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

Transcription

1 Multi-Purpose/Multi-Party Account Agreement Multistate Completion Guide for the MPMP 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 Multi-Purpose/Multi-Party Account Agreement (MPMP-XX)... 5 Part A-Institution Name & Address... 7 Part B-Owner/Signer Information... 7 Part C-Account Date... 8 Part D-Internal Use... 8 Part E-Account Title & Address... 8 Part F-Ownership of Account... 8 Part G-Beneficiary Designation... 8 Part H-Beneficiary Name(s), Addresses, and SSNs... 9 Part I-Temporary Account Agreement... 9 Part J-Number of Signatures Required for Withdrawal... 9 Part K-Signatures... 9 Part L-Backup Withholding Certifications... 9 Part M-Non-Individual Owner Information... 9 Part N-Account Description Part O-Services Requested Part P-Other Terms/Information Form PM-MPMP 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 banks and other non-credit union depository institutions (Institutions) that have purchased any of the following copyrighted Member Account Agreement forms: MPMP-LAZ - [state abbreviation] MPMP - [state abbreviation] MPMP-TC - [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 deposit accounts with Institutions. They can be used for either consumer or commercial accounts. They also can accommodate opening multiple accounts in one session. In addition, they have been designed to gather information to help comply with USA PATRIOT Act section 326. Optional Folding Instructions. While these forms are on 8½ x 11 paper, they are designed to easily fold to fit into 3" x 5" card files if you wish. The following are the folding instructions for this purpose: A. Fold the form lengthwise so only the information on page 1 faces outward (it will then be 4¼ x 11 ). B. Then fold the form widthwise so only the information on the left side of page 1 faces outward (it will then be 4¼ x 5½ ). C. Then make two more folds from inside out so the signature and account title and address areas face outward (it will then be 4¼ x 2¾ ). 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 MPMP-LAZ - [state abbreviation] (electronic format) are copied at the beginning of this guide. The MPMP - [state abbreviation] (preprinted format) is the same. The MPMP-TC - [state abbreviation] (preprinted format) is the same, except for the addition of Terms and Conditions. This form is used only for illustrative purposes - the forms for your state may differ, especially in the ownership, beneficiary designation, and authorized signer 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 is 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 PM-MPMP 4/2009 1

4 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 manual. 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. 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-MPMP 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-MPMP 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 America Law Department 6815 Saukview Drive P.O. Box 1457 St. Cloud, Minnesota Telephone: Form PM-MPMP 4/2009 4

7 Multi-Purpose/Multi-Party Account Agreement (MPMP-XX) Form PM-MPMP 4/2009 5

8 Form PM-MPMP 4/2009 6

9 Part A-Institution Name & Address A-1 Fill in the name and address of Institution. You may also wish to include your logo here. Part B-Owner/Signer Information These instructions apply to all four of the Owner/Signer Information areas. B-1 Fill in the name of an owner and/or signer on the account who is a natural person, as distinguished from an entity like a corporation, partnership, or limited liability company. Information about such an entity can be collected in the Non-Individual Owner Information area (see M-1 through M-13). The names of account openers are required to meet the minimum requirements of USA PATRIOT Act section 326. B-2 Fill in the relationship to the account, such as owner and signer, signer, etc., of the person named in B-1 (Named Person). B-3 Fill in an address for the Named Person sufficient to satisfy USA PATRIOT Act section 326, which requires at a minimum a residential or business street address if the person has one or, if not, an Army Post Office (APO) or Fleet Post Office (FPO) box number, or the residential or business street address of next of kin or of another contact individual. The addresses of account openers are required to meet the minimum requirements of USA PATRIOT Act section 326. B-4 Fill in the Named Person's mailing address if different from the address in B-3. B-5 Fill in the Named Person's home phone number. B-6 Fill in the Named Person's work phone number. B-7 Fill in the Named Person's mobile phone number. B-8 Fill in the Named Person's address. B-9 Fill in the Named Person's birth date. B-10 Fill in the Named Person's social security number or other tax identification number (SSN/TIN). If the Named Person has applied for a SSN/TIN, but has not received it, you can indicate that here. This information is required with respect to account openers to meet the minimum requirements of USA PATRIOT Act section 326, unless the account openers are non-u.s. persons who have no SSN/TIN and have not applied for one, in which case an alternative minimum requirement applies (see B-12). B-11 Fill in information relating to the Named Person's government issued photo ID. In order to satisfy the minimum requirements of USA PATRIOT Act section 326 for relying on documentary verification, you need to include the type of ID, the ID number, the state of issuance, the date of issuance (if any), and the date of expiration (if any). Form PM-MPMP 4/2009 7

10 B-12 Fill in a description and details of the Named Person's other identification information. You can include any such information you wish, but if the Named Person is an account opener and a non-u.s. person who has no SSN/TIN and has not applied for one, USA PATRIOT Act section 326 requires at a minimum a passport number and country of issuance, alien identification card number, or number and country of issuance of any other governmentissued document evidencing nationality or residence and bearing a photograph or similar safeguard. Similar to driver's licenses, if you rely on a document to verify an account opener's identity USA PATRIOT Act section 326 requires at a minimum that you record its type, any identification number contained in the document, the place of its issuance, the date of its issuance (if any), and the date of its expiration (if any). If more space is required, the Other Terms/Information area (see P-1) can be used. B-13 Fill in the name and address of the Named Person's employer. B-14 Fill in the previous financial institution of a Named Person who is an account opener. Part C-Account Date C-1 Fill in the date of the Account Agreement. Part D-Internal Use D-1 This space is reserved for the internal use of the institution. Part E-Account Title & Address E-1 Fill in the title and address of the account, consistent with the intention of the account opener(s), Institution policy, and applicable law. Part F-Ownership of Account F-1 Check the appropriate box and complete as necessary to indicate the type of ownership, consistent with the intention of the account owner(s), Institution policy, and applicable law. The type of ownership must be the same for all accounts. If you want different types of ownership for some accounts you will have to complete more than one form. While the example does not require initialing with respect to this selection, there are versions that call for initialing as required by state law. Part G-Beneficiary Designation G-1 After first selecting an appropriate ownership type in F-1, check the appropriate box and complete as necessary to indicate beneficiary designation, consistent with the intention of the account opener(s), Institution policy, and applicable law. While the example does not require initialing with respect to this selection, there are versions that call for initialing as required by state law. Form PM-MPMP 4/2009 8

11 Part H-Beneficiary Name(s), Addresses, and SSNs H-1 After first selecting an appropriate beneficiary designation in G-1, fill in the names, addresses, and SSNs of beneficiaries. Part I-Temporary Account Agreement I-1 Check this box if it is a temporary account agreement, consistent with Institution policy and applicable law. Part J-Number of Signatures Required for Withdrawal J-1 Fill in the number of signatures required for withdrawal. Part K-Signatures K-1 Check the appropriate boxes and complete as necessary to indicate the disclosures provided. K-2 All owners and/or signers must sign here. K-3 Check this box to designate an authorized signer. Some states have different terms for this designation, such as agent or designated agent. While the example does not require initialing to make this designation, there are versions that call for initialing as required by state law. Part L-Backup Withholding Certifications L-1 Fill in SSN/TIN, check the appropriate boxes, and have signed by the person certifying the information. Part M-Non-Individual Owner Information M-1 Fill in the name of a non-individual owner, that is to say an entity like a corporation, partnership, or limited liability company. This information is required to meet the minimum requirements of USA PATRIOT Act section 326. M-2 Fill in the EIN of the entity named in M-1 (Named Entity). If an EIN has been applied for, but not received, you can indicate that here. This information is required to meet the minimum requirements of USA PATRIOT Act section 326. M-3 Fill in the Named Entity's phone number. M-4 Fill in the Named Entity's mobile phone number. M-5 Fill in the Named Entity's address. M-6 Fill in the Named Entity's type of entity. M-7 Fill in the state or country of organization of the Named Entity and its date of organization. M-8 Fill in the nature of the business of the Named Entity, such as boat manufacturer or retailer. M-9 Fill in an address for the Named Entity sufficient to satisfy USA PATRIOT Act section 326, which requires at a minimum a principal place of business, local office, or other physical location. M-10 Fill in the Named Entity's mailing address if different from the address in M-9. M-11 Fill in the Named Entity's authorization or resolution date. Form PM-MPMP 4/2009 9

12 M-12 Fill in the Named Entity's previous financial institution. Part N-Account Description N-1 Fill in a description of the account(s) being opened, such as checking, savings, etc. This area was designed for description of accounts opened at the time the Account Agreement is signed. It was not designed for adding accounts later on. If you chose to open additional accounts at a later date, you should have a new Account Agreement signed and provide new disclosures in a timely manner. N-2 Fill in the account numbers of the accounts being opened. N-3 Fill in the amounts initially deposited into the accounts being opened and indicate the source of such amounts (cash, check, etc.). Part O-Services Requested O-1 Check and complete as appropriate to indicate any services requested (ATM, Debit/Check cards, etc.). Part P-Other Terms/Information P-1 Fill in any other terms and information you wish. Possible examples include additional contract terms or additional Owner/Signer Information such as mother's maiden name, persons who will always know the owner's/signer's whereabouts, thumbprints, etc. Another possible example is a description and details (such as issuer, issue date, and expiration date) of documentation certifying the existence of a non-individual owner like a corporation, partnership, or limited liability company. Form PM-MPMP 4/

13 Form PM-MPMP 4/ Wolters Kluwer Financial Services Form PM-MPMP 4/2009