Common use of Closing the Account Clause in Contracts

Closing the Account. Only the Member/Owner may close an Account. No Joint Owner may close an Account of the Member/Owner or reduce the balance of the Member/Owner’s Savings Account below the par value of one share. The Member/Owner’s 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. We may close an Account at any time and disburse funds on deposit in any such Account to the Owners of the Account or in satisfaction of any obligation owing to us, in any manner we deem appropriate, if (i) any of the events set forth in the Paragraphs 26 or 30 should arise, (ii) we believe that we may suffer a loss if the Account is not closed or we believe that the volume of Account activity exceeds that which we can reasonably and safely process, (iii) we determine that any Party to the Account or Party claiming interest in the Account has been abusive in the use of the Account or in the conduct of his or her affairs with the Credit Union, (iv) our attempts to verify your identity have failed, (v) you do not cooperate with our reasonable requests in connection with maintenance of your Account, or (vi) there has been a change in Account ownership or a change with regard to the persons authorized to sign on the Account. The Credit Union may close an account if the balance drops below par value ($25.00) for a period of one hundred eighty (180) days. The Credit Union may close an account due to inactivity in which the account no longer maintains a balance (see the TIS Fee Schedule – Inactive Account). A new account that is not properly funded or required documentation or signature(s) is not provided 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. Only the Member/Owner may close an Account. No Joint Owner may close an Account of the Member/Owner or reduce the balance of the Member/Owner’s Savings Account below the par value of one share. The Member/Owner’s 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. We may close an Account at any time and disburse funds on deposit in any such Account to the Owners of the Account or in satisfaction of any obligation owing to us, in any manner we deem appropriate, if (i) any of the events set forth in the Paragraphs 26 or 30 should arise, (ii) we believe that we may suffer a loss if the Account is not closed or we believe that the volume of Account activity exceeds that which we can reasonably and safely process, (iii) we determine that any Party to the Account or Party claiming interest in the Account has been abusive in the use of the Account or in the conduct of his or her affairs with the Credit Union, (iv) our attempts to verify your identity have failed, (v) you do not cooperate with our reasonable requests in connection with maintenance of your Account, or (vi) there has been a change in Account ownership or a change with regard to the persons authorized to sign on the Account. The Credit Union may close an account if the balance drops below par value ($25.00) for a period of one hundred eighty (180) days. The Credit Union may close an account due to inactivity in which the account no longer maintains a balance (see the TIS Truth in Savings Fee Schedule – Inactive Account). A new account that is not properly funded or required documentation or signature(s) is not provided 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. Only 14.1 The current account agreement ends when it is terminated by the Member/Owner Bank or the Client. The Client may close an Accountterminate the current account agreement with respect to a 30 days prior notice period, or compensation by repaying during this notice period any outstanding principal sums, interest, expenses and incidental costs. No Joint Owner may close an Account The Bank can terminate unilaterally the current account agreement after compliance with a notice period of sixty (60) days served by registered letter with return receipt, except in the following cases:  the Client’s situation being irremediably jeopardised, in particular in the event of a cessation of activity, compulsory liquidation, complete disposal of the Member/Owner Client or reduce termination of the Client’s business operations or the occurrence of any other equivalent proceedings in the country where the Client’s registered office or its principal place of business is located;  dissolution, transformation, merger, takeover of the Client company;  seriously reprehensible conduct of the Client or unusual operation of the account. The closing of the account results in the automatic merger of the balances of the various accounts which were subject to it into one unique current account balance and renders the said balance due and payable. The Bank will have the right forthwith to endorse back to the debit side of the current account any ongoing transactions, including transactions and debts in other currencies. Thus, for example, unmatured discounted bills. The suspension of the current account agreement will then be deemed to have rendered the said transactions due and payable and will oblige the Client to cover forthwith all those which involve an undertaking from the Bank, in particular any signed undertaking, even if the said undertaking is only contingent. Due to the consequences arising from the termination of the current account agreement, the Client may have to take any necessary steps in order to enable the ongoing transactions to be paid, in particular by setting up or supplementing the provision of funds for cheques and bills which have been issued and not yet presented, if not the Bank will be forced to refuse the payment of the said drawings. The suspension of the current account agreement does not stop the running of interest which will be discounted from any debit balance on the terms applied beforehand until full payment. Equally, any transaction which the Bank has not endorsed back will continue to bear interest at the same rate. The interest due for the whole year will itself bear interest at the same rate in accordance with article 1154 of the French Civil Code. As security for the proper conclusion of any transactions handled by it with the Bank and in particular the repayment of any debit balance of its current account, the Client expressly allocates, by way of pledge, any securities which it might deliver to the Bank and which the Bank does not have or no longer has title to by some other means. Accordingly unmatured bills or unpaid bills which have been endorsed back to the drawer and which are contained in the current account during its operation will thus be pledged to the Bank. By express agreement, it is provided that the existence of other accounts opened in the Client’s name in the Bank’s books does not prevent debit positions which may be accepted by the Bank. Consequently, the Bank will always have the right to net the debit balance of the Member/Owner’s Savings Account below closed current account and the par value credit balances of one sharethe said accounts, due to the close connection between them, as intended by the parties. The Member/Owner’s 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. We may close an Account at any time and disburse funds on deposit in any such Account to the Owners of the Account or in satisfaction of any obligation owing to us, in any manner we deem appropriate, if (i) any of the events set forth closure will result in the Paragraphs 26 or 30 should arise, (ii) we believe that we may suffer a loss if the Account is not closed or we believe that the volume of Account activity exceeds that which we can reasonably and safely process, (iii) we determine that any Party to the Account or Party claiming interest in the Account has been abusive in the use of the Account or in the conduct of his or her affairs with the Credit Union, (iv) our attempts to verify your identity have failed, (v) you do not cooperate with our reasonable requests in connection with maintenance of your Account, or (vi) there has been a change in Account ownership or a change with regard to the persons authorized to sign on the Account. The Credit Union may close an account if the balance drops below par value ($25.00) for a period of one hundred eighty (180) days. The Credit Union may close an account due to inactivity in which the account no longer maintains a balance (see the TIS Fee Schedule – Inactive Account). A new account that is not properly funded or required documentation or signature(s) is not provided 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 immediate return by the Credit Union due to inactivity will require members to re-qualify for membership and follow Client of 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 actionits cheque forms.

Closing the Account. Only the Member/Owner may close an Account. No Joint Any Account Owner may close an Account at any time; provided, however, that, except for the Primary Member, no other Owner may close the primary Share Account of the Primary Member/Owner . We reserve the right to require the written consent of any or reduce the balance all of the Member/Owner’s Savings Account below the par value of one shareOwners to close a Joint or Multiple Party Account. The Member/Owner’s 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. If we pay any item or payment order after your Account is closed, you agree to reimburse us. We may close an Account at any time and disburse funds on deposit in any such Account to the Owners of the Account or in satisfaction of any obligation owing to us, in any manner we deem appropriate, if (i) any of the events set forth in the preceding Paragraphs 26 9 or 30 12 should arise, (ii) we believe that we may suffer a loss if the Account is not closed or we believe that the volume of Account activity exceeds that which we can reasonably and safely process, (iii) we determine that any Party to the Account or Party any other party claiming interest in the Account has been abusive in the use of the Account or in the conduct of his or her affairs with the Credit Union, (iv) our attempts to verify your identity have failed, (v) you do not cooperate with our reasonable requests in connection with maintenance of your Account, or (vi) there has been a change in Account ownership or a change with regard to the persons authorized to sign on the Account. The Credit Union may In addition, we reserve the right to close an account a Checking Account for any of the following reasons: (i) if there are seven or more nonsufficient funds (NSF) checks or other NSF transactions within a one-month period, (ii) if there are 20 or more NSF checks or other NSF transactions within a 12-month period, (iii) if the Checking Account has an overdraft balance drops below par value for five consecutive days or more, ($25.00iv) if the Checking Account has a zero balance and no activity by you for three consecutive months, (v) if the Checking Account is manipulated or appears to be manipulated in such a period of one hundred eighty (180) daysmanner as to cause special monitoring. The Credit Union may close an account due to inactivity in which the account no longer maintains a balance (see the TIS Fee Schedule – Inactive Account). A new account that is not properly funded or required documentation or signature(s) is not provided within a 30-day period will be closed. Generally, a closed account cannot be reopened. HoweverIn some cases, we may reopen your account after closing in certain instances including, but not limited to, receipt of permit a dishonored/returned item member or former member with a preauthorized debit card transaction initiated on your account and not canceled prior charged off Account 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 open new accounts or to reopen accounts closed by the Credit Union due six months after the charged off amount has been repaid. The decision to inactivity will require members to re-qualify for membership allow new or reopened Accounts after a charged off Account has been paid depends on the circumstances and follow all required processes to open a new account. We reserve is entirely at 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 actionCredit Union’s discretion.

Closing the Account. Only 14.1 The current account agreement ends when it is terminated by the Member/Owner Bank or the Client. The Client may close an Accountterminate the current account agreement with respect to a 30 days prior notice period, or compensation by repaying during this notice period any outstanding principal sums, interest, expenses and incidental costs. No Joint Owner may close an Account The Bank can terminate unilaterally the current account agreement after compliance with a notice period of sixty (60) days served by registered letter with return receipt, except in the following cases: − the Client’s situation being irremediably jeopardised, in particular in the event of a cessation of activity, compulsory liquidation, complete disposal of the Member/Owner Client or reduce termination of the Client’s business operations or the occurrence of any other equivalent proceedings in the country where the Client’s registered office or its principal place of business is located; − dissolution, transformation, merger, takeover of the Client company; − seriously reprehensible conduct of the Client or unusual operation of the account. The closing of the account results in the automatic merger of the balances of the various accounts which were subject to it into one unique current account balance and renders the said balance due and payable. The Bank will have the right forthwith to endorse back to the debit side of the current account any ongoing transactions, including transactions and debts in other currencies. Thus, for example, unmatured discounted bills. The suspension of the current account agreement will then be deemed to have rendered the said transactions due and payable and will oblige the Client to cover forthwith all those which involve an undertaking from the Bank, in particular any signed undertaking, even if the said undertaking is only contingent. Due to the consequences arising from the termination of the current account agreement, the Client may have to take any necessary steps in order to enable the ongoing transactions to be paid, in particular by setting up or supplementing the provision of funds for cheques and bills which have been issued and not yet presented, if not the Bank will be forced to refuse the payment of the said drawings. The suspension of the current account agreement does not stop the running of interest which will be discounted from any debit balance on the terms applied beforehand until full payment. Equally, any transaction which the Bank has not endorsed back will continue to bear interest at the same rate. The interest due for the whole year will itself bear interest at the same rate in accordance with article 1154 of the French Civil Code. As security for the proper conclusion of any transactions handled by it with the Bank and in particular the repayment of any debit balance of its current account, the Client expressly allocates, by way of pledge, any securities which it might deliver to the Bank and which the Bank does not have or no longer has title to by some other means. Accordingly This English translation is for information purposes only. The French version is the only contractual document. unmatured bills or unpaid bills which have been endorsed back to the drawer and which are contained in the current account during its operation will thus be pledged to the Bank. By express agreement, it is provided that the existence of other accounts opened in the Client’s name in the Bank’s books does not prevent debit positions which may be accepted by the Bank. Consequently, the Bank will always have the right to net the debit balance of the Member/Owner’s Savings Account below closed current account and the par value credit balances of one sharethe said accounts, due to the close connection between them, as intended by the parties. The Member/Owner’s 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. We may close an Account at any time and disburse funds on deposit in any such Account to the Owners of the Account or in satisfaction of any obligation owing to us, in any manner we deem appropriate, if (i) any of the events set forth closure will result in the Paragraphs 26 or 30 should arise, (ii) we believe that we may suffer a loss if the Account is not closed or we believe that the volume of Account activity exceeds that which we can reasonably and safely process, (iii) we determine that any Party to the Account or Party claiming interest in the Account has been abusive in the use of the Account or in the conduct of his or her affairs with the Credit Union, (iv) our attempts to verify your identity have failed, (v) you do not cooperate with our reasonable requests in connection with maintenance of your Account, or (vi) there has been a change in Account ownership or a change with regard to the persons authorized to sign on the Account. The Credit Union may close an account if the balance drops below par value ($25.00) for a period of one hundred eighty (180) days. The Credit Union may close an account due to inactivity in which the account no longer maintains a balance (see the TIS Fee Schedule – Inactive Account). A new account that is not properly funded or required documentation or signature(s) is not provided 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 immediate return by the Credit Union due to inactivity will require members to re-qualify for membership and follow Client of 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 actionits cheque forms.