Common use of Inactivity Clause in Contracts

Inactivity. 2.6.1. The Account shall be considered inactive if, after one (1) year, no transaction (excluding fees) has been done to the Account. However, if the Account has a zero balance for three (3) consecutive months regardless of status, the Bank shall have the right to automatically close the Account without notice. 2.6.2. The Account shall become dormant after two (2) years of inactivity for savings Accounts and one (1) year of inactivity for checking Accounts. After ten (10) years of continuous inactivity, the dormant account shall be escheated in favor of the Philippine Government in accordance with the Unclaimed Balances Law and/or other applicable laws. The Bank will have no further liability to the Cardholder for such funds.