Dormancy. If there is no processing activity through your Bank-sponsored Merchant Account(s) for a period of twelve (12) months or longer, PayPal may close such inactive Bank-sponsored Merchant Account(s) and terminate the Gateway Services upon written notice. If required by applicable law, PayPal will escheat (send) any outstanding funds to your state of residency. If you would like to claim any escheated funds from the applicable state, please contact the applicable state’s unclaimed property administrator. You will remain liable for all outstanding obligations under this Agreement related to your Bank-sponsored Merchant Account(s) prior to closure.
Appears in 2 contracts
Sources: Payment Services Agreement, Payment Services Agreement
Dormancy. If there is no processing activity through your Bank-sponsored Merchant Account(s) for a period of twelve (12) months or longer, PayPal may close such inactive Bank-sponsored Merchant Account(s) and terminate the Gateway Services or the Agreement upon written notice. If required by applicable law, PayPal will escheat (send) any outstanding funds to your state of residency. If you would like to claim any escheated funds from the applicable state, please contact the applicable state’s unclaimed property administrator. You will remain liable for all outstanding obligations under this Agreement related to your Bank-sponsored Merchant Account(s) prior to closure.
Appears in 1 contract
Sources: Payment Services Agreement