Common use of Joint Accounts with Right of Survivorship Clause in Contracts

Joint Accounts with Right of Survivorship. If this is an account in the names of two or more individuals, it will be a joint account with right of survivorship as defined in Section 36a-290 of the Connecticut General Statutes or the successor to that statute. This means that each of you is making this Agreement with each other and with us. Each of you agrees that all amounts deposited by any of you, as well as any interest earned or bonus payments earned, can be paid to any one or more of you while you are all alive. After the death of any one or more of you, we can pay any money in the account to any one or more of you who is then alive. Each of you gives to all of the others authority to deposit to the account any check payable to any one or more of you. For certain checks, such as a check payable by the government, we may require all persons to whom the check is payable to endorse the check for deposit. We do not allow an account held in the names of individuals to require more than one signature for withdrawals from the account. If we honor a check which was signed by any one or more of you and this causes an overdraft, each of you is liable for the over- draft, whether or not you signed the check or benefited from its proceeds. Each of you acts as the agent of the others. Each of you authorizes each to operate the account without the consent or approval of the others. We may act and rely on the instructions of one of you with- out liability to the others. For example, one of you may without the consent or approval of the others: • add additional persons as joint owners; • instruct us to stop payment on a check or other item that another wrote on the account; • obtain an ATM card or a debit card; • draw upon an overdraft or other line of credit connected to the account; • obtain information about the account, including trans actions conducted by another of you; • pledge the account as security for any debts; and • close the account. • Limitation on Number of Owners. We have the right to limit the number of owners on any account.