Common use of Account Types Clause in Contracts

Account Types. Ownership of accounts may be single for one member only, or joint, consisting of multiple members. If your account is single and you authorize anyone to have access to your account in any manner, you agree to be liable for their actions. If your account is joint, all members have complete access to accounts. Joint accounts are held in joint tenancy with right of survivorship. Right of survivorship is the automatic transfer of ownership of an account to the surviving owner(s) upon the death of another owner(s). Account types available, but not limited to: • Regular Account (no named beneficiaries) • Sole Proprietorship Account • Informal Trust Account (also known as Payable on Death) • Partnership Account • Formal Trust Account • Corporation Account. • Estate Account • Organization Account • Youth Account • UTMA (Uniform Transfer to Minors Act) Account 1. Our business days are Monday through Friday excluding holidays.