Common use of Closing of the Account Clause in Contracts

Closing of the Account. The Cooperative reserves the right of closing the Account at any time, in the event of non-compliance with any of the terms and conditions specified in this contract and/or incurring in violations of the laws and regulations that govern the Cooperative. The Cooperative will send a notice to the Depositor through a notice to that effect by regular mail to the last known address. The Cooperative may, without incurring in liability with the Depositor, close the Account and send a check for the balance thereof to the last address known of the Depositor. The Cooperative is hereby authorized to return without paying, for reason of a closed account, any order of payment or negotiable withdrawal order presented for collection after having closed the account, and the Depositor expressly holds the Cooperative harmless that may arise for such return. Likewise, the Cooperative may, without prior notice, refuse to receive deposits to the credit of the Account.