Abandoned Account Fee Clause Samples
The Abandoned Account Fee clause establishes a charge that is applied to accounts that have been left inactive or unclaimed for a specified period. Typically, this fee is deducted periodically from the account balance if the account holder fails to respond to notices or take action to reactivate the account. The primary purpose of this clause is to offset the administrative costs associated with maintaining dormant accounts and to encourage account holders to keep their information current and their accounts active.
Abandoned Account Fee. If Customer’s account becomes an Abandoned Account with a balance due to Customer, Customer shall be assessed a monthly Abandoned Account Fee in the amount set forth in the Fee Schedule. In addition, all costs incurred by CyberSource in managing Customer’s Abandoned Account, including costs associated with attempting to locate Customer to deliver Customer’s account balance or incurred with respect to escheating Customer’s funds to the appropriate governmental agency will be deducted from Customer’s account, as applicable.
Abandoned Account Fee. If Customer’s account