Common use of Dormancy Clause in Contracts

Dormancy. In the event that Your Account is inactive for a stipulated period of time as determined by the Bank’s policies and procedures, the Bank may close the Account upon giving You notice of its intention to do so and inform You of the reasons for doing so. Any monies held in the Account at the time of closure will be paid to You or Your legal representative. During the notice period, You may take steps to reactivate the Account, and if done to the satisfaction of the Bank, the Account shall not be closed.