Common use of Inactive and Abandoned Accounts Clause in Contracts

Inactive and Abandoned Accounts. ‌ If for a prolonged period of time you fail to make an initial deposit to your Account, we reserve the right to close your Account without notice to you. If for a period of 12 months on a Checking Account or a period of 24 months on a Savings, Money Market, or matured Certificate of Deposit Account there has been no deposit to, withdrawal from, or transfer from the Account, or if you have not contacted us regarding the Account in person, over the phone, in writing, or by way of Online Banking, Mobile Banking, or ATM, we may classify the Account as an Inactive Account and may terminate or close the Account or charge an Inactive Account service fee as set forth in the Consumer Account Disclosure. If your Inactive Account remains open we, may cease to pay interest on the Inactive Account unless otherwise required by applicable law. We will notify you at the last address of the Primary Account Holder shown on our account records before imposing any fee. Accounts will continue to incur any monthly maintenance or other applicable fees until terminated or closed. You hereby authorize us to transfer funds from the Available Balance from any of your Accounts to cover these fees as necessary. If your Accounts become inactive and presumed abandoned as provided by applicable state law, any Available Balance in the Account will be turned over to the state in accordance with that state’s law. Once funds have been turned over to the state, we have no further liability for the funds, and if you choose to reclaim them, you must apply to the appropriate state agency.

Inactive and Abandoned Accounts. ‌ If for a prolonged period of time you fail to make an initial deposit to your Account, Account we reserve the right to close your Account without notice to you. .. If for a period of 12 twelve (12) months on a Checking Account or a period of 24 twenty-four (24) months on a Savings, Money Market, or matured Certificate of Deposit Account there has been no deposit to, withdrawal from, or transfer from the Account, or if you have not contacted us regarding the Account in person, over the phone, in writing, or by way of Online Banking, Mobile Banking, or ATM, we may classify the Account as an Inactive Account and may terminate or close the Account or charge an Inactive Account service fee as set forth in the Consumer Account Disclosure. If your Inactive Account remains open we, we may cease to pay interest on the Inactive Account unless otherwise required by applicable law. We will notify you at the last address of the Primary Account Holder Member shown on our account records before imposing any fee. Accounts will continue to incur any monthly maintenance or other applicable fees until terminated or closed. You hereby authorize us to transfer funds from the Available Balance from any of your Accounts to cover cov er these fees as necessary. If your Accounts become inactive and presumed abandoned as provided by applicable state law, any Available Balance in the Account will be turned over to the state in accordance with that state’s law. Once funds have been turned over to the state, we have no further liability for the funds, and if you choose to reclaim them, you must apply to the appropriate state agency.