Common use of Closing of Account Clause in Contracts

Closing of Account. Partial withdrawals cannot be made from the account at any time during the maturity. In the event money is withdrawn from the account at any time during the maturity for any reason whatsoever, CDA is closed, and its outstanding principal sum is transferred to a demand deposit account. The same principles will be valid and applicable also in case of closing of the account by the Customer before the end of its maturity.