Dormant Accounts and What you need to know!
A dormant account is a membership account that has no activity other than the earning of dividends for a period of 365 days. Dormant accounts also will not have any other accounts or services tied to their account. Members with dormant accounts will receive a letter notifying them that their account is considered to be in dormant status and requesting that they respond letting the Credit Union know if they wish to reactivate or close the account in question. If we do not receive a response from the dormant member within the requested time frame, the account will be charged an inactivity fee of $5.00 per month. This fee will be taken until the account has a zero balance. If after 5 years there is still a balance left on the account the funds must be turned over to the State of Virginia. If you have any questions regarding dormant accounts or think that you may have an account in trouble of being placed in dormant status please contact the Credit Union at 1-800-336-0284.
