This is a matter of your internal procedures - you must be consistent.
Our procedures call for the box to be closed and a new opened in an instance like this.
In the first scenario you give, it makes it too easy to blame the bank 'The bank took me off of my own box' as opposed to the second scenario, 'Jim closed our box' - takes all the blame off of you.
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My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.