Common use of Provisional Account Status Clause in Contracts

Provisional Account Status. 1CFCU allows you to become a member/open an account electronically both in the lobby and over the Internet. Any account that is opened by us is opened provisionally for 30 calendar days, the provisional period. During the provisional period, if we do not receive all of the required documents at the time of account opening, or if we discover upon further investigation you do not meet our membership requirements, or you have an unsatisfactory report in ChexSystems/Qualifile, or you fail to fund the savings account with $25 and pay the membership fee, we will close your account. If you open an account online and you do not electronically sign and we receive, or you do not return a printed and signed copy of our Membership Application and Account Authorization – Signature Card, within the provisional period, we will close your account. If you open an account in our lobby and request to add a joint owner who is not present at the time of account opening, we will refuse any request for access to the account by the joint owner until we receive a properly completed and signed Membership Application and Account Authorization form signed by the joint owner. If you open an account online and list a joint owner and we do not receive all of the required information on the joint owner, or we do not receive an electronically signed or a printed and signed Membership Application Account Authorization / Signature Card by the joint owner, we will refuse the joint owner access to the account. If you add a P.O.D. Beneficiary when you open an account and you do not provide all of the required information for the P.O.D. Beneficiary, we may ignore any P.O.D. Beneficiary instruction(s) on the signature card and you agree to hold us harmless from any claim as a result of our actions. If we close your account for any of the reasons above, we will mail you a check in the amount of the available balance to the address of record on the account. Any recently, deposited items subject to a funds availability hold will delay our check issuance until all funds are satisfactorily collected from other financial institutions. You agree, we have no responsibility of any kind to you for closing your account and you agree to hold the credit union harmless and agree to defend us against any claim of any type that may arise out of the credit union closing your account for the reasons listed above. Our closure of your account does not terminate your responsibilities to us as outlined in this Account Agreement.