Zero Balance Accounts Sample Clauses

Zero Balance Accounts. If your account reaches a zero balance, or you apply for an account but never deposit funds into it, we may either keep the account open or close the account without notice. Generally, zero balance accounts will be closed within 60 calendar days of the date the account reaches a zero balance.
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Zero Balance Accounts. The Service uses a main Account (“Concentration Account”) and one or more related Accounts (“Sub-Accounts”). Daily, after all debits and credits have been processed for each Sub- Account, transfers between the Sub-Account(s) and the Concentration Account will be made based upon the amount necessary to maintain the Sub-Accounts at the target balances established in the Specifications. You should maintain sufficient funds in the Concentration Account to ensure that there is a positive ending ledger balance in that Account after transfers between the Concentration and Sub-Account have been completed. If there are insufficient funds in the Concentration Account for this purpose, we may, at our option, return checks or other transactions (e.g., automatic payments or other electronic transactions) drawn on any of the Sub-Accounts in such order as we, in our sole discretion, may elect and the Accounts will be subject to our standard fees (including overdraft, insufficient funds, and uncollected funds usage fees). Any fees may be assessed through Account Analysis, directly to the Concentration Account or any Sub- Account, or any combination of the foregoing. You specifically waive any claims you may have against us as a result of the return of any check as provided herein, but you retain any liability for all overdrafts we may allow on your Accounts. GENERAL PROVISIONS
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Zero Balance Accounts. ‌ If a Program Account has a zero balance for 90 days or more it may be closed by the Program. To reinstate an Account closed by the Program for zero balance, the Designated Beneficiary must complete a reinstatement form online. Taxpayer’s Responsibility‌ The Designated Beneficiary is solely responsible for determining compliance with the Annual Contribution Limit, the Expanded Annual Contribution Limit, and the Lifetime Contribution Limit, if a withdrawal is a Qualified Withdrawal or a Non-Qualified Withdrawal, and for all applicable federal and state tax consequences. Contributions over the applicable contribution limits may result in the imposition of a six-percent excise tax on the excess contributions and earnings. In addition, because money in a Program Account may be withdrawn free from federal income tax only if it is used to pay Qualified Disability Expenses, documentation of all Qualified Disability Expenses should be retained for the taxpayer’s records. Also, while the Program will report the earnings portion of any withdrawal to tax authorities, it is solely the Designated Beneficiary’s responsibility to calculate and report any resulting tax liability. It is also the responsibility of the Designated Beneficiary to maintain records necessary to respond to any questions from the IRS related to contributions and withdrawals. ABLE AND GOVERNMENT BENEFITS CONSIDERATIONS‌ Pursuant to federal law, funds in an ABLE account are generally disregarded for purposes of determining eligibility to receive government assistance or benefits. This includes contributions, earnings, and withdrawals for Qualified Disability Expenses. Further, contributions to an ABLE account, including funds contributed by a third party, are generally not considered income to the Designated Beneficiary. However, a Designated Beneficiary’s income is not generally excluded from eligibility determinations simply because it is contributed to an ABLE account. Note: In December 2017, the U.S. Congress passed, and the President of the United States signed into law, revisions to Section 529 and 529A of the IRC that permit certain rollovers from a Section 529 account into an ABLE account, an expanded annual contribution limit for certain eligible designated beneficiaries of ABLE accounts, and the ability of certain taxpayers to claim the Saver’s Credit for contributions to ABLE accounts. It is unclear what effect, if any, these revisions to Section 529 and Section 529A will have on a Desig...
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Zero Balance Accounts. Each Grantor shall take all steps necessary to ensure that (i) each Zero Balance Account is swept into a Primary Account no less frequently than every other day, and (ii) no Zero Balance Account shall maintain a balance in excess of $5,000 for a period in excess of three consecutive Business Days.
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Zero Balance Accounts. The following summarizes the responsibilities of UW- and of UWSA for the management of the zero balance accounts checkwriting account (ZBAs): • A control parent account has been established at UW System’s working bank for which UWSA is responsible; a zero balance sub account has been established in the name of UW- . • UW- will continue to make deposits to respective institutional bank accounts and not to the ZBA sub accounts. US Bank automatically transfers funds from the control parent account to cover checks written against sub accounts. • To the extent possible, all disbursements should be made through the ZBA. Contingent funds should be used solely for xxxxx cash and change funds. • UW- will be responsible for preparing, signing, and disbursing checks written against its zero balance account or authorizing and monitoring electronic disbursements from this account. On the day after the ZBA checks are generated by the institutions or electronic disbursements are initiated, UWSA will forward to DOA accounting transactions that support these disbursements. • Upon receipt of the accounting transactions, DOA will transfer funds from the state’s working account to the UW parent account. These funds are expected to be available in the parent account prior to presentation for payment of the checks written against the institutional ZBA accounts. • UWSA will be responsible for monitoring the balance in the parent account on a daily basis. • UWSA will be responsible for confirming that the daily new issue amount match deposits in the parent account. • UW- will, on a monthly basis, confirm that the newly issued amount reported by the bank agrees with the total of the daily issues recorded in SFS campuses for the same period. • UW- will, on a monthly basis, confirm the listing of outstanding checks provided by the bank by comparing to a SFS campuses generated listing of outstanding checks as of the same date. • UW- is responsible for notifying the UWSA ZBA accountant when miscellaneous debits or credits, such as interest earnings, appear on the monthly bank statement. • UW- is responsible for holding checks over $500,000 for three business days to allow the parent account reimbursement to happen before the check is presented for payment. • UW- is responsible for establishing either a block or a filter on their institutional ZBA account to protect against unauthorized debits to the account. • UW- will comply with the canceled draft requirement contained in s. 20.912,...
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Zero Balance Accounts. If a STABLE account has a zero balance for 90 days or more it may be closed. To reinstate a zero-balance account the Beneficiary or an Authorized Legal Representative must complete a reinstatement online, and may need to complete a new enrollment Application.
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Zero Balance Accounts. We will automatically close your checking and savings account if it goes to a zero balance and remains in zero-balance status at the close of the following monthly statement cycle. Dormant Accounts:
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Zero Balance Accounts. If an Account has a zero-dollar balance and no activity for 60 days or more, it may be closed. To reinstate a zero-balance account, you should contact the Plan. Unclaimed Accounts Under certain circumstances, if there has been no activity in the Account, or if we have not been able to contact you for a period of time, the Account may be considered abandoned under Colorado’s or your state’s unclaimed property laws. If your property is considered abandoned, it may, without proper claim by the Account Owner within a certain period of years, be transferred to the state of Colorado or your state. Account Restrictions‌‌ We reserve the right to: (1) freeze an Account and/or suspend Account services if (i) we receive notice of a dispute regarding Account assets, Account control or Account ownership, including notice of the death of an Account Owner (until appropriate documentation is received and we reasonably believe that it is lawful to transfer Account ownership) or (ii) we reasonably believe a fraudulent transaction may occur or has occurred; (2) close an Account, without the Account Owner’s permission, in cases of threatening or abusive conduct or suspicious, fraudulent or illegal activity; (3) refuse to establish or terminate an Account if required documentation has not been provided to the Plan or if we determine that it is in the best interest of the Plan or required by law; (4) close the Account if we determine that you provided false or misleading information to the Plan in establishing or maintaining an Account, or that you are restricted by law from participating in the Plan; and (5) reject a contribution for any reason, including contributions to the Plan that the Program Investment Advisor, the Program Manager or the State Administrator believe are not in the best interests of the Plan, an Investment Option or the Account Owners. The risk of market loss, tax implications, penalties, and any other expenses as a result of the above will be solely the Account Owner’s responsibility. PUBLIC BENEFITS AND ABLE ACCOUNTS The information related to public benefits in this Plan Disclosure Booklet is derived from publicly available sources and is only provided for informational purposes. It is not intended to be exhaustive, is subject to change without notice, and is not to be relied upon as benefits or investment advice. In the event of a conflict between statements made in the Plan Disclosure Booklet and publicly available guidance, the guidance will control.
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Zero Balance Accounts 
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Related to Zero Balance Accounts

  • Set Up Accounts (a) Bank shall establish and maintain the following accounts ("Accounts"):

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Collection Accounts Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.... Section 3.15

  • Investment Accounts Schedule 2 sets forth under the headings “Securities Accounts” and “Commodity Accounts”, respectively, all of the Securities Accounts and Commodity Accounts in which such Grantor has an interest. Except as disclosed to the Administrative Agent, such Grantor is the sole entitlement holder of each such Securities Account and Commodity Account, and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Administrative Agent) having “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over, or any other interest in, any such Securities Account or Commodity Account or any securities or other property credited thereto;

  • Cash Accounts The Custodian will open and maintain in the name of the Client one or more cash deposit accounts (each a “Cash Account”) in such currencies as may be required in connection with the investment activity of the Client.

  • Certificate Accounts Any time deposit, term share, share certificate, or certificate of deposit account allowed by state law (certificate account), whichever we offer, is subject to the terms of this Agreement, the Truth-in-Savings Disclosure, and the Account Receipt for each account, the terms of which are incorporated herein by reference.

  • Retirement Accounts With respect to certain retirement plans or accounts (such as individual retirement accounts (“IRAs”), SIMPLE IRAs, SEP IRAs, Xxxx IRAs, Education IRAs, and 403(b) Plans (such accounts, “Retirement Accounts”), the Transfer Agent, at the request and expense of the Fund, provide or arrange for the provision of various services to such plans and/or accounts, which services may include custodial agent services such as account set-up maintenance, and disbursements as well as such other services as the parties hereto shall mutually agree upon.

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • Custodial Accounts; Distribution Account (a) On or prior to the Closing Date, the Master Servicer shall have caused each Servicer to establish and maintain one or more Custodial Accounts, as provided in the related Purchase and Servicing Agreement, into which all Scheduled Payments and unscheduled payments with respect to the related Mortgage Loans, net of any deductions or reimbursements permitted under the related Purchase and Servicing Agreement, shall be deposited. On each Distribution Account Deposit Date, the Servicers shall remit to the Securities Administrator for deposit into the Distribution Account, all amounts so required to be deposited into such account in accordance with the terms of the related Purchase and Servicing Agreements.

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