A members’ account shall be considered dormant if no activity has taken place on the account for one year.
A dormant account notification will be included in the Credit Union newsletter annually. Members will be reminded to keep their account active by making a deposit, withdrawal, or transfer to their account. By law, any account that is dormant after three years, the balance in the account will automatically be escheated to the State of Pennsylvania Treasury.
After three years of inactivity, an escheat fee will be assessed to all dormant accounts being escheated to the 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. IRA’s, Certificates of Deposit, Loans, Visa Account, First Mortgage Loan 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 call the Credit Union should you have any questions.