Common use of Account Dormancy and Escheatment Clause in Contracts

Account Dormancy and Escheatment. An account that is inactive for a period of time may be considered dormant and is subject to escheatment. Each state has varying laws as to when an account is subject to escheatment and we may be required to send the balance in the Varo Bank Account to the state of your last known address. We will make reasonable efforts to contact you before transferring the remaining balance of the Varo Bank Account to the applicable state. For a Varo Bank Account with an international address, the funds will be transferred to the State of Utah.

Account Dormancy and Escheatment. An account that is inactive for a period of time may be considered dormant and is subject to escheatment. Each state has varying laws as to when an account is subject to escheatment and we may be required to send the balance in the Varo Bank Account to the state of your last known address. We will make all reasonable efforts to contact you before transferring the remaining balance of the Varo Bank Account to the applicable state. For a Varo Bank Account with an international address, the funds will be transferred to the State of Utah.

Account Dormancy and Escheatment. An account that is inactive for a period of time may be considered dormant and is subject to escheatment. Each state has varying laws as to when an account is subject to escheatment and we may be required to send the balance in the Varo Bank Account to the state of your last known address. We will make all reasonable efforts to contact you before transferring the remaining balance of the Varo Bank Account to the applicable state. For a Varo Bank Account with an international address, the funds will be transferred to the State of UtahDelaware.