Avoid Inactive Account Fees

An Inactive account is one that has had no member-generated monetary transaction activity within the past twelve (12) months. A Dormant account (unclaimed funds) is one that has had no member-generated monetary transaction activity within the last three (3) years. The District of Columbia requires financial institutions to report and remit unclaimed funds by November 1 of each year. If you have an interest in the funds on deposit with the credit union and wish to prevent the funds from being reported to the Office of Finance and Treasury’s Unclaimed Property as unclaimed as required by the Unclaimed Property Law of the District of Columbia, please be sure to review and update your contact information with us and/or conduct transactional activity prior to September 30, 2018.

There are fees associated with inactive/dormant accounts. However, you can avoid these fees by keeping the account active — just make sure you have at least one transaction each year. Please refer to the credit union fee schedule.

 

NewsJustin Caldwell