Common use of Inactive and Dormant Accounts Clause in Contracts

Inactive and Dormant Accounts. We will consider an Account “inactive” when it has had no transaction history other than dividend postings and we cannot verify the Owner’s current address for a period of 6 months or more. We will consider an Account “dormant” when it has had no transaction history other than dividend postings and we cannot verify the Owner’s current address for a period of 3 years or more. Although having no obligation to do so, we may choose not to classify a particular Account as either inactive or dormant if any Owner has other active Accounts or services. Dormant Account funds may be transferred to a special reserve for dormant Accounts. You may be charged fees (as contained in our Fee Schedule) for an inactive or dormant Account. We will follow state law in determining when an Account will be considered “abandoned and escheatable.” After we turn abandoned and escheatable funds to the state, we will have no further liability for those funds and you must apply to the appropriate state agency.

Inactive and Dormant Accounts. We will consider an Account “inactive” when it has had no transaction history other than dividend postings and we cannot verify the Owner’s current address for a period of 6 months or more. We will consider an Account “dormant” when it has had no transaction history other than dividend postings and we cannot verify the Owner’s current address for a period of 3 years or more. Although having no obligation to do so, we may choose not to classify a particular Account as either inactive or dormant if any Owner has other active Accounts or services. Dormant Account funds may be transferred to a special reserve for dormant Accounts. You may be charged fees (as contained in our Fee Schedule) for an inactive or dormant Account. We will follow state law in determining when an Account will be considered “abandoned and escheatable.” After we turn abandoned and escheatable funds to the state, we will have no further liability for those funds funds, and you must apply to the appropriate state agency.