Inactive and Dormant Accounts. If you have not made a withdrawal, deposit, or transfer on a particular account for more than one (1) year, the Credit Union may classify your account as inactive and charge an inactive account service fee, as allowed by applicable law and set forth on the Rate and Fee Schedule. Dividends will not be paid on the account if the balance falls below any minimum balance requirement. The Credit Union will notify you at your last known address prior to imposing any fee, as required by law. Checking accounts will continue to incur the monthly maintenance fee until closed. You authorize us to transfer funds from an available account of yours to cover the monthly maintenance fee, if necessary. If a deposit or withdrawal has not been made on the account, and the Credit Union has had no other verified contact with you for three (3) years, the account will be presumed to be abandoned, as required by the Uniform Unclaimed Property Act. Funds in abandoned accounts will be 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.
Appears in 4 contracts
Samples: Membership and Account Agreement, Membership and Account Agreement, Membership and Account Agreement
