Business Account Agreement Sole Proprietor

Business Account Agreement Sole Proprietor Date __________________________ Member Number ______________________________________ Name of Sole Proprieto...
Author: Basil Fleming
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Business Account Agreement Sole Proprietor Date __________________________ Member Number ______________________________________ Name of Sole Proprietor _________________________________________________ (“Sole Proprietor”) Trade or Fictitious Name (if applicable) _____________________________________________________________ (“Trade or Fictitious Name”) ____________________________________________________________________________________ Business Address City, State, Zip Phone Email ____________________________________________________________________________________ Residence Address City, State, Zip Phone Email The Sole Proprietor desires to establish with West Community Credit Union (“Credit Union”) the following types of business accounts and services: (check all that apply)  Basic Savings  Regular Business Checking  Certificate of Deposit

 Free Business Checking  Simplified Interest-Bearing Business Checking  Business Money Market

 Debit Card  Internet Account Access  Wire Transfer

 ATM Card  Internet Bill Pay  Telephone Teller

 Other _________________________________________________

all of which are collectively referred to herein as the “Account.” In consideration of the Credit Union’s acceptance of the Account under the Trade or Fictitious Name, the Sole Proprietor hereby certifies and agrees as follows: 1. The Sole Proprietor is an individual engaged in business for himself/herself. Trade or Fictitious Name is used in the conduct of the Sole Proprietor’s unincorporated business, which is owned entirely by the undersigned as a sole proprietorship. The Sole Proprietor has complied with all applicable state and local laws regarding operation of a business under such Trade or Fictitious Name. Attached hereto as Exhibit A is a true copy of fictitious name registration certificate issued to the undersigned by the Secretary of State of Missouri. The undersigned hereby certifies that the said Trade or Fictitious Name is a trade name being used in the conduct of an unincorporated business and that the undersigned does not operate or do business under any other names, except as identified in Exhibit B attached hereto. 2. The persons authorized as signatories for the Account are listed on Exhibit C attached hereto. 3. The principal office of the Sole Proprietor to which, until further notice, all communications should be addressed is identified above in this Opening Certificate for Sole Proprietor Account. 4. Insofar as the Credit Union acts as a depository of funds of the Sole Proprietor, the Credit Union is authorized and directed to pay or otherwise honor any wire transfers, checks, notes, drafts, bills of exchange, acceptances, undertakings, and orders for the payment, withdrawal, or transfer of any such funds when executed in the name of the Sole Proprietor and signed by the Sole Proprietor or any person identified as an authorized signatory, without inquiry as to circumstances of issue or disposition of

proceeds even if drawn to the individual or for the individual benefit of the undersigned or tendered in payment of his/her obligation; and the Credit Union is authorized and directed to honor for deposit or collection any endorsement of the Sole Proprietor upon checks, drafts, notes, bills of exchange, acceptances or other instruments, whether such endorsement be written or stamped, with or without any designation of the individual making such endorsement, or be questionable in any way. 5. Anyone designated as an authorized signatory is authorized in the name and on behalf of the/by Sole Proprietor from time to time: (a) to sign, in the name of the/by Sole Proprietor, checks, notes, drafts, bills of exchange, acceptances, undertakings, or other orders for the payment, withdrawal or transfer of money with the Credit Union; (b) to deposit securities, documents or other property with the Credit Union, and from time to time to give orders to the Credit Union for the purchase, sale, exchange, withdrawal, or other disposition of any or all such securities, documents or other property, or the proceeds thereof, (c) to apply for and procure loans and advances from the Credit Union; (d) to apply for and procure travelers credits, commercial credits, acceptance credits, or other forms of credit or accommodation with or without security; (e) to purchase and/or sell and/or to enter into agreements to purchase and/or sell foreign exchange, foreign currencies, and dollar drafts from, to or through the Credit Union; (f) to negotiate or discount commercial paper, negotiable instruments, bills receivables, bills of exchange, and dollar drafts, with or through the Credit Union; (g) to purchase and/or sell from, to or through the Credit Union stocks, bonds, and other securities; (h) to pledge, hypothecate, sell, assign, and transfer as security (or as additional or substitute security) for the repayment of any loans, advances, and credits procured by the Sole Proprietor from the Credit Union and for the performance of the obligations (direct of continent, due or to become due) of the/by Sole Proprietor to the Credit Union any and all of the right, title, and interest of the/by Sole Proprietor in and to any accounts, deposits, stocks, bonds, securities, negotiable instruments, receivables, bills of lading, shipping documents, warehouse receipts, trust receipts, document of title, insurance certificates, invoices, chattel paper, general intangibles, and other property or property rights of any kind; (i) to make, execute and deliver such notes, undertakings, drafts, bills of exchange, acceptances, trust receipts, documents, endorsements, assignments, transfers, orders, authorizations, stock powers, proxies, waivers, acquaintances, releases, pledges and hypothecations in the premises in such forms as may be prescribed by or satisfactorily to the Credit Union; (j) to take such steps, do such acts and make and provide for such payments in the premises as may appear necessary or appropriate in order to carry out and perform the obligations (at or before maturity) of the/by Sole Proprietary to the Credit Union; (k) by presenting any order for payment, the Sole Proprietor warrants that all such orders are made against available funds. Nothing in this Agreement requires the Credit Union to accept for deposit, transfer, negotiation or otherwise any item, including but not limited to drafts, negotiable instruments, bills, and receivables. 6. The Sole Proprietor authorizes and request the Credit Union to pay and charge to the Account all checks, obligations or orders for the payment of money drawn on or payable at, or that shall be paid or honored by the Credit Union’s financial institution when so signed, whether payable to the order of any of the authorized signatories for the Account or not, and also authorizes and requests the Credit Union to receive deposits and conduct the Account in accordance with the instruction stated previously, and as stated on the authorized signature card(s) filed with the Credit Union by the Sole Proprietor from time to time. 7. If any of the persons become interested in said business as copartners of the undersigned, or if the business should become incorporated, the undersigned will notify the Credit Union promptly. 8. Any account subject to this Certificate may be charged such service fees and other charges as the Credit Union may establish for its services. Such fees may be charged from time to time, with or without notice.

19. The undersigned hereby funds and grants the Credit Union a security interest in, and acknowledges the Credit Union’s lien on, all shares on deposit in the Account for any expense, fee, loan, order for payment or other obligation of the Sole Proprietor to the Credit Union, both business and personal. 10. Failure of the Credit Union to exercise any right under this Agreement does not waive its right to require performance of the obligation in the future. 11. The Credit Union may terminate, place an administrative hold on or freeze this Account at any time if there is any concern or suspicious activity on the Account. 12. The Sole Proprietor hereby agrees to indemnify, defend and hold harmless the Credit Union, its officers, directors, employees, and agents from any and all claims, charges, actions, judgments, costs and expenses, including attorney fees, arising from or in any way related, directly or indirectly, to the Account. 13. The Sole Proprietor has sixty (60) days from the mailing of any Account statement to report, in writing, any paid item containing an unauthorized or forged signature, an unauthorized endorsement or material alteration of a check. 14. The Sole Proprietor acknowledges and agrees that the Credit Union may rely on alternative signature and verification codes issued to obtained from the Sole Proprietor or an Attorney-in-Fact named in a duly executed Limited Power of Attorney. The term “alternative signature and verification codes” includes, but is not limited to, facsimile signatures on file with the Credit Union, personal identification numbers (PIN), and digital signatures. If a facsimile signature specimen has been provided on this resolution (or is filed separately by the Sole Proprietor with the Credit Union from time to time), the Credit Union is authorized to treat the facsimile signature as the signature of the Sole Proprietor or Attorney-in-Fact, regardless of by whom or by what means the facsimile signature may have been affixed, so long as it resembles the facsimile signature specimen on file. The Sole Proprietor authorizes each Attorney-in-Fact to have custody of the Sole Proprietor’s private key used to create a digital signature and to request issuance of a certificate listing the corresponding public key. The Credit Union shall have no responsibility or liability for unauthorized use of alternative signature and verification codes unless otherwise agreed in writing. 15. The Credit Union shall be liable only for the claims, losses or damages directly caused by the gross negligence of its agents and employees in performing their duties. The Credit Union shall not be liable for any consequential or punitive damages. Authorized payees, authorized representatives and third-party providers, vendors or processors of correspondent services do not have authority to act on behalf of, and are not agents or employees of, the Credit Union, unless expressly designated by the Credit Union. Further, the Credit Union shall not be liable for any claims, losses or damages caused by acts of God, acts of governmental authority, legal holidays, acts of public enemy, acts of war, riots, floods, civil commotion, power shortages, labor difficulties (including, but not limited to, strikes or other work stoppages or slow-downs) or other causes beyond the reasonable control of the Credit Union, its agents or employees.

Sole Proprietor

_____________________________________________________ Signature _____________________________________________________ Printed or Typed Name

__________________________________________________________________ West Community Credit Union Representative

State of _____________________________________ ) ss: County of ___________________________________

On _____________________, 20_______, before me, personally appeared ___________________________, known to me to be the Sole Proprietor of _______________________________________________________, described in and who executed the foregoing instrument, and acknowledged execution of the same for and on behalf of said business.

__________________________________________________________ Notary Signature ______________________________________ My Commission Expires

*Please provide current drivers licenses for each signer. All signatures must be witnessed by a West Community Credit Union employee or notarized.

Exhibit C

Names of All Signatories on Sole Proprietor Account The following are the names of all signatories (with the name of any signatory who is a natural person less than 18 years old identified as being less than 18 years of age) who are authorized to transact business on the Account. 1. Printed Name* ____________________________________________________ Signature ___________________________________________________________________ Social Security Number ______________________________________ 2. Printed Name* ____________________________________________________ Signature ___________________________________________________________________ Social Security Number ______________________________________ 3. Printed Name* ____________________________________________________ Signature ___________________________________________________________________ Social Security Number ______________________________________ 4. Printed Name* ____________________________________________________ Signature ___________________________________________________________________ Social Security Number ______________________________________

__________________________________________________________________ West Community Credit Union Representative

State of _____________________________________ ) ss: County of ___________________________________

On _____________________, 20_______, before me, personally appeared ___________________________, known to me to be the Sole Proprietor of _______________________________________________________, described in and who executed the foregoing instrument, and acknowledged execution of the same for and on behalf of said business. __________________________________________________________ Notary Signature ______________________________________ My Commission Expires *Please provide current drivers licenses for each signer. All signatures must be witnessed by a West Community Credit Union employee or notarized.

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