Common use of Inactive or Abandoned Accounts Clause in Contracts

Inactive or Abandoned Accounts. If your account has no activity other than charges assessed or interest credited by us for a period of at least 2 years, we may restrict your ability to access funds in your account unless you come to one of our offices and verify that the restriction should be removed. Generally, state law requires the Bank to send to the applicable state as abandoned property the funds on deposit when there have been no transactions by you, or written communication from you, for a given number of years. The applicable state is generally the state of your last known address, as shown on our records, or the state of the Bank address where your account is maintained, if your address is outside the United States. You can prevent this turnover by making a transaction on your account or by notifying us in writing that you know your account still exists at the Bank. Before the turnover, we may try to contact you to reactivate your account. After the turnover, rightful claimants must make their claims for the funds directly to the applicable state. We may charge your account for expenses incurred in remitting funds to any state. These charges are nonrefundable.