Consumer Account Agreement. Multistate Completion Guide for the AA-C Form Series

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1 Consumer Account Agreement Multistate Completion Guide for the AA-C Form Series

2 Table of Contents INTRODUCTION... 1 Warranties and Limitations... 3 Warranties and Limitations for this Guide... 3 Warranties and Limitations for the Form(s) That Are the Subject of this Guide... 4 Other Important Terms for the Use of this Guide... 4 Consumer Account Agreement (AA-C-XX)... 5 Part A - Institution Name and Address... 7 Part B - Ownership of Account... 7 Part C - Miscellaneous Information... 7 Part D - Identification Information... 7 Part E - Additional Information... 8 Part F - Account Type and Name... 8 Part G - Account Owner Name and Address... 8 Part H - Account Number... 8 Part I - Number of Signatures Required for Withdrawal... 8 Part J - Temporary Account Agreement... 8 Part K - Signatures... 8 Part L - Backup Withholding Certification... 9 Form PM-AA-C 4/2009 ii

3 INTRODUCTION USE OF THIS GUIDE. Use of this guide will constitute an express acceptance of all the terms set forth in the Introduction, Warranties and Limitations and Other Important Terms for the Use of this Guide sections of this guide. Forms and Purpose. This guide is intended to assist institutions that have purchased any of the following copyrighted Wolters Kluwer Financial Services, Inc., account agreement forms. AA-C-[state abbreviation] AA-C-BK-[state abbreviation] AA-C-SA-[state abbreviation] AA-C-SB-[state abbreviation] AA-C-SL-[state abbreviation] Usage. The forms listed above should only be used for the purposes for which they are intended. These forms are intended for use in opening consumer accounts. They are intended for use by banks, savings and loan associations, savings banks and/or savings associations. They are not intended for use by credit unions. Format. In this guide, we attempt to answer the most common questions and problems you might confront in completing these forms. This guide is not intended to address state specific laws. The pages of a typical AA-C are copied in this guide. This form is used only for illustrative purposes the forms for your state may differ, especially in the ownership and beneficiary designation areas. The explanatory text begins with a simple statement of what should ordinarily be filled in on the line being discussed. In some cases, this simple explanation may be followed by a more detailed explanation and cross-references to other portions of the form which need to be considered with the item under discussion. Form Specific. This guide is written solely for use with the above referenced forms. The existence of varying state laws means that some of the terms discussed may not be applicable in your state. Additionally, there may be provisions in the forms developed for your state which are not discussed in this guide. Feel free to call us at our toll free number ( ) if you need information about specific sections. This guide is not intended to be used with any other forms. Private Attorneys. In developing this guide, the forms to which it pertains, and all of our other technical forms, we have interpreted many statutes, cases and regulations. We strongly encourage you to seek the advice of your own attorney concerning the utility and legality of this guide, the forms to which it pertains, and all of our other technical forms. Any legal references in this guide are merely to assist you and your counsel in your review of our forms and this guide. If you or your counsel s interpretations are contrary to ours, you should, of course, follow your own interpretations in using and completing the forms. Form PM-AA-C 4/2009 1

4 Comments. We encourage you to comment on and criticize this guide, the forms to which it pertains, and all of our other forms. We make every effort to keep up with statutes, case law and financial institution practices, but the industry is constantly evolving and our effort is often assisted by our customers. We especially appreciate copies of any statutes or cases which you might feel are pertinent. Please submit your comments in writing either to your Sales Representative or to: Compliance Services Wolters Kluwer Financial Services 6815 Saukview Drive P.O. Box 1457 St. Cloud, MN Form PM-AA-C 4/2009 2

5 Warranties and Limitations Warranties and Limitations for this Guide WARRANTY DISCLAIMER. THIS GUIDE (INCLUDING ANY UPDATES TO IT), IS PROVIDED TO YOU AS IS AND WITH ALL FAULTS. WOLTERS KLUWER FINANCIAL SERVICES (WKFS) DOES NOT EXPRESSLY OR IMPLIEDLY WARRANT THE UTILITY OF THIS GUIDE OR THE INFORMATION THAT IT CONTAINS. THE USER OF THIS GUIDE MUST MAKE HIS/HER OWN INDEPENDENT JUDGMENT ON THESE ITEMS. WKFS MAKES NO WARRANTY, EXPRESS, IMPLIED, BY DESCRIPTION, BY SAMPLE OR OTHERWISE, AND IN PARTICULAR WITHOUT LIMITATION, MAKES NO IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS OF PURPOSE REGARDING THIS GUIDE. WKFS employees, sales representatives, and other WKFS agents and representatives do not have authority to create any warranty obligations regarding this guide or to modify the above Warranty Disclaimer. Any such created warranty obligations or modifications will not be effective unless they are in writing and signed by the President or the Chief Financial Officer of WKFS. LIMITATION OF LIABILITY AND REMEDIES. WKFS's liability, whether in contract, warranty, in tort, or otherwise arising in any way in connection with the sale or licensing of this guide (including any updates to it) SHALL NOT INCLUDE LIABILITY FOR ANY INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOST PROFITS, LOSS OR EXPENSE. WKFS's liability for any damages based on the providing, selling, licensing or using of this guide (including any updates to it), regardless of the form of action, shall not be more than the amount you paid for it or ten dollars, whichever is less. TIME LIMIT. No action, regardless of form, arising out of the providing, selling, licensing or using of this guide, may be brought by either party more than one (1) year after the cause of action has occurred, except that this limitation will not apply to an action for non-payment brought by WKFS. NO SUBSTITUTE FOR LEGAL COUNSEL. Before using this guide, you are advised to have your attorney review it to determine its legal sufficiency for your purposes. You acknowledge that WKFS is not authorized to practice law, nor may any of WKFS's officers, employees or agents provide legal counsel or accounting advice to you or your institution. Thus, any questions requiring legal or accounting advice must be directed to your institution's attorney or accounting professional for whom WKFS has no obligation or liability. The following notice is required by law: WOLTERS KLUWER FINANCIAL SERVICES PRODUCTS AND SERVICES ARE NOT A SUBSTITUTE FOR THE ADVICE OF AN ATTORNEY Form PM-AA-C 4/2009 3

6 Warranties and Limitations for the Form(s) That Are the Subject of this Guide The form(s) that are the subject of this guide are covered by an express warranty as follows: Preprinted Form(s). If you received the form(s) in preprinted format, they are covered by the Compliance Warranty for Lending, Deposit, and Retirement Plan Documents, as it may be updated or amended from time to time. The current Compliance Warranty is located on WKFS's internet website: Refer to the website for terms of the warranty. WKFS Software. If you produce the form(s) using WKFS document generating software, they are covered by the express warranty contained in your WKFS software license agreement. Refer to your license agreement for terms of the warranty. Electronic Format. If you received the form(s) in an electronic format ("EForms" or other electronic images) through a license with WKFS or with a third party provider, they are covered by the express warranty contained in your license agreement with WKFS or the third party provider. Refer to your license agreement for terms of the warranty. Other Important Terms for the Use of this Guide APPLICABLE LAW. The terms under which this guide is provided, sold, licensed or used will be governed by the laws of the State of Minnesota without regard to its conflict of laws provisions or those of any other state. Any action relating in any way to this guide will be exclusively venued in a court of competent jurisdiction in the State of Minnesota. COPYRIGHT. No part of this guide or any of WKFS's copyrighted forms may be reproduced by any person, by any means, or for any reason, without WKFS's express written permission. WKFS vigorously enforces its copyright interests and you should be aware that there are criminal penalties as well as civil penalties for violation of copyright law. For additional information about reproducing, licensing, or purchasing this guide, please contact us at: Wolters Kluwer Financial Services North American Law Department 6815 Saukview Drive P.O. Box 1457 St. Cloud, Minnesota Telephone: Form PM-AA-C 4/2009 4

7 Consumer Account Agreement (AA-C-XX) Form PM-AA-C 4/2009 5

8 Form PM-AA-C 4/2009 6

9 Part A - Institution Name and Address A-1 Fill in the name and address of your institution. You may also wish to include your logo here. Part B - Ownership of Account B-1 Check the appropriate box and complete as needed to indicate the type of ownership. B-2 If it s a Revocable Trust or Pay on Death Designation account, check the appropriate box to indicate which it is. B-3 If it s a Revocable Trust or Pay on Death Designation account, fill in beneficiaries names and addresses here. Part C - Miscellaneous Information C-1 Fill in the dates of birth of the owners. C-2 Fill in the home phone numbers of the owners. C-3 Fill in the addresses of the owners. C-4 Fill in the date the account was opened. C-5 Fill in the name of the employee of your institution who opened the account. C-6 Fill in the amount of the initial deposit. C-7 Check the appropriate box and complete as needed to indicate the form of the initial deposit. C-8 Fill in the name and location of the owners previous bank. C-9 Fill in the name of an owner s employer. C-10 Fill in the employer s address. C-11 Fill in the employer s phone number. C-12 Fill in the length of the owner s employment with the employer. Part D - Identification Information D-1 Describe the documents used to identify the owners, such as a government issued ID (type, number, state, issued date, expiration date). If more space is required, you can use E-1. D-2 Enter the name and address of someone who will always know where the owners can be found. D-3 Identify any organization, service, program, system, data base, etc., through which new accounts are verified. Form PM-AA-C 4/2009 7

10 Part E - Additional Information E-1 Use this space to record any additional identification or other information. Part F - Account Type and Name F-1 Check the appropriate box to indicate whether it s a new or existing account. F-2 Check the appropriate box and complete as needed to indicate the type of account. F-3 Indicate the account name here. Part G - Account Owner Name and Address G-1 Fill in the name and address of each account owner. Part H - Account Number H-1 Fill in the account number here. Part I - Number of Signatures Required for Withdrawal I-1 Fill in the number of signatures required for withdrawal. Part J - Temporary Account Agreement J-1 Check this box if this is a temporary account agreement. Part K - Signatures K-1 Check the appropriate boxes and complete as needed to indicate the disclosures given. K-2 Each owner should sign in one of these numbered signature spaces (above the word Signature(s) ). K-3 To the right of each owner s signature (above the words Identifying Info. ) you can include identifying information regarding the owner, such as mother s maiden name. K-4 Check this box if there is an additional authorized signatory (a non-owner authorized to act for an individual owner). K-5 Fill in the additional authorized signatory s name here. K-6 Any additional authorized signatory should sign here. K-7 To the right of the additional authorized signatory s signature you can include identification information, such as mother s maiden name. Form PM-AA-C 4/2009 8

11 Part L - Backup Withholding Certification L-1 Fill in the taxpayer identification number of an owner of the account. L-2 Check this box to certify that the taxpayer identification number is correct. L-3 Check this box to certify that the owner whose taxpayer identification number is stated is not subject to backup withholding. L-4 Check this box to certify that the owner whose taxpayer identification number is stated is an exempt recipient under the Internal Revenue Service Regulations. L-5 The owner whose taxpayer identification number is stated should sign here. L-6 Fill in the date of signing here. Form PM-AA-C 4/2009 9

12 Form PM-AA-C 4/ Wolters Kluwer Financial Services Form PM-AA-C 4/2009

Multi-Purpose/Multi-Party Consumer Account Agreement. Multistate Completion Guide for the MPMP-C Form Series

Multi-Purpose/Multi-Party Consumer Account Agreement Multistate Completion Guide for the MPMP-C Form Series Table of Contents INTRODUCTION... 1 Warranties and Limitations... 3 Warranties and Limitations