Common use of Closing of Account Clause in Contracts

Closing of Account. We reserve the right, at our sole discretion, to discontinue, limit or to decline to process any transactions in Account, to refuse to accept deposits or permit withdrawals in an Account or to close an Account at any time and for any reason without any prior notice to Customer thereof. In the event ▇▇▇▇ decides to close an Account, we will make written notice to you of such intention via the U.S. Mail or internationally recognized courier and directed to you at your last known address in our records (“Notice of Closure”). After the expiration of five (5) Banking Days from the date of the mailing of the Notice of Closure, the Account shall be considered closed. We, at our sole discretion, may either (a) mail a check to you via the U.S. Mail or internationally recognized courier to the aforementioned address; or (b) wire transfer to you the balance, if any, of funds in deposit in the Account. Upon mailing to you a Notice of Closure, we may thereafter refuse to accept deposits to such an Account, permit withdrawals, collect any item deposited therefor and/or transact any matter in relation to the Account. We shall not be liable for dishonoring any item drawn on an Account and/or for failing to act upon any funds transfer payment order submitted on an Account which is to be closed if the item is presented for payment or the payment order is submitted for execution after remittance of the Notice of Closure. Upon the closing of an Account, we shall thereafter be relieved of any further legal responsibility or liability related to such Account. You can request to close your Account at any time if the Account is in good standing (e g, does not have a negative balance or restrictions such as holds on funds, legal order holds, or court blocks on the Account). At the time of your request, we will assist you in withdrawing or transferring any remaining funds, bringing your Account balance to zero. All outstanding items need to be processed and posted to your Account before your request to close once the Account is closed items will be returned unpaid. Any recurring payments or withdrawals from your Account need to be cancelled before your request to close (examples include bill payments, debit card payments, and direct deposits) otherwise, they may be returned unpaid.