(Signature Card) you signed to open the account. We are authorized to act without future inquiry in accordance with writings bearing that signature. No other person has any present rights in the account.
Unless contrary direction is given in the account agreement, upon the death of a party to the account, the funds shall belong to the surviving party or parties. Multiple party accounts are Joint Accounts, P.O.D. Accounts and Deposit Trust Accounts and shall be subject to the Annotated Code of Maryland. Any direction as to the payment or ownership to funds upon the death of a party on a multiple-party account, other than as stated above, must be shown on the signature card contract. On any account subject to negotiable order of withdrawal or check, you agree that any authorized signature shall be sufficient for withdrawal or payment. On other accounts you may designate more than one signature as required for withdrawals.
If you create a joint account when you place your signature on the signature card (Signature Card) to open the account, the account becomes the property of each of the designated owners as joint tenants with the right of survivorship. Any or all of the joint owners can make deposits, withdrawals or close the account. To make withdrawals, a joint owner must have his or her signature on file with us. The Signature Card will indicate whether more than one signature is needed for a withdrawal from type of account.
The terms “you” and “your” in this Disclosure apply to all joint tenants singly and collectively. Joint owners will be treated by us as owning the funds in the account as joint tenants with the right of survivorship and not as tenants in common. Upon the death of a joint owner, the funds in the account will pass to the survivor (s).
Each joint owner appoints the other(s) as his or her agent to endorse, deposit, withdraw, close and conduct business for the account. Acting as an agent, any joint owner or owners can endorse a check, draft or other payment order made out to any other joint owner or owners of the account. We can accept items for deposit which are payable or endorsed to either some or all joint tenants.
When we conduct business involving a joint account, we can act on the instructions of any of one or more of the joint owner, unless the Signature Card account indicates that more than one signature is required for conducting business on the joint account. We will continue to follow these instructions until we receive written notice to change them. Any transactions that occur before we receive notice of a change of instructions will be binding on all joint owners. In the event of conflicting instructions by two or more of the joint tenants, we may place a temporary hold on the account until the joint tenants have resolved the dispute or we are instructed by legal process to do otherwise or we decide to remove the hold or dispose of the funds.
You agree that any money in your account can be placed to any one or more of the joint owners. This payment can be made on the orders or instructions of any of the joint owners even if the other owners are not alive or are disabled at the time of payment. If we make any payment following these rules, you release us from liability. Each of you will be jointly and severally liable to us for the amount of any overdrafts in your account regardless of which of you made the transaction creating the overdraft.
If you have a joint account, it will be considered a joint tenancy with the right of survivorship unless the Signature Card states specifically that you have set up a Tenancy in Common account. When you open a Tenancy in Common account, it is understood that deposits made by any person to the account shall become the property of, and be deemed to be owned by, all of the owners of the account as tenants in common. Upon the death of any of the tenants in common, the remaining tenants may not attempt to make withdrawals from the account but must immediately notify us. Withdrawals thereafter shall be upon the combined signatures of the legal representative of the deceased and the remaining tenants, but we will not be liable for paying on the other signature until such time as we receive proper written notice of such death.
You can give another person the right to act on your behalf in making transactions on your accounts. This can done only after giving us written authorization on the forms which we can provide for that purpose or which we indicate are acceptable to us. A Power of Attorney form must be notarized if it is not executed in the presence of an official of our Institution. If there is more than one account owner, we may require the consent of all account owners to your appointment of an Attorney in Fact. We may continue to rely upon this power of attorney authorization until we receive: (1) written revocation of the authorization; (2) actual notice of the death of the account owner; or (3) a court order regarding the incompetence of the account owner and appointment of a guardian. A “convenience person” is any person who an account holder authorizes to make withdrawals or deposits or take other action in connection with the account under a separate power of attorney given by the account owner and accepted by us. A convenience person is not an owner of the account, no funds in the account belong to any convenience person by reason of that capacity, and a convenience person has no right of survivorship in the account.
If you wish to make a gift of money to a minor, you can do so and name yourself or another adult, as custodian to handle the money while the beneficiary is a minor. Interest earned will be reported under the Tax I.D. Number of the minor, however, it may be taxed at the rate of his or her parents. We will follow the Maryland Uniform Transfer to Minors Act for this type of arrangement. A gift of money made in this manner is irrevocable and conveys to the minor legal title to the custodial property. The custodian has certain powers and duties in relationship to such accounts as prescribed by state law, including the power to collect, hold, manage, invest and reinvest the custodial property. However, this property held shall be for the control of lien of all persons, except creditors. The property shall be paid, together with interest credited to the account, to the minor when he or she reaches the age of majority. The receipt or release of the minor shall be a valid and sufficient release and discharge to us any payment so made. We have no obligation to inquire into the purpose of any withdrawal.
The following types of deposit trust accounts may be opened:
a. Individual Trust Account – One Beneficiary
b. Individual Trust Account – Multiple Beneficiaries
c. Joint Trust Account – One Beneficiary
d. Joint Trust Account – Multiple Beneficiaries
The above trust accounts may also be revocable trust accounts. If you wish to create a trust for the benefit of a beneficiary, you can open this type of account. The person creating the trust is the grantor of the trust. The beneficiary is the person named in the trust that will benefit from the trust. The trustee is the person named in the trust who is charged with holding, managing, pledging, investing and reinvesting the funds of the trust, in their sole discretion, for the benefit of the beneficiary. The funds that the trustee manages are to include earnings on the funds and any future additions to the trust.
We may absolutely rely upon your responsibility to us, as you may change from time to time, as to whom is the beneficiary of the trust.
If there is more that one trustee on the account, the trustees will be joint tenants with the right of survivorship. This means that all the rules of the section titled JOINT ACCOUNTS will apply to transactions in the account while both joint trustees are alive. If one of the joint trustees should die, all rights to the account, including the right to terminate the trust will pass to the surviving trustee.
If the trust that is created is a revocable trust, the grantor or grantors, or either of them, reserve the right to revoke the trust in part or in full at any time. Any partial or complete withdrawal by the original trustees or any one of them, if those trustees are also the grantors that created the trust, will be a revocation by the grantors to the extent of the withdrawal. No other revocation will be valid unless written notice by both or either of the grantors is given to us.
We must have a separate Trust Agreement on file with the Signature card for this type of account. This Trust Agreement will detail how the trust is to be administered in such matters as the death of the trustees or beneficiaries; whether the trust is a revocable trust or irrevocable trust; if there is more than one beneficiary to the trust; whether the trust account relationship of the beneficiaries will be joint tenants with the right of survivorship or tenancy in common; and any other important information that has been made a part of the Trust Agreement.
Interest earned on a trust account will be reported under the Tax I.D. Number of the first trustee that is designated on the Signature Card.
Irrevocable Trust : We must have a separate Trust Agreement on file with the Signature Card for this type of account. This Trust Agreement will detail how the trust will be administered in such matters as the death of the trustees or beneficiaries; if there is more than one beneficiary to the trust, whether the trust account relationship of the beneficiaries will be joint tenants with the right of survivorship or tenancy in common; and any other important information that has been made a part of the Trust Agreement.
This is a special type of trust account that is used to set up a trust to pay someone’s funeral expenses. You can open a revocable Funeral Service Trust Account with us. Like any other trust account, we must have a separate trust agreement on file with the Signature Card used to open this type of account. This trust agreement, along with the Signature Card and this Disclosure, controls how we will administer this type of account.
This type of account may be opened by duly authorized appointed fiduciaries. If more than one fiduciary is listed on the Signature card, withdrawals will only be permitted on the signature of all fiduciaries. The fiduciary of the account hereby certifies that the funds which are offered to this Financial Institution in accordance with the fiduciary relationship for placement in an account, and any funds that are later placed in the same account, are funds that are properly within the fiduciary’s custody which may be lawfully invested in or placed in an account at this Financial Institution in accordance with the authority duly vested in the fiduciary. We have no duty to verify the authority of the Fiduciary to make particular deposits or withdrawals (except as expressly provided otherwise by judicial order of which we have had prior notice and upon which we have has a reasonable opportunity to act).
SPECIAL INFORMATION ABOUT CREATING JOINT,
TRUST OR CUSTODIAL ACCOUNTS
You agree that when you set up a joint account, trust account or custodial account with us, you have instructed us as to the proper title of the account and that we assume no legal responsibility to inform you as to how the creation of one of these accounts affects your legal interests. If you have any questions as to the legal effects to any of these accounts, you will consult with your own attorney and bear the sole responsibility as to the legal effect of the creation of the account or how it is maintained with us.
CORPORATION OR ORGANIZATION ACCOUNTS
This type of account may be opened by any properly authorized corporation or organization. The corporate officer or officers of the organization must execute a resolution authorizing the opening of the account. We will need to have a copy of this resolution on file with the Signature Card for the account. Withdrawals will be permitted only on the signatures of those authorized specifically on the Signature Card. The number of signatures required for withdrawals will be specified on the Signature Card. You authorize us to act without further inquiry in accordance with writings bearing authorized signatures as shown on the Signature Card (or with oral instructions we may accept from an authorized signer) until we have been provided with, and have affirmatively accepted, written notice of a change by you of authorized signers together with any and all further assurances and new documentation, including a new Signature Card and new specimen signatures, as requested by us at our sole discretion.
PARTNERSHIP OR JOINT ACCOUNTS
When you open this type of account, you agree that it will be opened by all the general partners. The partners are the owners of the account but may designate others to make withdrawals from the account. Withdrawals will be permitted only on the signatures of those authorized specifically on the Signature Card. The number of signatures required for withdrawals will be specified on the Signature Card.
SOLE PROPRIETORSHIP ACCOUNTS
With this type of account the proprietor of an unincorporated business is the owner of the account, but may designate others to make withdrawals from the account. Withdrawals will be permitted only on the signatures of those authorized specifically on the Signature Card.