Inactive Accounts and Unclaimed Property a. Accounts Determined Inactive If the amount of funds in an account falls below the minimum bal- ance required by “Our Rates & Service Charges” of the MSA, and you are not using specific products or services, we may consider an account inactive. If an account you have with us is inactive, we may require a service charge (and may require a service charge to notify you of any inactivity). We require service charges on inactive accounts because of the cost incurred by the members in manag- ing accounts not being used by a member (who is also not using products or services that would otherwise justify this cost). We will discontinue the service charges once you meet the balance or product or service use requirements. We may also terminate an inactive account and deposit the funds in another account, mail a check to you at an address in our records, or if allowed remit the funds to a state as unclaimed property.
Inactive Accounts and Unclaimed Property. Accounts may be classified as inactive (also known as dormant) if no deposit, withdrawal, or transfer from or to the Account has been made in the last 12 months. Inactive Accounts may be charged an Inactive Account fee for each month the Account is classified as inactive. See current Fee Schedule for additional parameters. Transactions on Accounts classified as inactive may be delayed. The Account will no longer be classified as inactive only after a qualifying transaction has occurred (deposit, withdrawal, or transfer). If there are insufficient funds to cover the Inactive Account fee, the membership par value ($5.00) will be applied to the fee and You have 30 days to replenish the par value (per Credit Union Bylaws) or the Account will be closed and membership terminated. If You wish to re-establish Your Account in the future, a new Application must be completed and a sufficient deposit must be made to cover the minimum balance requirements of any Services You request. Unclaimed Property: Under law, property held by the Credit Union is presumed abandoned/unclaimed if there is no activity or correspondence after certain specified time periods, at which time the Credit Union must turn over (escheat) funds in the Account to the applicable state(s). You agree that as permitted under applicable law, abandoned/unclaimed Accounts may be subject to reasonable service charges. You agree that We are relieved of all responsibility if Your Account balance is turned over to a state.
Inactive Accounts and Unclaimed Property a. Accounts Determined Inactive If the amount of funds in an account falls below the minimum bal- ance required by the “Rate and Fee Disclosure” of the MSA, and you are not using specific products or services, we may consider an account inactive. If an account you have with us is inactive, we may charge you an inactivity fee (and may charge you a fee to no- tify you of any inactivity). We charge fees on inactive accounts be- cause of the cost incurred by the members in managing accounts not being used by a member (who is also not using products or services that would otherwise justify this cost). We will discontinue the fees once you meet the balance or product or service use re- quirements. We may also terminate an inactive account and de- posit the funds in another account, mail a check to you at an ad- dress in our records, or if allowed remit the funds to a state as unclaimed property.
Inactive Accounts and Unclaimed Property
