Common use of Inactive and Abandoned Accounts Clause in Contracts

Inactive and Abandoned Accounts. Each jurisdiction in which we do business has laws that govern when Accounts are deemed inactive or abandoned, and when we need to send or escheat funds to the state or local government. Generally, the law of the state of your last known residence as shown in our records governs when Accounts are considered abandoned. You can ensure your Account remains active by making a deposit or withdrawal within the parameters set forth in the following paragraph, or by telling us to keep it active. If we have not had contact with you, there is no activity on your checking Account for 12 months or your savings Account for 24 months and you have not otherwise indicated an interest in your Account, we will classify your Account as inactive. We will notify you by mail to the address on our records one (1) month following the date your Account became inactive. Beginning the following month, we may charge the monthly Inactive Fee shown on the Fee Schedule. For security reasons, we may refuse to allow transactions on inactive Accounts if we are unable to contact you on a timely basis to confirm your authorization for the transaction. Hawaii law considers your Account to be abandoned if your Account remains inactive, generally for five (5) years. After that time, we will charge your Account an Abandoned Account Fee where permitted by applicable law and escheat the remaining funds to government authorities. We will mail you a letter to notify you before we transfer your funds to the state or local government as abandoned property. For Accounts domiciled in Saipan, the Commonwealth of the Northern Marianas Islands “CNMI” law considers your Account to be abandoned if your Account remains inactive, generally for a period of six (6) months for Checking Accounts and if your Account is inactive for 24 months for savings Accounts (including Money Market Savings) that have no deposit or withdrawal transaction activity for 24 months are presumed abandoned and are subject to escheat. If your Account becomes inactive, we will notify you by mail to the address on our records and we will charge your checking and/or savings Account the monthly Inactive Fee shown on the Fee Schedule. To reactivate your Account, you must conduct a monetary transaction, such as a deposit or withdrawal. If your Account remains inactive and is presumed abandoned, on September 15th, we will charge the Abandoned Account Fee shown on the Fee Schedule and your Account will be subject to escheat and your funds will be transferred to the Commonwealth Treasurer on the first Business Day in October.

Inactive and Abandoned Accounts. Each jurisdiction in which we do business has laws that govern when Accounts are deemed inactive or abandoned, and when we need to send or escheat funds to the state or local government. Generally, The address on your Account determines the law of the state of your last known residence as shown in our records governs when Accounts are considered abandonedescheatment rules that will be applied. You can ensure your Account remains active by making a deposit or withdrawal within the parameters set forth as outlined in the following paragraphthis agreement, or by telling us sending a signed letter of instruction to keep it activeBank of Hawaii, Deposit Maintenance Center #118, P.O. Box 2900, Honolulu, HI 96846. If we you have not had contact with you, there is no activity initiated a transaction or a maintenance update on your checking Account for 12 twelve (12) months or your savings Account for 24 twenty- four (24) months and you have not otherwise indicated an interest in your Account, we will classify your Account as inactive. We will notify you by mail to the address on our records one (1) month following the date when your Account became becomes inactive. Beginning the following month, we may will charge the monthly non-refundable Inactive Fee shown on the Fee Schedule. For security reasons, we may refuse to allow transactions on inactive Accounts if we are unable to contact you on a timely basis to confirm your authorization for the transaction. Hawaii The law considers your Account to be abandoned if your Account remains inactive, generally for five (5) years. After that time, we will charge your Account an Abandoned Account Fee where permitted by applicable law and escheat the remaining funds to government authorities. We will mail you a letter to notify you before we transfer your funds to the state or local government as abandoned property. For security reasons, we may refuse to allow transactions on inactive Accounts domiciled in Saipanif we are unable to contact you on a timely basis to confirm your authorization for the transaction. months, the Commonwealth of the Northern Marianas Islands “CNMI” law considers your Account to be abandoned if your Account remains inactive, generally for a period of six (6) months for Checking Accounts and if your Account is inactive for 24 months for savings Accounts (including Money Market Savings) that have no deposit or withdrawal transaction activity for 24 twenty-four (24) months are presumed abandoned and are subject to escheatescheat to the Commonwealth Treasurer. If your Account becomes inactive, we will notify you by mail to the address on our records and we will charge your checking and/or savings Account the monthly non-refundable Inactive Fee shown on the Fee Schedule. To reactivate your Account, you must conduct a monetary amonetary transaction, such as a deposit or withdrawal. If your Account remains inactive and is presumed abandonedinactive, on September 15th, we will charge the Abandoned Account Fee shown on the Fee Schedule and your Account will be subject to escheat and your funds will be transferred to the Commonwealth Treasurer on the first Business Day in October.