Common use of Unclaimed Property – Accounts Presumed Inactive or Abandoned Clause in Contracts

Unclaimed Property – Accounts Presumed Inactive or Abandoned. For security reasons, we may refuse a withdrawal or transfer from Accounts we internally classify as dormant if we cannot reach you in a timely fashion to confirm the transaction’s authorization. Your Account is dormant if your Account has not had any activity, that is, no purchases; no cash withdrawals; no deposits; or no balance inquiry fees for three hundred sixty-five (365) consecutive days. We may transfer (escheat) your property to the appropriate state if no activity occurs in the Account or you fail to communicate with us regarding your Account within the time period specified by state law. We may consider an Account inactive even if you maintain another active account with us. We may impose a fee for sending a dormant Account notice to you prior to transferring the funds to the state. If funds are transferred to the state, you may file a claim with the state to recover the funds. We will have no further liability to you for such funds. When the funds in your Account are delivered to the state, your Account is closed and no interest accrues. We encourage you to make sure your Account remains active so you have full use of your Account, and avoid the potential of having your Account funds transferred to the state as“abandoned or unclaimed property.”

Appears in 3 contracts

Samples: Deposit Account Agreement, Deposit Account Agreement, Deposit Account Agreement

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Unclaimed Property – Accounts Presumed Inactive or Abandoned. For security reasons, we may refuse a withdrawal or transfer from Accounts we internally classify as dormant if we cannot reach you in a timely fashion to confirm the transaction’s authorization. .Your Account is dormant if your Account has not had any activity, that is, no purchases; no cash withdrawals; no deposits; or no balance inquiry fees fees, for three hundred sixty-five (365) consecutive days. We may transfer (escheat) your property to the appropriate state if no activity occurs in the Account or you fail to communicate with us regarding your Account within the time period specified by state law. We may consider an Account inactive even if you maintain another active account with us. We may impose a fee for sending a dormant Account notice to you prior to transferring the funds to the state. If funds are transferred to the state, you may file a claim with the state to recover the funds. We will have no further liability to you for such funds. When the funds in your Account are delivered to the state, your Account is closed and no interest accrues. We encourage you to make sure your Account remains active active, so you have full use of your Account, and avoid the potential of having your Account funds transferred to the state as“abandoned or unclaimed property.”

Appears in 2 contracts

Samples: Deposit Account Agreement, Deposit Account Agreement

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Unclaimed Property – Accounts Presumed Inactive or Abandoned. For security reasons, we may refuse a withdrawal or transfer from Accounts we internally classify as dormant if we cannot reach you in a timely fashion to confirm the transaction’s 's authorization. Your Account is dormant if your Account has not had any activity, that is, no purchases; no cash withdrawals; no depositsload transactions; or no balance inquiry fees for three hundred sixty-five (365) consecutive days. We may transfer (escheat) your property to the appropriate state if no activity occurs in the Account or you fail to communicate with us regarding your Account within the time period specified by state law. We may consider an Account inactive even if you maintain another active account with us. We may impose a fee for sending a dormant Account notice to you prior to transferring the funds to the state. If funds are transferred to the state, you may file a claim with the state to recover the funds. We will have no further liability to you for such funds. When the funds in your Account are delivered to the state, your Account is closed and no interest accrues. We encourage you to make sure your Account remains active so you have full use of your Account, and avoid the potential of having your Account funds transferred to the state as“abandoned as "abandoned or unclaimed property."

Appears in 1 contract

Samples: Deposit Account Agreement

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