Common use of Dormant and Abandoned Accounts Clause in Contracts

Dormant and Abandoned Accounts. Except where prohibited by applicable state law, we will consider an Account to be dormant if there has been no credit or debit activity initiated by you for a period of: (i) twelve (12) months for checking Accounts (including NOW Accounts), and (ii) thirty-six (36) months for savings and money market Accounts. Subject to applicable state law, preauthorized and automatic recurring deposits or withdrawals may not be considered credit or debit activity for purposes of determining whether an Account is dormant if established prior to the applicable dormancy periods. We will charge a dormant fee on the Account until it becomes active again or is closed unless prohibited by applicable state law. Please review the fee schedule for your Account for more information on fees. We reserve the right not to send statements on Accounts we consider inactive or dormant. Each state has laws that govern when deposit accounts are considered abandoned and when we are required to send a depositor’s funds to the state as unclaimed property. You agree that your Account will stop earning interest once it is presumed abandoned in accordance with Applicable Law, and we will transfer the Collected Balance of your Account to the state as unclaimed property and have no further liability to you for such funds.

Dormant and Abandoned Accounts. Except where prohibited by applicable state law, we will consider an Account to be dormant if there has been no credit or debit activity initiated by you for a period of: (i) twelve (12) months for checking Accounts Accounts, (including NOW ii) eighteen (18) months for health savings Accounts), and (iiiii) thirty-thirty- six (36) months for savings and money market Accounts. Subject to applicable state law, preauthorized and automatic recurring deposits or withdrawals may not be considered credit or debit activity for purposes of determining whether an Account is dormant if established prior to the applicable dormancy periods. We will charge a dormant fee on the Account until it becomes active again or is closed closed, unless prohibited by applicable state law. Please review the fee schedule for your Account for more information on fees. We reserve the right not to send statements on Accounts we consider inactive or dormant. Each state has laws that govern when deposit accounts are considered abandoned and when we are required to send a depositor’s funds to the state as unclaimed property. You agree that your Account will stop earning interest once it is presumed abandoned in accordance with Applicable Law, and we will transfer the Collected Balance of your Account to the state as unclaimed property and have no further liability to you for such funds. Property of any kind held in an IRA is not presumed abandoned except as provided by Applicable Law.