Common use of Notice of Withdrawal Clause in Contracts

Notice of Withdrawal. In respect of Notice Accounts only, Proper Instructions in respect of any proposed withdrawals need to be given by the Client with the same notice periods applicable to Closing Notices in accordance with paragraph 23.4. For example, for a 32 day Notice Account, Proper Instructions need to be received by the Bank 32 days prior to the date of withdrawal which must be a business day. Continuous notice is not permitted. Should the Bank receive an instruction to close an Account, interest (if applicable) will be added to the notice amount on the date of closure. Should no payment instruction be received, the notice amount will automatically be credited to the Client’s Call Account on the available date of the funds pending further instruction. The total amount of the money on notice for withdrawal at any time must not exceed the current balance of the Account.

Notice of Withdrawal. In respect of Notice Accounts only, Proper Instructions in respect of any proposed withdrawals need to be given by the Client with the same notice periods applicable to Closing Notices in accordance with paragraph 23.422.4. For example, for a 32 day Notice Account, Proper Instructions need to be received by the Bank 32 days prior to the date of withdrawal which must be a business day. Continuous notice is not permitted. Should the Bank receive an instruction to close an Account, interest (if applicable) will be added to the notice amount on the date of closure. Should no payment instruction be received, the notice amount will automatically be credited to the Client’s Call Account on the available date of the funds pending further instruction. The total amount of the money on notice for withdrawal at any time must not exceed the current balance of the Account.