Common use of Accounts for Minors Clause in Contracts

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 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 ac- count with rights of survivorship unless otherwise indicated on the Account Card/Maintenance Form. The Credit Union may make payments of funds directly to the minor without regard to his or her minority. Unless the guardian is a joint account owner, the guardian shall not have any right to ac- cess the account. The Credit Union has no duty to inquire of the use or purpose of any transaction by the minor or joint account owner. The minor account owner’s tax identifica- tion number must be shown on the Account Card. The Credit Union shall not change the account status when the minor reaches age eighteen (18), unless authorized in writing by all account owners.

Accounts for Minors. For any account All accounts which are established by or for in the name of a minor, the Credit Union reserves the right to require the minor account owner to have a parental or guardian 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 ac- count account with rights of survivorship unless otherwise indicated on the Account Card/Maintenance FormMembership Application. The In the absence of such provision to prohibit access, the Credit Union may make payments of funds directly to the minor without regard to his or her minority. Unless the a parent or guardian is a joint account owner, the parent or guardian shall not have any right to ac- cess the account. The Credit Union has no duty to inquire of the use or purpose of any transaction by the minor or joint account owner. The minor account owner’s tax identifica- tion identification number must be shown on the Account Cardcard. The Credit Union shall not change the account status when the minor reaches age eighteen (18), unless authorized in writing by all account owners.