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

Transcription

1 Multi-Purpose/Multi-Party Consumer Account Agreement Multistate Completion Guide for the MPMP-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 Multi-Purpose/Multi-Party Consumer Account Agreement (MPMP-C-XX)... 5 Part A - Institution Name and Address... 8 Part B - Ownership of Account-Personal... 8 Part C - Miscellaneous Information... 8 Part D - Additional Information... 8 Part E - Type and Number of Account... 8 Part F - Account Owner Name and Address... 8 Part G - Internal Use... 9 Part H - Number of Signatures Required for Withdrawal... 9 Part I - Temporary Account Agreement... 9 Part J - Signatures... 9 Part K - Backup Withholding Certifications... 9 Part L - Owner/Signer Information Form PM-MPMP-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. MPMP-C MPMP-C-NPD MPMP-C-[state abbreviation] MPMP-C-SL-[state abbreviation] MPMP-C-SB-[state abbreviation] MPMP-C-BK-[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 MPMP-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. Form PM-MPMP-C 4/2009 1

4 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-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 President 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-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-MPMP-C 4/2009 4

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

8 Form PM-MPMP-C 4/2009 6

9 Form PM-MPMP-C 4/2009 7

10 Part A - Institution Name and Address A-1 Fill in the name and address of your institution. You may wish to include your logo here. Part B - Ownership of Account-Personal 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 the beneficiaries names and addresses here. Part C - Miscellaneous Information C-1 Fill in the date the account was opened. C-2 Fill in the name of the employee of your institution who opened the account. C-3 Fill in the amount of the initial deposit. C-4 Check the appropriate box and complete as needed to indicate the form of the initial deposit. C-5 State the form of identification provided. C-6 Enter the name and address of someone who will always know where the owners can be found. C-7 Identify any organization, service, program, system, data base, etc., through which new accounts are verified. Part D - Additional Information D-1 Use this space to record any additional identification or other information. Part E - Type and Number of Account E-1 Check the appropriate boxes and complete as needed to indicate the types of accounts. E-2 Indicate the number of each account directly below its type. E-3 Check the appropriate box to indicate whether the accounts are new or existing. Part F - Account Owner Name and Address F-1 Fill in the name and address of each account owner. Form PM-MPMP-C 4/2009 8

11 Part G - Internal Use G-1 This space is reserved for the institution s internal use. Part H - Number of Signatures Required for Withdrawal H-1 Fill in the number of signatures required for withdrawal. Part I - Temporary Account Agreement I-1 Check this box if it s a temporary account agreement. Part J - Signatures J-1 Check the appropriate boxes and complete as needed to indicate the disclosures given. J-2 Each owner should sign in one of the numbered spaces (above the word Signature(s) ). J-3 To the right of each person s signature (above the words Identifying Info. ) you can include identifying information, such as mother s maiden name. J-4 Check this box if there is an authorized signer (a non-owner authorized to act for an individual owner). J-5 Fill in the authorized signer s name here. J-6 Any authorized signer should sign here. J-7 To the right of the authorized signer s signature you can include identification information, such as mother s maiden name. Part K - Backup Withholding Certifications K-1 Fill in the taxpayer identification number of an owner of the account. K-2 Check this box to certify that the taxpayer identification number is correct. K-3 Check this box to certify that the owner whose taxpayer identification number is stated is not subject to backup withholding. K-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. K-5 The owner whose taxpayer identification number is stated should sign here. K-6 Fill in the date of signing here. Form PM-MPMP-C 4/2009 9

12 Part L - Owner/Signer Information These instructions apply to all four of the Owner/Signer Information areas. L-1 Fill in the name of an owner and/or signer on the account. The names of account openers are required to meet the minimum requirements of USA PATRIOT Act section 326. L-2 Fill in the relationship to the account, such as owner and signer, signer, etc., of the person named in L-1 (Named Person). L-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. L-4 Fill in the Named Person s mailing address if different from the address in L-3. L-5 Fill in the Named Person s home phone number. L-6 Fill in the Named Person s work phone number. L-7 Fill in the Named Person s mobile phone number. L-8 Fill in the Named Person s address. L-9 Fill in the Named Person s birth date. L-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 L-12). L-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). L-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 Form PM-MPMP-C 4/

13 date of its issuance (if any), and the date of its expiration (if any). If more space s required, the Other Terms/Information area (see D-1) can be used. L-13 Fill in the name and address of the Named Person s employer. L-14 Fill in the previous financial institution of a Named Person who is an account opener. Form PM-MPMP-C 4/

14 Form PM-MPMP-C 4/ Wolters Kluwer Financial Services Form PM-MPMP-C 4/2009