INACTIVE & DORMANT ACCOUNTS. If your account falls below an applicable minimum balance or you have not made any transactions over a period specified in the Rate and Fee Schedule, we may classify your account as inactive or dormant. Unless specifically prohibited by applicable law, we may charge a service fee as set forth on the Rate and Fee Schedule for processing your inactive account. You authorize us to transfer funds from another account of yours to ensure you maintain a minimum of one par value in your regular 01 savings, and to cover any service fees, if applicable. To the extent allowed by law, we reserve the right to transfer the account funds to an account payable and to suspend any further account statements. If a deposit or withdrawal has not been made on the account and we have had no other sufficient contact with you within the period specified by state law, the account will be presumed to be abandoned. Funds in abandoned accounts will be reported and remitted to the state on your account profile in accordance with that state law for remitting abandoned property. Once funds have been turned over to the state, we have no further liability to you for such funds and if you choose to reclaim such funds, you must apply to the appropriate state agency.
Appears in 4 contracts
Samples: Membership Agreement, Membership Agreement, Membership Agreement
