An individual account is an account owned by one (1) member eligible for Credit Union membership. If the account owner dies, the ownership of the funds passes, subject to applicable law, to the account owner’s estate (unless there is a Payable on Death (POD) payee named on the Membership Application or the Payable on Death designation form).

A joint account is an account owned by one (1) member and an additional individual(s) who has/have a full ownership interest but do not have membership rights in the Credit Union. The following applies to joint accounts:

Rights of survivorship: A joint account includes rights of survivorship. This means that when one (1) party dies, all sums in the account will pass to the surviving party(ies). In the event that all the account holders have passed away, the interest of the last deceased party will be passed on to their estate, unless a Payable on Death (POD) payee is named on the Membership Application.

Control of accounts: Any party may transact business on the account without restriction as a full owner of the funds. For example, they may withdraw or transfer funds, close the account, order additional debit cards, reset passwords, pledge to us all or any part of the shares, or stop payment on items without the consent of the other party(ies). We are not required to separately notify the other party on the account about any transaction effected by the other party on the account.

Liability of parties on an account: If any item deposited is returned for insufficient funds, the account is overdrawn, or if we do not receive final payment on a transaction, the parties, jointly and severally, are liable to us for the amount of the returned item, overdraft, or unpaid amount and any fees, regardless of who initiated or benefited from the transaction. If any item deposited is returned for insufficient funds, the account is overdrawn, or if we do not receive final payment on a transaction on any account owned by any of the joint owners, funds in a joint account may be collected for the amount of the returned item, overdraft, or unpaid amount and any fees, regardless of who initiated or benefited from the transaction.

Payable on Death (POD): An individual or joint account can have a payable on death designation. Upon the death of the account owner(s), the funds in the account are then disbursed to the then-living Payable on Death payee(s) designated on the account. The funds in the account are generally not part of account owner(s) estate.

Convenience Person: Although the State of Maryland allows individuals to authorize convenience person(s) to transact business on an account without an ownership interest, the Credit Union does not offer this account structure outside of establishing a Power of Attorney authorization.

Power of Attorney: Account owners may vest an individual(s) with a Power of Attorney (POA). Any person named as an agent under a power of attorney will have access to the account, but only to act on the account owner’s behalf and in their best interest and to the extent authorized in the POA. There is no ownership interest in the account(s) granted through a POA. The Credit Union can provide a standard POA form for your convenience, or you may have your own attorney draft one. If you provide your own POA, there may be a fee for our legal review of this document prior to it going into effect.

Businesses may open accounts with the Credit Union, if the individual opening the Business Account is a member in good standing. To open a business account, the following documents/information must be provided:*