Common use of Inactive or Dormant Accounts Clause in Contracts

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.