Inactive or Dormant Accounts. If your account falls below any applicable minimum balance or you have not made any Transactions within a one-year period of time, we may classify your account(s) as inactive. An account is generally only considered dormant when an applicable State law requires such classification (i.e., dormant or abandoned). Although having no obligation to do so, we reserve the right to not classify a particular account as either inactive or dormant if any owner thereof has other active accounts or services with us. You may be charged fees as set forth in the Schedule for inactivity, which is generally the failure to transact any business on an account for the period set forth in the Schedule. Unless specifically prohibited by applicable law, we may also charge a service fee set forth on the Rate and Fee Schedule for processing your dormant account (“Abandoned Property / Dormancy Processing Fee”) unless prohibited by applicable law; we further reserve the right to transfer your dormant account funds to a general Credit Union account and to suspend any further account statements.
Inactive or Dormant Accounts. The Credit Union will consider your account inactive after one year of no deposits or withdrawals. This excludes interest or dividends credited to your Account by the Credit Union. Michigan Law permits the Credit Union to turn these funds over to the State after two years of no activity, and requires the Credit Union to turn these funds over to the State after three years of no activity. Before turning funds from inactive accounts over to the State of Michigan, the Credit Union will send notices as required by Michigan law advising you of your rights.
Inactive or Dormant Accounts. If your account falls below any applicable minimum balance or you have not made any Transactions within the period of time specified in the Schedule, we may classify your account(s) as inactive. A member is generally only considered dormant when an applicable State law requires such classification (i. e. , dormant or abandoned). Although having no obligation to do so, we reserve the right to not classify a particular account as either inactive or dormant if any owner thereof has other active accounts or services with us. You may be charged fees as set forth in the Schedule for
Inactive or Dormant Accounts. If your account falls below any applicable minimum balance or you have not made any transactions within the period of time specified in the Schedule, we may classify your account(s) as inactive. An account is generally only considered dormant when an applicable State law requires such classification (i.e., dormant or abandoned). Although having no obligation to do so, we reserve the right to not classify a particular account as either inactive or dormant if any owner thereof has other active accounts or services with us. You may be assessed fees as set forth in the Schedule for inactivity, which is generally the failure to transact any business on an account for the period set forth in the Schedule. Unless specifically prohibited by applicable law, we may also charge a service fee set forth in the Schedule for processing your dormant account. Unless prohibited by applicable law, we further reserve the right to transfer your dormant account funds to a general Credit Union account and to suspend any further account statements.
Inactive or Dormant Accounts. If your account falls below any applicable minimum balance or you have not made any Transactions within the period of time specified in the Truth-In-Savings Disclosures or Fee Schedule, we may classify your account(s) as inactive or dormant. Although having no obligation to do so, the Credit Union reserves the right to not classify a particular account as either inactive or dormant if any owner thereof has other active accounts or services with us. You agree to pay any inactivity or dormant account service fees as allowed by applicable law and set forth in the Truth-In-Savings Disclosures or Fee Schedule. You authorize us to transfer available funds from any account(s) of yours to cover any fees, if necessary. If a deposit or withdrawal has not been made on the account and we have had no contact with you within the period specified by state law, the account will be presumed to be abandoned. Funds in abandoned accounts will be reported and remitted in accordance with state law. Once funds have been turned over to the state, the Credit Union has no further liability to you for such funds and if you choose to reclaim such funds, you must apply to the appropriate state agency. We will suspend any further account statements.
Inactive or Dormant Accounts. If your account falls below any applicable minimum balance or you have not made any Transactions within the period of time specified in the Schedule, we may classify your account(s) as inactive. A debit card is classified as inactive if no transactions are conducted for 30 months. In the event your debit card is deemed inactive, it will be closed. An account is generally only considered dormant when an applicable State law requires such classification (i.e., dormant or abandoned). Although having no obligation to do so, we reserve the right to not classify a particular account as either inactive or dormant if any owner thereof has other active accounts or services with us. You may be charged fees as set forth in the Schedule for inactivity, which is generally the failure to transact any business on an account for the period set forth in the Schedule. Unless specifically prohibited by applicable law, we may also charge a service fee set forth on the Rate and Fee Schedule for processing your dormant account (“Abandoned Property / Dormancy Processing Fee”). Unless prohibited by applicable law, we further reserve the right to classify your account as inactive, to suspend any further account statements, and close the account if it reaches a $0 balance.”
Inactive or Dormant Accounts. If your account falls below any applicable minimum balance or you have not made any transactions within the period of time specified in the Schedule, we may classify your account(s) as inactive. An account is generally only considered dormant when an applicable State law requires such classification (i.e., dormant or abandoned). Although having no obligation to do so, we reserve the right to not classify a particular account as either inactive or dormant if any owner thereof has other active accounts or services with us. You may be charged fees as set forth in the Schedule for inactivity, which is generally the failure to transact any business on an account for the period set for in the Schedule. Unless specifically prohibited by applicable law, we may also charge a service fee set forth on the Rate and Fee Schedule for processing your dormant account (“Abandoned Property / Dormancy Processing Fee”). Unless
Inactive or Dormant Accounts. 7.1 We will observe the stipulations under law regarding disposal of balances for inactive and or dormant accounts that have been deemed as abandoned property. Unless we have agreed otherwise with you, we will charge the standard fees and commissions related to the management of dormant and or inactive accounts. Credit interest will cease to accrue on any accounts deemed as dormant.
Inactive or Dormant Accounts. If no activity occurs in your Account within the time period specified by applicable state law, the property in your Account may be subject to transfer to the appropriate state authority ("escheatment"). We have no liability if your Account becomes dormant and is therefore subject to escheatment in accordance with applicable state law.
Inactive or Dormant Accounts. The Cooperative will classify as the Account Statement or any other notice or mail in case the change in inactive an account that in a period of one (1) year has been dormant. All address has not been informed. accounts that for a period of five (5) years or more with no transaction will be considered unclaimed and shall be disposed according to the Cooperatives Regulation.
