Common use of Termination of Account Clause in Contracts

Termination of Account. We may terminate your account at any time without notice to you or may require you to close your account and apply for a new account if: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or committed involving your account; (3) there is a dispute as to the ownership of the account or of the funds in the account; (4) any checks are lost or stolen; (5) there are excessive returned unpaid items not covered by an overdraft protection plan; (6) there has been any misrepresentation or any other abuse of any of your accounts; or (7) we reasonably deem it necessary to prevent a loss to us. A member‘s share savings account can only be closed by the primary owner. To terminate another account(s), you must provide written notice to the Credit Union. Drawing an account balance to zero (by check or other withdrawal) does not constitute written notice. We reserve the right to require the consent of all owners to terminate a joint account. We are not responsible for payment of any check, withdrawal, or other item after your account is terminated, however, if we pay an item after termination, you agree to reimburse us.

Termination of Account. We may terminate your account at any time without notice to you or may require you to close your account and apply for a new account if: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or committed involving your account; (3) there is a dispute as to the ownership of the account or of the funds in the account; (4) any checks share drafts are lost or stolen; (5) there are excessive returned unpaid items not covered by an overdraft protection plan; (6) there has been any misrepresentation or any other abuse of any of your accounts; or (7) we reasonably deem it is necessary to prevent a loss to us. A member‘s share savings You may terminate an individual account can only be closed by the primary owner. To terminate another account(s), you must provide written notice to the Credit Union. Drawing an account balance to zero (by check or other withdrawal) does not constitute giving written notice. We reserve the right to require the consent of all owners to terminate a joint account. We are not responsible for payment of any checkdraft, withdrawal, or other item after your account is terminated, ; however, if we pay an item after termination, you agree to reimburse us.