Account Modifications Frequently Asked Questions
How do I add a name to my membership account?
In order to add a name to your account, a Conversion Form must be completed and signed by the current member(s) and the person whose name will be added. Please contact our office to obtain a Conversion Form.
How do I change the personal name on my membership account?
For the following changes, you may simply provide us with a copy of your Social Security card or driver’s license, and a written request:
- Correcting the existing spelling of your name
- Correcting or adding a middle initial
- Adding Jr./Sr. or I/II/III/IV to your name
- Changing a Name Due to Marriage or Divorce
How do I remove a name from a joint membership account?
If the total value of the members’ capital credits is under $1000, the member who requests the name removal simply needs to sign an Agreement Under $1000 Form. Please contact our office to obtain this form.
If the total value of the members’ capital credits is $1000 or more, all members must sign a Letter of Assignment Form, instructing SVEC of how the members would like the capital credits to be split or assigned. Please contact our office to obtain a Letter of Assignment.
How do I change the business name on my membership account?
For name changes from a business name to a personal name, evidence of ownership is required. The following documentation may be considered as evidence:
- Income tax return
- State license
- Articles of incorporation (Sub-chapter S or otherwise)
- Purchase Agreement or Bill of Sale
If the owner of the account has passed away, please provide a copy of their death certificate, a copy of the letters of administration, or will, along with the other documentation mentioned above.