Organizational Accounts. An organization may open an account with RBFCU if the organization is listed in our field of membership or is physically located within geographical areas that have been approved by the National Credit Union Administration as being in our field of membership. The organization must be assigned a taxpayer identification number through the IRS.
Organizational Accounts. The funds in an organizational account are owned by a corporation, trust (including a living trust), partnership, social club, sports team, etc. In order for the organization to be a UCU member, eligibility requirements must be met in accord with UCU’s charter or bylaws. If the organization does not qualify for membership, it can be a joint owner of the account with an individual member. LIEN ON DEPOSITS A lien will be imposed on any and all accounts that you have with UCU in an amount equal to that which you may owe UCU because of a loan, dues, or any other charges payable by you to UCU. If you default in paying the amount you owe, the lien may be enforced, and your funds may be withdrawn and applied to your debt without further notice to you except where required by law. ACCOUNT CLOSING Your regular UCU savings account cannot be closed until all amounts you owe UCU are paid in full and all other accounts that you have with UCU are closed. ENDORSEMENTS All check endorsements must be made in the first one and one-half inches of the trailing edge of the back of the check. The trailing edge is opposite the left side of the face of the check. You will be responsible for any costs incurred by UCU due to delays in returning checks deposited into your account that do not comply with these endorsement standards. SAVINGS INSURANCE Funds in your account at UCU are insured up to $250,000 by the National Credit Union Administration (NCUA), an agency of the United States Government. If you would like more information about your share insurance, a pamphlet entitled Your Insured Funds is available upon request or you may contact xxx.xxxx.xxx. Funds in your accounts are also insured to an additional $250,000 by our private savings insurer, Excess Share Insurance (ESI). For more information, contact ESI at xxx.xxxxxxxxxxx.xxx. GOVERNING LAW The rights, duties, obligations and liabilities of you and UCU in connection with your membership and account(s) are and shall be controlled by Maine and/or federal law as applicable and in effect at the time the rights, duties, obligations and liabilities arise, other than as specifically set forth in this Agreement, UCU charter and bylaws, or your specific account documentation.
Organizational Accounts. If the member is a corporation, partnership, or other legal entity, every person affixing his/her signature to the Account Signature Card represents, warrants and agrees: (a) that he/she is fully authorized to execute the Account Signature Card and enter into this Agreement in the capacity therein stated; (b) that the organizational member has furnished the resolution, or other documents giving or evidencing such authority to execute the Account Signature Card and enter into this Agreement; and (c) that the member shall furnish to the Credit Union other resolutions, agreements, or documents as the Credit Union may request to evidence any association, organization, or other action relating to opening or maintenance of the Account and any changes therein. We will require that an organizational Account Signature Card be executed which will designate the persons permitted to transact business on the Account, including, but not limited to, the right to withdraw and the conditions required for withdrawal of funds from any account in the name of a legal entity such as an association or other organization. We will honor such authorization according to its terms until it is amended or terminated in writing by the governing body of the organization.
Organizational Accounts. If Your Account is an organizational account, You will supply Us with a separate authorization informing Us of the authorized signers for the Account and provide any other related documents if We request You to do so. We require that all organizational members be individually eligible for membership.
Organizational Accounts. An organization may open an account with KFCU if all organization members/participants are eligible for membership at KFCU. The organization must be assigned a taxpayer identification number through the IRS. There are account limitations on Organizational Accounts: no debit card is issued to Organizational Accounts.
Organizational Accounts. The funds in an organizational account are owned by a corporation, trust (including a living trust), partnership, association, etc. In order for the organization to be a Credit Union member, eligibility requirements must be met in accordance with the Credit Union’s charter or bylaws. Accounts for Minors. We may require any account established by a minor to be a joint account with an owner who has reached the age of majority under state law and who shall be jointly and severally liable to us for any returned item, overdrafts, or unpaid charges or amounts on such account. We may pay funds directly to the minor without regard to his or her minority. Unless a guardian or parent is an account owner, the guardian or parent shall not have any account access rights. We have no duty to inquire about the use or purpose of any transaction. Lien on shares. A lien will be impressed on all of your Credit Union shares and share dividends in an amount equal to that which you may owe your Credit Union because of a loan, dues, or any other charges payable by you to your Credit Union. The lien may be enforced and your funds withdrawn and applied to your debt without further notice to you except where required by law, if you default in paying the amount you owe. Termination of account. We may terminate your account or restrict access to your account at any time or may require you to close your account and apply for a new account if: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or committed involving your account at the Credit Union or at any other financial institution; (3) there is a dispute as to the ownership of the account or of the funds in the account; (4) any share drafts are lost or stolen; (5) there are excessive returned unpaid items not covered by an overdraft protection plan; (6) there has been a misrepresentation or any other abuse of any of your accounts; or (7) we reasonably deem it necessary to prevent a loss to us. You may terminate a sole account by giving written notice. We reserve the right to require the consent of all owners to terminate a multiple owner account. We are not responsible for payment of any draft, withdrawal, or other item after your account is terminated, however, if we pay an item after termination, you agree to reimburse us. Your regular Credit Union share account cannot be closed until all amounts you owe the Credit Union are paid in full and all associated accounts that you have ...
