An account at CrossRoads Community FCU is considered dormant when there has been no activity for an extended amount of time. We consider any account to be in dormant status after nine (9) months of inactivity.
Is there a Dormant Fee?
A Dormant Fee of $10.00 will be charged to the account monthly until activity has been transacted on the account.
Are there Account(s) that are exempt from the Dormant Fee?
No fee will be charged if your membership has an active relationship as follows: Share Draft Account, IRA Account, Term Share Account, Christmas Club, open Loan with a balance greater than $0.00, an active Credit Card; any Share Account balance above $1500.00 or any member under 18 or over 65.
What should you do?
Simply make a transaction on your account to bring it out of dormant status. This would include activity such as a deposit or withdrawal (in any dollar amount). Keep in mind, dividends earned DO NOT constitute account activity.
WHAT IS UNCLAIMED PROPERTY?
Unclaimed Property consists of money and other personal assets that are considered lost or abandoned when an owner cannot be located after a specified period of time. In the financial institution industry, this includes checking accounts, term certificates, and savings accounts.
Why does it matter?
All states require financial institutions to report when personal property has been abandoned or unclaimed after a period of time. In New York State if the account has remained inactive for three (3) years, the Credit Union must report the account to the state. The State then claims the account through a process called “escheatment,” whereby the State becomes the owner of the account. As part of the escheatment process, the state will hold the account as a bookkeeping entry, against which the former account owner may make a claim.
Note: We will make every attempt to notify you before transferring funds to the state.
What should I do?
If you have been notified that your account will be turned over to the state and you wish to keep this from happening, you can contact the Credit Union immediately at (716) 896-8084 or return your account to an active status by performing any transaction involving the dormant account.
If you have been notified that your account has been sent to the state, you can submit a claim for your property. Visit New York State Unclaimed Funds to search by name and/or submit a claim.
