Common use of Closing Accounts Clause in Contracts

Closing Accounts. Automatic closing procedure – Accounts with zero balances are purge automatically after 180 days of the closing date in the ILS Master File. History File is maintained for an unlimited period, or until the purge program is run.

Closing Accounts. Automatic closing procedure – Accounts with zero balances are purge automatically after 180 days 24 month of the closing payoff date in the ILS RES Master File. History File is maintained for an unlimited periodeighteen month in online files, or until and then the purge program is runrun and creates report on LANAMMO for user.