Common use of Communication with Bank/Unclaimed Property Clause in Contracts

Communication with Bank/Unclaimed Property. If Bank is holding funds in your account, and Bank is unable to contact you and has no record of your use of the Services for several years, applicable law may require Bank to report these funds as unclaimed property to the applicable jurisdiction. If this occurs, Bank will try to locate you at the address shown in our records, but if Bank is unable to locate you, it may be required to deliver any such funds to the applicable state or jurisdiction as unclaimed property. Bank reserves the right to deduct a dormancy fee or other administrative charges from such unclaimed funds, as permitted by applicable law.