Common use of Inactive and Abandoned Accounts Clause in Contracts

Inactive and Abandoned Accounts. If you have an account you have not made a withdrawal from, deposit to, renewal of, or transfer to or from for more than twelve (12) months, the Credit Union may classify your account as inactive and may charge an inactive account service fee as allowed by applicable law and set forth on the Fee Schedule. Thereafter, dividends or interest will not be paid on the account if the balance falls below any minimum-balance requirement. You authorize us to transfer funds from any available account of yours to cover the monthly maintenance fee, if necessary. If a deposit or withdrawal has not been made on the account, you have not otherwise indicated an interest in the account, or the Credit Union has had no other contact with you within three (3) years, as required by the Uniform Unclaimed Property Act, the account will be presumed to be abandoned. Funds in abandoned accounts will be remitted in accordance with state law. Once funds have been turned over to the state, the Credit Union has no further liability to you for such funds. If you choose to reclaim such funds, you must apply to the appropriate state agency.

Inactive and Abandoned Accounts. If you have an account you have not made a withdrawal from, deposit to, renewal of, or transfer to or from for more than twelve (12) months, the Credit Union may classify your account as inactive and may charge an inactive account service fee as allowed by applicable law and set forth on the Rate and Fee Schedule. Thereafter, dividends or interest will not be paid on the account if the balance falls below any minimum-balance requirement. You authorize us to transfer funds from any available account of yours to cover the monthly maintenance fee, if necessary. If a deposit or withdrawal has not been made on the account, you have not otherwise indicated an interest in the account, or the Credit Union has had no other contact with you within three (3) years, as required by the Uniform Unclaimed Property Act, the account will be presumed to be abandoned. Funds in abandoned accounts will be remitted in accordance with state law. Once funds have been turned over to the state, the Credit Union has no further liability to you for such funds. If you choose to reclaim such funds, you must apply to the appropriate state agency.

Inactive and Abandoned Accounts. If you have an account with a balance less than $100 that you have not made a withdrawal from, deposit to, renewal of, or transfer to or from involving your account for more than twelve one (121) monthsmonth for Checking accounts and one (1) year for Savings accounts, the Credit Union may classify your account as an inactive account and may charge an inactive account service a monthly fee as allowed by applicable law and set forth on the Rate, Fee and Service Charge Schedule, until closed by the member. Thereafter, dividends or interest will not be paid on the account if the balance falls below any minimum-minimum balance requirement. You authorize us The Credit Union will notify you at your last known address prior to transfer funds from imposing any available account of yours to cover the monthly maintenance fee, if necessaryfee as required by law. If a deposit or withdrawal has not been made on the account, you have not otherwise indicated an interest in the account, or account and the Credit Union has had no other contact with you within for three (3) years, years as required by the Uniform Unclaimed Property Act, the account will be presumed to be abandoned. Funds in abandoned accounts will be remitted in accordance with state law. Once funds have been turned over to the state, the Credit Union has no further liability to you for such funds. If funds and if you choose to reclaim such funds, you must apply to the appropriate state agency.