Common use of Accounts for Minors Clause in Contracts

Accounts for Minors. For any account established by or for a minor, the Credit Union reserves the right to require the minor account owner to have his or her Social Security Number (SSN) or Tax Identification Number (TIN) and to have a parental joint account owner who is at least eighteen (18) years of age, who shall be jointly and severally liable to the Credit Union for any returned item, overdraft, or unpaid charges or amounts on such account. For a joint account, all funds in the account shall be owned as a joint account with rights of survivorship. The Credit Union may make payments of funds directly to the minor without regard to his or her minority. The Credit Union has no duty to inquire of the use or purpose of any transaction by the minor or joint account owner. The Credit Union will not honor any transaction request by a parent or guardian who is not a joint account owner. The minor account owner's Social Security Number (SSN) or Tax Identification Number (TIN) must be shown on Uniform Transfers To Minors Account. A Uniform Transfers to Minors Account (UTMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor. The minor to whom the gift is made is the beneficiary of the custodial property in the account. The custodian has possession and control of the account for the exclusive right and benefit of the minor and barring a court order otherwise, is the only party entitled to make deposits, withdrawals, or close the account. We have no duty to inquire about the use or purpose of any transaction. If the custodian dies, we may suspend the account until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawal. Agency Designation. An agency designation on an account is an instruction to us that the owner authorizes another person to make transactions as agent for the account owner regarding the accounts designated. An agent has no ownership interest in the account(s) or credit union voting rights. We have no duty to inquire about the use or purpose of any transaction made by the agent. Business, Organizational, Partnership or Corporation Accounts. If Your Account is a business, organizational, partnership or corporate 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 partners, owners or organizational members be individually eligible for membership.

Accounts for Minors. For any account established by or for a minor, the Credit Union reserves the right to require the minor account owner to have his or her Social Security Number (SSN) or Tax Identification Number (TIN) and to have a parental joint account owner who is at least eighteen (18) years of age, who shall be jointly and severally liable to the Credit Union for any returned item, overdraft, or unpaid charges or amounts on such account. For a joint account, all funds in the account shall be owned as a joint account with rights of survivorship. The Credit Union may make payments of funds directly to the minor without regard to his or her minority. The Credit Union has no duty to inquire of the use or purpose of any transaction by the minor or joint account owner. The Credit Union will not honor any transaction request by a parent or guardian who is not a joint account owner. The minor account owner's Social Security Number (SSN) or Tax Identification Number (TIN) must be shown on the account. We will not change the account status when the minor reaches the age of majority, unless authorized in writing by all account owners. Uniform Transfers To Minors Account. A Uniform Transfers to Minors Account (UTMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor. The minor to whom the gift is made is the beneficiary of the custodial property in the account. The custodian has possession and control of the account for the exclusive right and benefit of the minor and barring a court order otherwise, is the only party entitled to make deposits, withdrawals, or close the account. We have no duty to inquire about the use or purpose of any transaction. If the custodian dies, we may suspend the account until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawal. Agency Designation. An agency designation on an account is an instruction to us that the owner authorizes another person to make transactions as agent for the account owner regarding the accounts designated. An agent has no ownership interest in the account(s) or credit union Credit Union voting rights. We have no duty to inquire about the use or purpose of any transaction made by the agent. Business, Organizational, Partnership or Corporation Accounts. If Your Account is a business, organizational, partnership or corporate 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 partners, owners or organizational members be individually eligible for membership.

Accounts for Minors. For any account Account established by or for a minor, the Credit Union reserves we reserve the right to require the minor account owner to have his or her Social Security Number (SSN) or Tax Identification Number (TIN) and to have a parental joint account owner who is at least eighteen (18) years has reached the age of agemajority under state law, and who shall be jointly and severally liable to the Credit Union us for any returned item, overdraft, or unpaid charges or amounts on such accountAccount(s). For a joint account, all funds in the account shall be owned as a joint account with rights of survivorship. The Credit Union We may make payments of funds directly to the minor without regard to his or her minority. The Credit Union has Unless a guardian or parent is an Account owner, the guardian or parent shall not have any right to access the Account. We have no duty to inquire of the use or purpose of any transaction by the minor or joint account any Account owner. The Credit Union We will not honor any transaction request change the Account status when the minor reaches the age of majority, unless authorized in writing by a parent or guardian who is not a joint account owner. The minor account owner's Social Security Number (SSN) or Tax Identification Number (TIN) must be shown on Uniform Transfers To Minors Accountall Account holders. A Uniform Transfers Transfers/ Gift to Minors Minor Account (UTMAUTTMA / UGMA) is an individual account Account created by a custodian who deposits funds as an irrevocable gift to a minor. The minor to whom the gift is made is the beneficiary of the custodial property in the accountAccount. The custodian has possession and control of the account Account for the exclusive right and benefit of the minor and barring a court order otherwise, is the only party entitled to make deposits, withdrawals, or close the accountAccount. We have no duty to inquire about the use or purpose of any transaction. If the custodian dies, we may suspend the account Account, until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawalwithdrawals. Agency DesignationAny non-retirement personal Account can be set up as a POD Account naming one or more beneficiaries to receive the proceeds of the Account upon the death of the owner(s). An agency designation on an account is an instruction to us that Only the owner authorizes another person to make transactions as agent for Account owner(s) may withdraw funds from the account owner regarding the accounts designatedAccount during their lifetime. An agent The POD beneficiary(ies) has no ownership right or interest in the account(sAccount during the lifetime of the owner(s). Upon the death of all Account owners, the funds are passed to the POD beneficiary(ies), subject to any charges or other obligations that the deceased owner(s) may owe the Credit Union. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries with rights of survivorship. Any POD or credit union voting rightstrust beneficiary/payee designation shall not apply to Individual Retirement Accounts (IRAs), which are governed by a separate beneficiary/payee designation. We have no duty are not obligated to inquire about notify any beneficiary of the use or purpose existence of any transaction made by Account or the agent. Business, Organizational, Partnership or Corporation Accounts. If Your Account is a business, organizational, partnership or corporate account, you will supply us with a separate authorization informing us vesting of the authorized signers for the Account and provide beneficiary's interest in any other related documents if we request you to do so. We require that all partnersAccount, owners or organizational members be individually eligible for membershipexcept as otherwise provided by law.

Accounts for Minors. For any account established by or for a minor, the Credit Union reserves the right to require the minor account owner to have his or her Social Security Number (SSN) or Tax Identification Number (TIN) and to have a parental joint account owner who is at least eighteen (18) years of age, who shall be jointly and severally liable to the Credit Union for any returned item, overdraft, or unpaid charges or amounts on such account. For a joint account, all funds in the account shall be owned as a joint account with rights of survivorship. The Credit Union may make payments of funds directly to the minor without regard to his or her minority. The Credit Union has no duty to inquire of the use or purpose of any transaction by the minor or joint account owner. The Credit Union will not honor any transaction request by a parent or guardian who is not a joint account owner. The minor account owner's Social Security Number (SSN) or Tax Identification Number (TIN) must be shown on the account. We will not change the account status when the minor reaches the age of majority, unless authorized in writing by all account owners. Uniform Transfers To Minors Account. A Uniform Transfers to Minors Account (UTMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor. The minor to whom the gift is made is the beneficiary of the custodial property in the account. The custodian has possession and control of the account for the exclusive right and benefit of the minor and barring a court order otherwise, is the only party entitled to make deposits, withdrawals, or close the account. We have no duty to inquire about the use or purpose of any transaction. If the custodian dies, we may suspend the account until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawal. Agency Designation. An agency designation on an account is an instruction to us that the owner authorizes another person to make transactions as agent for the account owner regarding the accounts designated. An agent has no ownership interest in the account(s) or credit union Credit Union voting rights. We have no duty to inquire about the use or purpose of any transaction made by the agent. BusinessDeposit Requirements. Funds may be deposited to any account in any manner approved by the Credit Union in accordance with the requirements set forth in the “Rate Addendum and Schedule of Fees and Charges.” All accounts are non- assignable and nonnegotiable to third parties. Certificate accounts are governed by the terms of this Agreement, Organizational, Partnership or Corporation Accounts. If Your Account is a business, organizational, partnership or corporate the terms of the “Rate Addendum and Schedule of Fees and Charges,” and the terms and disclosures on your certificate account receipt for each 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 partners, owners or organizational members be individually eligible for membershipwhich is incorporated herein by this reference.

Accounts for Minors. For We may require any account established by or for a minor, the Credit Union reserves the right minor to require the minor be a multiple party account owner to have his or her Social Security Number (SSN) or Tax Identification Number (TIN) and to have a parental joint account with an owner who is at least eighteen (18) years has reached the age of age, majority under Michigan law and who shall be jointly and severally liable to the Credit Union us for any returned item, overdraft, or unpaid charges or amounts on such account. For a joint accountExcept where expressly provided otherwise, all funds in the account shall be owned as a joint account with rights of survivorship. The Credit Union we may make payments of pay funds directly to the a minor without regard to his or her minority. The Credit Union has 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 of about the use or purpose of any transaction by transaction. We will not change the account status when the minor or joint reaches the age of majority, unless authorized in writing by all account ownerowners. The Credit Union will not honor any transaction request by a parent or guardian who is not a joint account owner. The minor account owner's Social Security Number (SSN) or Tax Identification Number (TIN) must be shown on Uniform Transfers To to Minors Account. Account – A Uniform Transfers to Minors Account (UTMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor. The This minor to whom the gift is made is the beneficiary of the custodial property in the account. The custodian has possession and control of the account for the exclusive right and benefit of the minor minor, and barring a court order otherwise, is the only party entitled authorized to make deposits, withdrawals, and close the account until the minor reaches age 18 or close such other age as is specified on the document establishing the account. After the minor reaches this age, the minor shall have sole control of the account. We have no duty to inquire about the use or purpose of any transaction. If the a custodian dies, we may suspend the account until (i) we receive instructions from any person authorized by law to withdraw funds or funds, (ii) a court order authorizing withdrawalwithdrawals, or (iii) the minor reaching age 18 or such other age as is specified on the document establishing the account. Agency DesignationDesignation on an Account. An agency designation on an account is an instruction to us that the owner authorizes another person to make transactions as agent for the account owner regarding the accounts designated. An agent has no ownership interest in the account(s) or credit union Credit Union voting rights. We An agent has no ownership interest in the account(s) or Credit Union voting rights. The Credit Union is under no obligation to honor any agency designation. If we do honor an agency designation, we have no duty to inquire about the use or purpose of any transaction made by the agent. Business, Organizational, Partnership or Corporation AccountsThe Credit Union shall not be liable for loss resulting from the misappropriation of funds withdrawn from an account by an authorized agent. Legal Process. If Your Account any legal action is a business, organizational, partnership or corporate brought involving your account, you will supply us with a separate authorization informing us we may pay out funds according to the terms of the authorized signers action or refuse any pay out until the dispute is resolved. Any expenses or attorney fees we incur responding to legal process may be charged against your account without notice, unless prohibited by law. In lieu of expenses other than attorneys’ fees, we may charge a Legal Process Fee as set forth on the Fee Schedule. Any legal process against your account is subject to our lien and security interest. Costs for the Account Failure to Follow Agreement. You are liable to us for any losses, costs, and provide expenses we incur resulting from your failure to follow this agreement. You authorize us to deduct any other related documents if such losses, costs, or expenses from your account without prior notice to you. If we request you bring a legal proceeding to do so. We require that all partnerscollect any amount due under or to enforce this agreement, owners or organizational members we shall be individually eligible for membershipentitled, subject to applicable law, to payment of reasonable attorney’s fees and costs, including fees on any appeal, bankruptcy proceedings, and any post judgment collection actions.