Common use of Dormant Account Clause in Contracts

Dormant Account. 9.1 The Bank will treat any Deposit Account which has not had a deposit or withdrawal made for a continuous period of six (6) months since the most recent deposit or withdrawal transaction, as a dormant account. The Bank is not required to notify the Customer of the fact that it has designated a Deposit Account as a dormant account. 9.2 In the event that a Deposit Account becomes a dormant account, the Bank may impose restrictions on the use of such Deposit Account. In this event, the Bank may charge dormant account management fees prescribed by the Bank. 9.3 If one (1) year has elapsed after a Deposit Account became a dormant account, the Bank may cease to accrue interest on the balance of such Deposit Account at any time.