At Heartland Area Federal Credit Union, we are committed to providing you with exceptional service and support. As part of our ongoing efforts to maintain account security and comply with regulatory requirements, we wish to inform you about our policies regarding Inactive and Dormant Accounts.

What is an Inactive Account?

An inactive account shall be defined as an account on which there has been no activitiy, other than posting of dividends, for a period of two years or more, has a balance of less than $500.00 and no other savings or loan accounts. If a savings account has a balance of less than $50.00 or a checking account has less than $120.00, no activity for a six-month period and no other savings or loan accounts they will be considered inactive.

Beginning in 2016, all inactive accounts with less than $500.00, however more than $50.00 that have not had activity for 2 years or more shall be subject to a $5.00 per quarter inactive fee. All savings accounts that have less than $50.00 and checking accounts that have less than $120.00 are currently subject to a $5.00 monthly inactive fee.

What is a Dormant Account?

Dormant/abandoned property shall be defined as property, which has been unclaimed for a period of 5 years or more as of June 30 of each year. It includes accounts on which there has been no activity, other than the posting of dividends, for a period of 5 years or more as of June 30 of each year. An account will not be considered dormant/abandoned, even though it otherwise meets this definition, or the owner of the account has made transactions on another account under the same primary account number within the 5-year period, or has indicated to the credit union, in writing, that he/she has not abandoned his/her account. Dormant/abandoned property is required to be sent to the state each year.

Why is this Important?

• Security: Dormant accounts are often targets for fraudulent activities. Regular monitoring helps safeguard your assets.
• Regulatory Compliance: Managing inactive and dormant accounts is a regulatory requirement, helping us prevent misuse of financial systems.
• Account Maintenance: It aids in keeping our records up-to-date, ensuring that your funds are managed effectively.

What Happens to Dormant Accounts?

• Notification: We will attempt to contact you through the information provided on your account.
• Escheatment: If an account remains dormant for a state-specific period, funds may be turned over to the state as unclaimed property.

Avoid Dormancy

Regular account activity is key to avoiding dormancy. Consider setting up recurring transactions or periodically reviewing your account. Ensure your contact details are current for us to reach you effectively.

For more information or if you have any concerns, please contact us at either branch locations or call your member services rep. Your financial well-being is our top priority, and we are here to assist you in any way we can.