Common use of Dormant Account Clause in Contracts

Dormant Account. An account shall be considered as dormant, in the absence of any trading activity for a period of at least one (1) calendar year. Upon the end of the calendar year the Company will undertake an annual review of all accounts and identify these where no activity has occurred for a period of 1 (one) calendar year. All such accounts will be classified as Dormant. Once an account is treated as Dormant, the Client will be informed accordingly in order to obtain Client’s instruction for further actions. If the Client doesn’t respond for notification and has remained inactive for a following 1 month’s period, the Company reserves the right to close the account unilaterally and return all of the Client’s funds remained after deduction of maintenance fee to the initial source. Dormant Accounts can be re–activated upon confirmation by the client and provision/review of the available documents and ensuring that all due diligence and KYC documentation procedures have been followed. If the Client wishes to make a deposit and start trading again, they will have to provide updated documentation. The Company reserves the right to charge a fixed administration fee of €20 (twenty Euros) every year in order to maintain the account, on the condition that the Client account has the available funds. The maintenance fee shall be deducted from the Client’s account on the last day of the period of which the account becomes Dormant. The Company strives to ensure and keep correspondence with each respective Client and will inform the Client by email that their account is treated as Dormant Account and fee is charged to maintain the account. If the Client account does not have the necessary funds for the maintenance fee and has remained inactive for a following 3 months’ period, the Company reserves the right to charge a lower amount to cover maintenance expenses and close the account unilaterally. If the Client account does not have any funds on the account has remained inactive for a following 1 month the Company reserves the right to close the account unilaterally.