A Dormant Account is simply an Inactive Account held by a member in the Credit Union.
What is a Dormant Account?
How does an Account become Dormant?
Your Account will be flagged Dormant if no member initiated inward/outward transaction has occurred on your account within the last three years. i.e., No funds lodged into or withdraw from the account for three years.
As a consequence of the account inactivity, and to comply with statutory obligations, the account will be flagged as Dormant.
What effect will a Dormant Account have on me?
If your Account is flagged Dormant:
- You cannot perform any transaction on your Dormant Account until it is re-activated.
- Your Dormant Account is excluded from the Members Prize Draw until it is re-activated.
- Your next-of-kin may not receive the Death Benefit Grant if your account is Dormant at the time of your death.
How to re-activate your Dormant Account?
If your Account is flagged Dormant, you will receive correspondence from us advising that your Account is Dormant. To re-activate your account you must take the following steps.
1. Provide up to date Proof of Address
2. Provide up to date Proof of ID
3. Perform an Inward or Outward transaction, to/from your Account in St. Paul’s
How to prevent your Account being flagged Dormant?
To prevent your account being flagged Dormant you need to carry out at least one inward or outward transaction in the 3 years.
To help you remember to do this we recommend that you carry out a transaction annually on a date that you can easily remember, perhaps on your birthday or some anniversary.
You just need to lodge or withdraw a nominal amount to/from your account.