor checks and other orders of withdrawal signed by a joint account owner who has not signed the account’s signature card. We may, in our sole discretion, convert your joint account into an individual account. Each joint account owner hereby appoints each other joint owner as his or her agent for the purpose of requesting services relating to the account, such as ATM or debit cards, Online Banking, and telephone bankinguse.

Account Ownership. You may open your account in one Other than those persons identified as authorized signers, agents or more namesfiduciaries, the persons or entities identified on the Account Signature Card or during the online application process as owners are the owners of the Account. Minors may not open accounts as sole owners. Joint Accounts: If opened in more than one nameperson is identified, your account will be treated as a joint account with right of survivorship. If one each indicated person named is an owner diesand such ownership shall, funds will be payable to the surviving owner(s). The TIN assigned to the account for IRS reporting purposes shall be that of the first listed owner. Any account owner may withdraw any or all of the funds, regardless of any information we may have regarding actual ownership of the funds on deposit. We may honor instructions concerning the account from any account owner or the legal representative of any account owner, including instructions regarding account closure, account re-titling, and/or the removal of account owners. Each joint account owner guarantees the signature of the other joint owner(s). All owners on a joint account are jointly and individually liable for any overdrafts created in the account, regardless of which joint owner made the withdrawal overdrawing the account or who benefited from the payment. All owners must sign a permanent signature card and provide the required documentation of identity. Failure to provide us with this completed document may result in the Bank’s refusal to negotiate checks or payment orders against the account. For your convenience, we may allow you to establish a joint account, even if only one joint account owner signs the signature card. If we allow you to do this, you agree to indemnify and hold us harmless from and against losses we may incur, or other harm arising from, or in any way relating to, establishing your joint account without having a signature card signed by another joint account owner. By transacting any business on the joint account, a joint account owner who has not signed the account’s signature card agrees to be bound by this Agreement, the Consumer Banking Fee Schedule, and any other applicable agreement. If any joint account owner has not provided us with a signed signature card, your joint account may not qualify as a joint account for purposes of Federal Deposit Insurance coverage under applicable law concerning inheritance or the transfer of property upon death. We reserve the right to refuse to pay or honor checks and other orders of withdrawal signed by a joint account owner who has not signed the account’s signature card. We may, in our sole discretion, convert your joint account into an individual account. Each joint account owner hereby appoints each other joint owner as his or her agent for the purpose of requesting services relating this Agreement be deemed to be owned by such persons as joint tenants with full rights of survivorship. Business, fiduciary, and association Accounts are held under the terms of documents submitted to Us by the person(s) opening the Account If the Account is a Payable on Death (“POD”) account, the Account shall be payable on the death of the last Account owner to one or more designated POD beneficiaries, if living, and if not living, to the accountnamed estate of the beneficiary. If more than one beneficiary is designated by the Account owner(s), such as ATM or debit cardsthe beneficiaries, Online Bankingif living, and telephone bankingif not living, the named estate of the beneficiaries, shall share equally in the amount payable on death of the last Account owner. Persons who are identified during the online application process as authorized signers or whose signatures appear on Your applicable account opening or related Account documents have the individual authority to withdraw funds from Your Account. Any person who is authorized to withdraw funds but who is not the owner of an Account will be considered an agent of the owner of the Account, with the unlimited right to deal with the Account on behalf of the Account owner. We have no duty to inquire as to the authority of an agent to deal with the Account, and We have no liability for permitting an agent to withdraw funds from an Account, regardless of the manner of withdrawal or recipient of the funds.

Account Ownership. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. You may open your will be asked to supply information and documentation that will allow us to identify you. Individual Account(s) - An individual account is an account in the name of one depositor only. Only that person may write checks against the account or withdraw money, regardless of who actually owns the funds. Joint Account(s) - An account with two or more names. Minors may not open accounts as sole owners. Joint Accounts: If opened in more than one name, your account will be treated as holders is a joint account with the right of survivorship. If one owner diesTEACHERS FEDERAL CREDIT UNION is hereby authorized to recognize any of the signatures subscribed hereto in the payment of funds, funds will be payable to or the surviving owner(s)transaction of any business for this account. The TIN assigned joint owners of this account hereby agree with each other and with Teachers Federal Credit Union that any additions to the account for IRS reporting purposes are the property of the owners as joint tenants with rights of survivorship and are subject to the withdrawal or receipt of any of them, and payment to any of them or the survivor or survivors shall be valid and discharge the Credit Union from any liability for such payment. Fiduciary & Business Accounts - With respect to all fiduciary accounts, including but not limited to estate accounts, guardianship accounts, and conservatorship accounts, and any Formal Trust Account, Uniform Transfers to Minors Act Accounts, or Business Account, we reserve the right to require such documents and authorizations as we may deem necessary or appropriate to satisfy us that the person(s) requesting or directing the withdrawal of funds held in the first listed owneraccount have the authority to withdraw such funds. This applies at the time of account opening and at all times thereafter. Account Provisions - Any account owner may withdraw any or all of the fundsjoint owners may pledge all or any part of the shares/funds in this account as collateral to any loan(s) issued by Teachers Federal Credit Union. The right or authority of the Credit Union under this agreement shall not be changed or terminated by the owners, regardless or any of them, except by written notice to Teachers Federal Credit Union which shall not affect transactions therefore made. Overdrafts caused by anyone who signs this Agreement will automatically be compensated by transfer from any Teachers Account or by accessing the Teachers Advantage Line of Credit of any information we may have regarding actual ownership of the funds undersigned, based on depositavailability. We may honor instructions concerning Transfers from the account from any account owner or the legal representative of any account ownerShare Savings and Money Market Accounts are limited to 6 per account, including instructions regarding account closure, account re-titling, and/or the removal of account owners. Each joint account owner guarantees the signature per statement cycle to comply with Regulation D of the other joint owner(s). All owners on a joint account are jointly and individually liable for any overdrafts created in the account, regardless of which joint owner made the withdrawal overdrawing the account or who benefited from the payment. All owners must sign a permanent signature card and provide the required documentation of identity. Failure to provide us with this completed document may result in the Bank’s refusal to negotiate checks or payment orders against the account. For your convenience, we may allow you to establish a joint account, even if only one joint account owner signs the signature card. If we allow you to do this, you agree to indemnify and hold us harmless from and against losses we may incur, or other harm arising from, or in any way relating to, establishing your joint account without having a signature card signed by another joint account owner. By transacting any business on the joint account, a joint account owner who has not signed the account’s signature card agrees to be bound by this Agreement, the Consumer Banking Fee Schedule, and any other applicable agreement. If any joint account owner has not provided us with a signed signature card, your joint account may not qualify as a joint account for purposes of Federal Deposit Insurance coverage under applicable law concerning inheritance or the transfer of property upon death. We reserve the right to refuse to pay or honor checks and other orders of withdrawal signed by a joint account owner who has not signed the account’s signature card. We may, in our sole discretion, convert your joint account into an individual account. Each joint account owner hereby appoints each other joint owner as his or her agent for the purpose of requesting services relating to the account, such as ATM or debit cards, Online Banking, and telephone bankingReserve Board.

Account Ownership. You may open The form of ownership of your account is designated on the signature card or our other deposit account records. We may rely on this designation for all purposes concerning your account. If for some reason you have not signed a signature card or we do not have your signature card, we will not be liable to you for honoring checks or other signed instructions if we believe in one good faith that the signature appearing on such checks or instructions is authorized. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, if any, specified on your account records, except as they determine to whom we pay account funds. If two or more names. Minors may not open accounts as sole owners. Joint Accounts: If opened in more than one name, your account will be treated as persons desire to establish a joint account with right of survivorship. If one owner diesus, funds will be payable to the surviving owner(s). The TIN assigned to the account for IRS reporting purposes shall be that of the first listed owner. Any account owner may withdraw any or all of the funds, regardless of any information we may have regarding actual ownership of the funds on deposit. We may honor instructions concerning the account from any account owner or the legal representative of any account owner, including instructions regarding account closure, account re-titling, and/or the removal of account owners. Each joint account owner guarantees each person must sign the signature of the other joint owner(s). All owners on a joint account are jointly and individually liable for any overdrafts created in the account, regardless of which joint owner made the withdrawal overdrawing the account or who benefited from the payment. All owners must sign a permanent signature card and provide the required documentation of identity. Failure to provide us with this completed document may result in the Bank’s refusal to negotiate checks or payment orders against the accountcard. For your convenience, we may allow you to establish a joint account, even if only one joint account owner signs the signature card. If we allow you to do this, you agree to indemnify and hold us harmless from and against losses Losses we may incur, or other harm arising from, or in any way relating to, establishing your joint account without having a signature card signed by another joint account owner. By transacting any business on the joint account, a joint account owner who has not signed the your account’s signature card agrees to be bound by this Agreement, the Consumer Banking Fee Schedule, and any other applicable agreement. If any joint account owner has not provided us with a signed signature card, your joint account may not qualify as a joint account for purposes of Federal Deposit Insurance federal deposit insurance coverage or under applicable law Applicable Law concerning inheritance or the transfer of property upon death. We reserve the right to refuse to pay or honor checks and other orders of withdrawal signed by a joint account owner who has not signed the your account’s signature card. We may, in our sole discretion, convert your joint account into an individual account. Each joint account owner hereby appoints each other joint owner as his or her agent for the purpose of requesting services relating to the account, such as ATM or debit cards, Online Banking, and telephone banking.