Inactivity/Dormancy Sample Clauses

Inactivity/Dormancy. 2.5.1. The Account shall be considered inactive if there are , no recorded transactions (excluding fees) or activity on the Account for a continuous period of one (1) year. However, if the Account has a zero balance for three (3) consecutive months regardless of status, the Bank shall have the right to automatically close the Account without notice. 2.5.2. The Account shall become dormant after two (2) years of continuous inactivity regardless of the time of opening the account and shall be subject to dormancy fee Further, after ten (10) years of continuous inactivity, the dormant account shall be escheated in favor of the Philippine Government in accordance with the Unclaimed Balances Law and/or other applicable laws. The Bank will have no further liability to the Cardholder for such funds. 2.5.3. Should there be remaining funds once the Account becomes inactive or dormant, Cardholder hereby expressly agrees that Suy Sing has the right to request for transfer of the remaining funds back to Suy Sing’s account either via EFT or MC. In such case, the Bank is authorized to debit the remaining funds from the Account without prior notice to Cardholder and as long as the conditions of crediting back the funds are met. The Cardholder holds the Bank free and harmless from any and all claims, costs or damages that the Cardholder or Suy Sing may suffer resulting from the Bank’s action of crediting back any remaining funds from the Cardholder’s account to Suy Sing’s account and shall be free of any liability that may arise on such action. The Cardholder agrees that the Bank shall not be involved in any claim or dispute between the Cardholder and Suy Sing.