Closed Account

Closed Account

A detailed statement of the mutual debit and credit demands between parties to which no further changes can be made on either side.

A closed account is distinguishable from an account stated, which remains open for the purposes of adjustment and set-off.

References in periodicals archive ?
Former Zamboanga peninsula regional director Jesus Nieves should be charged with graft and malversation of public funds in connection with the transfer of money from the trust account of the regional office to a closed account, according to a resolution signed by Ombudsman Conchita Carpio-Morales recently and released yesterday .
He claimed that almost P200,000 was transferred to a certain Fabian Go from the closed account of Trillanes.
Maureen Brown, Huntington Bank's public relations director, said she had investigated the closed account reports but could not comment on customer relationships per bank policy.
Barrett, who worked at Nationwide's branch on Cambridge Street, Glasgow, was caught when internal checks turned up a handwritten cheque for pounds 9229 being drawn on a closed account.
Sometime in April of this year, I got some calls from a guy claiming that I had an unpaid balance of Dhs4,000 on my closed account with the old bank.
A closed account can lower your score because you'll have less available credit.
Mr Aaronberg said six worthless cheques drawn on a closed account were first paid into the company.
35, had been wanted on felony charges of theft and deceptive practices by posting checks through a closed account and an account with insufficient funds to purchase vehicles from 131 Auto Sales in Waukegan.
According to the Danish news agency Ritzau, Danish defence minister Svend Aage Jensby had proposed earmarking DKK900m for yearly international missions in a closed account at the ministry of finance.
After closing, government agencies cannot use funds from the closed account for any purpose.
Thanks to the modern world of paper, I had the cancelled check, and, after a period of time, I found Advanta had credited the payment to a closed account in my name.
The automated check deposit system does not handle checks returned for other reasons, such as a stop-payment order or a closed account.