Common use of Control of Joint Accounts Clause in Contracts

Control of Joint Accounts. Any owner is authorized and deemed to act for any other owner(s) and may instruct us regarding transactions and other account matters. Each owner guarantees the signature of any other owner(s). Any owner may withdraw all funds, stop payment on items, transfer, or pledge to us all or any part of the shares without the consent of the other owner(s). We have no duty to notify any owner(s) about any transaction. We reserve the right to require written consent of all owners for any change to or termination of an account. If we receive written notice of a dispute between owners or inconsistent instructions from them, we may suspend or terminate the account and require a court order or written consent from all owners to act. As an owner or trustee on an account you can add a new account and/or service with us under an existing account number by any means we allow according to this Agreement. When you request to add an account and/or service, you understand that we may require you to sign additional documents. Any owner/trustee may add the new account and/or service without the permission of the other owners/trustees thus holding all owners liable for the action taken. The credit union will require all owners to acknowledge the addition of a checking account by signing the appropriate documents. If you wish to limit your liability based on the actions of another owner or trustee you may close the account or in some cases remove yourself from the account, and open a separate individual account. An owner or trustee cannot remove another owner or trustee from an account.

Control of Joint Accounts. Any owner is authorized and deemed to act for any other owner(s) and may instruct us regarding transactions and other account matters. Each owner guarantees the signature of any other owner(s). Any owner may withdraw all funds, stop payment on items, transfer, or pledge to us all or any part of the shares without the consent of the other owner(s). We have no duty to notify any owner(s) about any transaction. We reserve the right to require written consent of all owners for any change to or termination of an account. If we receive written notice of a dispute between owners or inconsistent instructions from them, we may suspend or terminate the account and require a court order or written consent from all owners to act. As an owner or trustee on an account you can add a new account and/or service with us under an existing account number by any means we allow according to this Agreement. When you request to add an account and/or service, you understand that we may use and require you to sign additional documents. Any owner/trustee may add the new account and/or service without the permission of the other owners/trustees thus holding all owners liable for the action taken. The credit union will require all owners to acknowledge the addition of a checking account by signing the appropriate documents. If you wish to you may limit your liability based on the actions of another owner or trustee trustee; you may close the account or in some cases remove yourself from the account, and open a separate individual account. An owner or trustee cannot remove another owner or trustee from an account.