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 ?
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.
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.
Mark Bainbridge used cheques from a closed account in the name of Midwest Mortgage Management to buy goods worth a total of PS12,176 in April and May last year.
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.
Brown used a business cheque book from a closed account to rip off a total of pounds 10,474.
Even responsible consumers are discovering that a lowered limit or a closed account can impact their credit score for years.
For tax reasons, documents like account statements and 1099s associated with the closed account must be kept on file.