Common use of Closing Accounts Clause in Contracts

Closing Accounts. Any of your accounts except the Primary Share may be closed by us at any time. If we do so, we may send the balance on deposit to your most recent mailing address on file. Before we close your account, we will give you any notice required by law. However, when a checking account is in an overdraft position, or we have reason to believe funds will not be collectible, we will close the checking account immediately without notice. We will not be liable for any loss or damage that may result from dishonoring any of your items that are presented or otherwise received after your account is closed. The primary member is the only owner of the Primary Share that may close it without the consent of any joint owner(s). Your joint owner(s) may close any share account they’re also listed on under your membership except the Primary Share. When you close your account you will be responsible for making sure there are sufficient funds in your account to cover all outstanding items to be paid. Statements and Change of Address Statements and other information regarding your account will be mailed to you at the last mailing address you provided to us, unless we both agree otherwise. It is your responsibility to keep us informed of your current address. A residential address is required to be on file at all times. If your account is a joint account, we may mail the statement to any of you. Your account may be charged a returned mail fee if your statements and other notices are returned as undeliverable. In order to keep the possibility of a loss to a minimum, you must carefully examine your statement and each credit and debit reflected on it. You must promptly report any errors, forgeries, unauthorized withdrawals, or alterations. In all cases, you must report any such information to us within 60 days after the statement is available. If you do not report this information to us within that time, you give up your right to contest the payment of any items reported in your statement and we can assume that you have accepted the reported charges and stated balance as being correct. This means we are released from all liability for the items we have charged to your account, and for all other transactions or matters covered by the statement.