Common use of Closure of Accounts Clause in Contracts

Closure of Accounts. You may close an Account at any time, subject to any specific terms and conditions which apply to that Account including service charges. The Credit Union may close or suspend an Account, in the Credit Union’s sole discretion at any time on reasonable notice being given if: o it learns of your death, cessation of Canadian residency, dissolution, wind-up, surrender of registration, termination of your legal status, bankruptcy or any other lack of legal capacity or that you have committed an act of bankruptcy, or that a petition has been presented for your bankruptcy; o you use the Account or services provided for under these Terms for illegal or fraudulent purposes; o there are insufficient funds to cover cheques or other payment instructions given; o you fail to repay an indebtedness which you owe or may owe the Credit Union; o any third party claims an interest in your Account, pending resolution of the matter; o it considers that there are reasonable grounds to do so (in which case all reasonable efforts will be made to notify you of the circumstances of closure or suspension): in which case, you will be required to reimburse the Credit Union for any expenses which are incurred in connection with any of these matters. In either case, you will continue to be liable for any outstanding debts or obligations in respect of an Account up and until the date of suspension or closure of the Account and agree to repay any amount due or likely to be due immediately without further demand from the Credit Union, and such debt or obligation will continue until it has been satisfied. The Credit Union will not be liable for any consequences of the suspension or closure of any Account and you indemnify the Credit Union for all costs, damages and charges if it does in respect of suspending or closing an Account or not suspending or closing an Account when it could have done so.

Closure of Accounts. You may close an Account at any time, subject to any specific terms and conditions which apply to that Account including service charges. The Credit Union may close or suspend an Account, in the Credit Union’s sole discretion at any time on reasonable notice being given if: o it learns we learn of your death, cessation of Canadian residency, dissolution, wind-up, surrender of registration, termination of your legal status, bankruptcy or any other lack of legal capacity or that capacity, you have committed an act of bankruptcy, or that a petition has been presented for your bankruptcy; o you use the Account or services provided for under these Terms for illegal or fraudulent purposes; o there are insufficient funds to cover cheques or other payment instructions given; o you fail to repay an any indebtedness which you owe or may owe the Credit Union; o any third party claims an interest in your Account, pending resolution of the matter; o it we considers that there are other reasonable grounds to do so (in which case all reasonable efforts will be made to notify you of the circumstances of closure or suspension): ) in which case, case you will be required to reimburse the Credit Union for any expenses which are incurred in connection with any of these matters. In either case, you will continue to be liable for any outstanding debts or obligations in respect of an Account up and until the date of suspension or closure of the Account and agree to repay any amount due or likely to be due immediately without further demand from the Credit Union, and such debt or obligation will continue until it has been satisfied. The Credit Union will not be liable for any consequences of the suspension or closure of any Account and you indemnify the Credit Union for all costs, damages and charges if it does in respect of suspending or closing an Account or not suspending or closing an Account when it could have done so.