Common use of Personal Account Clause in Contracts

Personal Account. a. All funds deposited into your Account(s), including any earnings thereon, shall be owned by you jointly, with all who sign the signature card, with the right of survivorship. Upon the death of one party, all sums in the account on the date of the death vested in and belong to the surviving party(s) by operation of law as his or her separate property and estate. A joint (multiple party) account is an account with right of survivorship and the interest of a deceased owner will pass to the surviving owners. A POD is an instruction to the Credit Union that a designated account is an account payable to the owner or owners during their lifetimes, and upon the death of the last joint account owner, payable to any named and surviving POD beneficiary designated on the account. Any POD beneficiary designation shall not apply to IRA and Certificate accounts, which shall be governed by a separate beneficiary designation. In the absence of a POD beneficiary on Certificate Accounts, the Certificate Account will be governed by the POD beneficiary designation on the Share Account. The Credit Union shall at no time have any obligation to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account, except as otherwise provided by law. If a personal account has no joint owners, but a payable on death (POD) is designated, the POD is subject to standard membership requirements in order to maintain the account with the Credit Union following the death of the account owner.

Personal Account. a. All funds deposited into your Account(s), including any earnings thereon, shall be owned by you jointly, with all who sign the signature card, with the right of survivorship. Upon the death of one party, all sums in the account on the date of the death vested in and belong to the surviving party(s) by operation of law as his or her separate property and estate. A joint (multiple party) account is an account with right of survivorship and the interest of a deceased owner will pass to the surviving owners. A POD is an instruction to the Credit Union that a designated account is an account payable to the owner or owners during their lifetimes, and upon the death of the last joint account owner, payable to any named and surviving POD beneficiary designated on the account. Any POD beneficiary designation shall not apply to IRA XXX and Certificate accounts, which shall be governed by a separate beneficiary designation. In the absence of a POD beneficiary on Certificate Accounts, the Certificate Account will be governed by the POD beneficiary designation on the Share Account. The Credit Union shall at no time have any obligation to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account, except as otherwise provided by law. If a personal account has no joint owners, but a payable on death (POD) is designated, the POD is subject to standard membership requirements in order to maintain the account with the Credit Union following the death of the account owner.