Revocable Trust Accounts. An account which is opened by a trustee for the benefit of another person. Only the trustee may withdraw funds from such an account. In the event of the death of the last trustee on the account, payment may be made to the beneficiary of the account or that person’s legal representative.
Revocable Trust Accounts. For the purposes of this part, the term “revocable trust account” includes a testamentary account, tentative or “Xxxxxx” trust account, “payable- on-death” account, or any similar account which evidences an intention that the funds shall pass on the death of the owner of the funds to a named beneficiary. If your account is a P.O.D. account, the account will be subject to the Multiple Party Deposit Account Act (N.J.S.A. 17:161-1). Ownership of the account cannot be changed by will. This account belongs to the party/parties to this account during their lifetime and belongs to the P.O.D. payee/payees upon the death of all parties. The P.O.D payee/payees have no present right of withdrawal. When a P.O.D. account exists with two or more parties, the following applies: The Credit Union will allow withdrawals and/or pay share drafts or negotiable orders of withdrawal, as well as recognize all other matters affecting the account, signed by any one of you. Each of you authorizes each other to endorse for deposit in the account any item that is payable to any or all of you. If your account is one on which share drafts or negotiable orders of withdrawal may be drawn, any one of you may authorize payment on any item to be stopped. A notice to any one of you will constitute a notice to all. Each party owns his/her net contribution to the account. In the absence of proof of net contribution, and unless the parties have specifically otherwise agreed, each party will own an equal share of the account during their lifetimes. Upon the death of a party, the surviving party/parties will continue to own his/her proportionate share of the account. The share owned by the deceased party will be shared equally by the surviving parties. Upon the death of the sole surviving party the account will belong to the P.O.D. payee/payees. Where there are two or more P.O.D. payees, the account will belong to the payee/payees who survive all parties. Unless otherwise specifically stated in the account by the party/parties, each surviving P.O.D. payee will own an equal share of the account. Unless specifically stated in the account upon the death of a surviving P.O.D. payee, the remaining P.O.D payee/payees will not own any portion of the deceased payee’s share of the account. The Credit Union may make payment from this account, including payment of the entire account balance: (a) pursuant to any statutory or common law right of offset, levy, attachment, or other valid legal process or court o...
Revocable Trust Accounts. The trust account designation is an instruction to the Credit Union that a single or multiple party account so designated is payable to the owner(s) during his, her or their lifetimes and, when the last account owner dies, payable to any named and surviving trust beneficiary/payee. Accounts payable to more than one surviving beneficiary/payee are owned jointly by such beneficiaries/payees without rights of survivorship. Any trust beneficiary/payee designation shall not apply to Individual Retirement Accounts (IRAs) which are governed by a separate beneficiary/payee designation. We are not obligated to notify any beneficiary/payee of the existence of any account or the vesting of the beneficiary/payee’s interest in any account, except as otherwise provided by law. Business Accounts. The Basic Business Share Draft Account is a non-dividend bearing account. The account owners agree to inform the Credit Union of the persons authorized to transact business on behalf of the organization. The Credit Union reserves the right to require the member to provide written account authorization informing the Credit Union who is authorized to act on its behalf. You agree to notify the Credit Union of any change in authority. The Credit Union may rely on the written authorization until such time as the Credit Union is informed of changes in writing and has had a reasonable time to act upon such notice. The Credit Union may require that third party checks payable to a business may not be cashed, but must be deposited to a business account. DEPOSITS We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items “drawn on us”). Actual credit for deposits of, or payable in foreign currency will be at the exchange rate then in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. We will treat all transactions received after our daily “cutoff time” on a business day we are open, or received on a day we are not open for business, as if initiated on the next following business day that we are open. TRANSACTION LIMITATIONS
