DORMANT OR INACTIVE ACCOUNTS. An account is dormant or inactive if no activity is recorded for 1 year or if mail is returned to the credit union as undeliverable. You may notify the credit union in writing if no activity is expected on an account, but you wish to maintain the account. NCCFCU applies charges related to the maintenance of dormant accounts; see Schedule of Rates, Balances, and Fees.
DORMANT OR INACTIVE ACCOUNTS. You acknowledge and agree that your Account will be designated as inactive if you have not initiated activity for at least one consecutive calendar year. We will notify you in writing in January after each the first two-year, five-year and nine-year period of inactivity. If you do not initiate a transaction or communicate with us, an inactive fee will be charged to your Account each year the Account remains inactive. If there are insufficient funds in your Account to cover the service charges, you authorize us to close your Account without notice to you. If your Account remains inactive and the balance is still unclaimed after the nine-year inactive notice is sent; or if the balance is nil after inactivity fees is recovered, we will close your Account. After 10 years of inactivity, your Account balance becomes unclaimed under federal law and will be transferred to the Bank of Canada. To claim Account balances transferred to the Bank of Canada, you must file a claim with the Bank of Canada.
DORMANT OR INACTIVE ACCOUNTS. If you do not use your Account for a long time (6 months or more) it may become ‘dormant’. This means that you will be unable to use your Account. We will give you at least 1 (one) month’s written notice before your Account becomes dormant.
DORMANT OR INACTIVE ACCOUNTS. If you have not made a deposit to or a withdrawal from your account for a period of time that the Bank considers substantial, then the Bank may charge various dormant account fees on the account in addition to regular monthly maintenance and other fees. If you re-establish contact with the Bank, the Bank does not have to reimburse you for these fees. The Bank may refuse withdrawals or transfers from inactive accounts if you are not available to confirm the transaction’s authorization. The Bank may terminate card or code access to a dormant or inactive account. The Bank may be required to turn over (or escheat) account funds to the state if the account remains inactive. If the Bank does turn over the account funds to the state, you will need to file a claim with the state to recover the funds.
DORMANT OR INACTIVE ACCOUNTS. If you have not made a withdrawal from or a deposit to your account for a period of 12 consecutive months and the Credit Union has been unable to contact you by regular mail during that period, the Credit Union may consider your account as inactive or dormant and we may charge an inactive account fee as allowed by applicable law and as set forth in the Fee Schedule. The Credit Union will notify you at your last known address prior to imposing a fee as required by law.
DORMANT OR INACTIVE ACCOUNTS. If your account falls below any applicable minimum balance or if you have not made any withdrawals, deposits, or transfers on your account for the period of time specified in our rules and regulations, we may classify your account as a dormant account and may charge a dormant account service fee as allowed by applicable law and as set forth on our Rate and Fee Schedule. If the dormant account balance is under the required share minimum value and has remained so for twelve (12) months, the Credit Union may absorb the balance in the Account. If we have not had contact with you under certain state law and no transactions have been made under the time period prescribed by such laws, we may determine the funds in the account are abandoned property and tender them to the state under abandoned property laws. If we turn these funds over to the state, we shall have no further liability to you for such funds and if you choose to reclaim such funds you must apply to the appropriate state agency.
