Db 17 00346 Dec2017 Bank Natl-AcntAgrmnts dm

11

10

•   The Joint Account may be closed by either joint owner. 

However, a joint owner may not remove another joint owner 

from the Joint Account.

•   Any action of one owner of a Joint Account shall be binding 

upon all owners of a Joint Account. 

•   We may act upon the direction of one or more owners of the 

Joint Account without notice to or consent from any of the 

other owners of the Joint Account.

•  Each owner of a Joint Account is jointly and severally 

responsible and liable for the acts and omissions of each of 

the other owners of the Joint Account. Each owner of a Joint 

Account agrees to release us from all liability in connection 

with any instructions or payments we receive from any other 

owner of the Joint Account.

•   Each owner of a Joint Account appoints each of the other 

owners of the Joint Account as his or her agent and attorney 

in fact with power to endorse and deposit items payable to 

him or her in the Joint Account.

If an owner of a Joint Account makes adverse claims or 

demands concerning the Joint Account, we may, in our sole 

discretion, refuse to recognize such claims or refuse to take 

action until the rights of all interested parties have been 

resolved to our satisfaction and we are provided a copy of an 

agreement signed by all owners of the Joint Account.

(c) Trust Account

(i) Formal Trust Account

A Formal Trust Account is an Account established by a 

trustee appointed under a written trust instrument, such 

as a revocable living trust or testamentary trust. We will 

require you to execute a Trust Application and a Trustee 

Certification Form, which we will provide to you, and we 

may require you to provide a copy of the trust document 

or other documentation. Certain types of Trusts may 

require additional documentation. We will act in reliance 

on the information contained in the Trustee Certification 

Form, and we undertake no obligation to either you or 

any beneficiary for complying with the terms of the trust 

document. Note: There are certain types of Trusts that we 

do not support. 

(ii)  Informal Trusts – Payable on Death (POD)/In Trust  

For (ITF) Account

•   An Informal Trust Account (sometimes called a Payable 

on Death (“POD”), In Trust For (“ITF”), or Totten Trust 

Account) is an Account established by one or more 

natural persons naming one or more natural persons 

as beneficiaries. Proof of death and additional 

documentation that all owner(s) are deceased is required 

prior to any distribution of the funds to beneficiaries.

•   To name a beneficiary on an Account, we may require you 

to provide certain personal identifying information (for 

example, a Social Security Number and date of birth) of 

your beneficiary. 

•   If you establish an Account as trustee for a third person 

without presenting formal trust documents, we will treat 

the Account as an Informal Trust Account.

•   During their lifetime, the owner(s) of an Informal Trust 

Account may deposit to and withdraw or transfer 

funds from the Account, close the Account, change 

beneficiaries at their discretion or take any other 

permitted action with respect to the Account as if the 

Account were an Individual Account or a Joint Account,  

as applicable.

•   A beneficiary of the Informal Trust Account is entitled to 

funds in the Account only if the beneficiary is living at the 

time all owner(s) have died.

•   Upon our receipt of proof of death and additional 

documentation as required by us, that all owner(s) are 

deceased, the funds in the Account will be distributed 

to each beneficiary (or to his or her representatives as 

applicable) who survives the owner(s). If no beneficiary 

survives the death of the owner(s), title to the Account 

will vest in the estate of the last surviving owner.

•  If you designate more than one beneficiary you may 

customize your beneficiary elections to designate a 

different percentage for each beneficiary, in whole 

number percentages only (i.e., 5%, 10%, etc.). Your 

custom percentage elections must total 100%. If 

you designate more than one beneficiary and do not 

designate beneficiary percentages, each beneficiary 

designated will receive an equal share of the funds from 

your Account.

•   If one or more of your designated beneficiaries pre-

decease you, the funds that would have been allocated 

to the deceased beneficiary will be distributed to the 

remaining living beneficiaries on a pro-rata basis.

(d)  Custodial Account – Delaware Uniform Transfer to  

Minors Act

A Custodial Account is opened and maintained by an adult 

(the “Custodian”) for the benefit of a minor, pursuant to the 

Delaware Uniform Transfer to Minors Act (“DE UTMA”). Funds 

deposited into a Custodial Account are irrevocably granted to 

the minor on the date of the gift and are then owned by the 

minor. The Custodian agrees to hold and use for the minor’s 

benefit any funds deposited into the Custodial Account 

until the minor reaches the age of majority, 21 years of age, 

as defined in the DE UTMA (18 if opened prior to June 26, 

1996, 21 if on or after that date; as applicable, the “age of 

majority”). The minor will not have authority to withdraw 

funds from the Custodial Account until the minor reaches 

the age of majority. We will close the Custodial Account and 

transfer funds to the minor, or re-title the Custodial Account, 

when we receive appropriate documentation showing that 

the minor has reached the age of majority. We have no duty 

to monitor Custodial Accounts or the status of the Custodian 

---