Common use of Dormant Accounts Clause in Contracts

Dormant Accounts. If there is no activity (Massachusetts 3 years, New Hampshire 5 years) and you have not contacted us about your account for the period of time prescribed by state law, your account may be considered abandoned property, and must be turned over to the state authority in which you reside. We will attempt to notify you in writing at least 60 days prior to turning over the account to the state. Such notification will include instructions on how you may prevent remittance of the funds to the state authority. An escheatment fee may be charged for the processing of abandoned property to the state authority. IRS Reporting We report primary account name and tax identification number information to the IRS. The IRS requires that primary account names and tax identification numbers match their records. If they do not, we may be required to subject you to federal backup withholding.