Common use of Inactive or Dormant Accounts Clause in Contracts

Inactive or Dormant Accounts. If your account falls below any applicable minimum balance or you have not made any Transactions within the period of time specified in the Truth-In-Savings Disclosures or Fee Schedule, we may classify your account(s) as inactive or dormant. Although having no obligation to do so, the Credit Union reserves the right to not classify a particular account as either inactive or dormant if any owner thereof has other active accounts or services with us. You agree to pay any inactivity or dormant account service fees as allowed by applicable law and set forth in the Truth-In-Savings Disclosures or Fee Schedule. You authorize us to transfer available funds from any account(s) of yours to cover any fees, if necessary. If a deposit or withdrawal has not been made on the account and we have had no contact with you within the period specified by state law, the account will be presumed to be abandoned. Funds in abandoned accounts will be reported and remitted in accordance with state law. Once funds have been turned over to the state, the Credit Union has no further liability to you for such funds and if you choose to reclaim such funds, you must apply to the appropriate state agency. We will suspend any further account statements.