Holds Policy Clause Samples
Holds Policy. You agree that a waiting period or “hold” as the date your Account was opened or the date of the last disclosed in CIBC’s hold policy (as amended from time to time) statement sent to you. CIBC is entitled to close your Account if will be placed on the amount of Instruments deposited or there have been no deposits, withdrawals or Instruments drawn transferred to your Account before you are able to withdraw the on your Account for any period of six consecutive months and the funds. CIBC may, however, in its sole discretion, establish an balance is nil. access to deposited funds limit for your Account which is the portion of your deposit to which you may have immediate access 13. CIBC’s right to freeze or close your account. CIBC may freeze during the hold period. CIBC may change or cancel this limit at or close your Account without notice if required by law or if at any anytime with or without any notice to you. Instruments may be time CIBC has reasonable grounds to believe that you did or may returned unpaid for any reason, either during or after the expiry of commit fraud, use your account for any unlawful or improper the applicable hold period, or after release by CIBC of the hold. purpose, cause a loss to CIBC, operate your Account in a manner You will be solely responsible for returned Instruments and CIBC unsatisfactory to CIBC or contrary to CIBC policies, or violate the has the right to charge the amount of any returned Instrument to terms of any agreement applicable to your Account or any account-any of your Accounts. In that case, CIBC may attempt on your related service. CIBC may also close your Account if you are a behalf to obtain payment for the Instrument from the drawer of the victim of fraud or identity theft in order to prevent future losses. Instrument or the drawer's financial institution, but CIBC will not be liable for doing so late or improperly or not doing so at all. 14. Third party demands. CIBC will comply with any lawful third party demands that it receives in respect of your Account. You
Holds Policy. You agree that a waiting period or “hold” as disclosed in CIBC’s hold policy (as amended from time to time) will be placed on the amount of Instruments deposited or transferred to your Account before you are able to withdraw the funds. CIBC may, however, in its sole discretion, establish an access to deposited funds limit for your Account which is the portion of your deposit to which you may have immediate access during the hold period. CIBC may change or cancel this limit at anytime with or without any notice to you. Instruments may be returned unpaid for any reason, either during or after the expiry of the applicable hold period, or after release by CIBC of the hold. You will be solely responsible for returned Instruments and CIBC has the right to charge the amount of any returned Instrument to any of your Accounts. In that case, CIBC may attempt on your behalf to obtain payment for the Instrument from the drawer of the Instrument or the drawer's financial institution, but CIBC will not be liable for doing so late or improperly or not doing so at all.