Inactive Accounts/Abandoned Property. If you have an Account with a balance and we have no records of any electronic or endorsed deposits, withdrawals or communications from you about your Account for one year or longer, we may consider the Account to be inactive and convert the Account to a non-interest-bearing Account, if allowable under state law. After a period of inactivity, we will try to locate you at the mailing or electronic address and telephone number shown in our records for your Account. After a specified period of time determined by the law of the state where your business is organized or located (as shown in our records), if we are still not able to locate you, we will be required to deliver the Account to that state as abandoned property. You will then need to apply to that state for return of your funds. If your Account is or has been inactive, we may, in our discretion, refuse to honor requests for withdrawals on the Account until after we have verified that you have authorized the withdrawal request.
Appears in 3 contracts
Sources: Business Checking Account Agreement, Business Checking Account Agreement, Business Checking Account Agreement