Dormant Account Policy

A members’ account shall be considered dormant if no activity has taken place on the account for three years.

A dormant account notification will be sent to members once the account has been inactive for three years or more. Members will be requested to activate their account by making a deposit, withdrawal, or notifying the Credit Union that they acknowledge the account. If they do not activate their account, they will incur a monthly dormant account fee. Any account that is dormant after three years, the balance in the account will automatically be escheated to the State of New York.

Fees on all dormant accounts shall be assessed at $1.00 per month after two years of inactivity. The fee shall continue monthly until the balance in the account is zero and the account is closed, the account has been reactivated, or the balance has been sent to New York State. If after three years there is still a balance, the monies remaining will be escheated to the state.

Exceptions are if the member has other accounts with the credit union i.e. Certificates of Deposit, Loans, etc.; or if the member is under 18 years of age.

The Credit Union will make the necessary attempts to contact members with dormant accounts before any funds are escheated to the state. This makes it essential that addresses on all accounts be current and up to date.

Please contact the Credit Union office if you have any questions.