Common use of Closing the Account Clause in Contracts

Closing the Account. The owner on an Account may close the Account at any time. Your right to close an Account is subject to any statutory or contractual lien existing in our favor and any legal process levied against any such Account. The Credit Union may close an account if the balance drops below par value ($1.00) for a period of 30 days. The Credit Union may close an account due to inactivity in which the account no longer maintains a balance (see Truth in Savings Fee Schedule – Inactive Account). A new account that is not properly funded within a 30-day period will be closed. Generally, a closed account cannot be reopened. However, we may reopen your account after closing in certain instances including, but not limited to, receipt of a dishonored/returned item or a preauthorized debit card transaction initiated on your account and not canceled prior to account closure. In these instances you will be liable for any negative balance arising from these transaction as well as any associated fees incurred. Members closing out all accounts or accounts closed by the Credit Union due to inactivity will require members to re-qualify for membership and follow all required processes to open a new account. We reserve the right to limit accounts and/or services (refer to “Limitation of Services”) and, subject to applicable law, close an account. We will close your account when suspicious activity is detected during monitoring of transactions. We are not obligated to notify you when your account is restricted or closed due to suspicious activity or law enforcement action.

Closing the Account. The owner on an Account may close the Account at any time. Your right to close an Account is subject to any statutory or contractual lien existing in our favor and any legal process levied against any such Account. The Credit Union may close an account if the balance drops below par value ($1.00) for a period of 30 days. The Credit Union may close an account due to inactivity in which the account no longer maintains a balance (see Truth in Savings Fee Schedule – Inactive Account). A new account that is not properly funded within a 30-day period will be closed. Generally, a closed account cannot be reopened. However, we may reopen your account after closing in certain instances including, but not limited to, receipt of a dishonored/returned item or a preauthorized debit card transaction initiated on your account and not canceled prior to account closure. In these instances instances, you will be liable for any negative balance arising from these transaction as well as any associated fees incurred. Members closing out all accounts or accounts closed by the Credit Union due to inactivity will require members to re-qualify for membership and follow all required processes to open a new account. We reserve the right to limit accounts and/or services (refer to “Limitation of Services”) and, subject to applicable law, close an account. We will close your account when suspicious activity is detected during monitoring of transactions. We are not obligated to notify you when your account is restricted or closed due to suspicious activity or law enforcement action.

Closing the Account. The owner on an Account may close the Account at any time. Your right to close an Account is subject to any statutory or contractual lien existing in our favor and any legal process levied against any such Account. The Credit Union may close an account if the balance drops below par value ($1.005.00) for a period of 30 days. The Credit Union may close an account due to inactivity in which the account no longer maintains a balance (see Truth in Savings Fee Schedule – Inactive Account). A new account that is not properly funded within a 30-day period will be closed. Generally, a closed account cannot be reopened. However, we may reopen your account after closing in certain instances including, but not limited to, receipt of a dishonored/returned item or a preauthorized debit card transaction initiated on your account and not canceled prior to account closureclosure or at the credit union’s discretion. In these instances you will be liable for any negative balance arising from these transaction as well as any associated fees incurred. Members closing out all accounts or accounts closed by the Credit Union due to inactivity will require members to re-qualify for membership and follow all required processes to open a new account. We reserve the right to limit accounts and/or services (refer to “Limitation of Services”) and, subject to applicable law, close an account. We will close your account when suspicious activity is detected during monitoring of transactions. We are not obligated to notify you when your account is restricted or closed due to suspicious activity or law enforcement action.