What is a Dormant Account?
At Public Service Credit Union, we want to maintain an active membership with you. We understand that members open accounts for many different reasons and sometimes they go unused. You may have moved, simply forgotten about your account with us, or maybe a relative opened the account and you didn’t even know about it. However, state law requires that property holders, including credit unions, monitor activity on member accounts and if the account has no activity for an extended period of time and the account owner is non-responsive, then the property must be turned over to the state as unclaimed property.
What causes an account to go dormant?
If you are receiving mailed or electronic statements from us, but you are not actively participating in the credit union or utilizing your account, then by Wisconsin law and our policy we must consider accounts with no activity in ALL suffixes for a 24 month period as dormant and subject to a dormant account fee. Members with active loans or share certificates will not go dormant.
What can you do to prevent your account from going dormant?
You can keep your account from going dormant with very easy and simple options:
Make a deposit or withdrawal at least once a year.
Set up an automatic ACH authorization where we can pull a specific amount of money from your account at another credit union or bank on a set schedule (monthly, biweekly, etc.) to make saving even easier.
Take advantage of our very competitive lending rates and apply for a loan with Public Service Credit Union.
Put your money into a share certificate. It will automatically renew every six or twelve months and earn even more dividends than sitting in your account.
Keep your contact information up to date with us.
Once your account is considered dormant, you may be charged a monthly “dormant account” fee of $5 each month that your account has no activity. Once the account balance reaches zero then your account will be closed. If your account remains dormant for up to five years with a balance, then we are required by law to turn over your account to the State of Wisconsin as unclaimed property. Information on how to claim unclaimed property can be found with the State of Wisconsin Department of Revenue.
We value your membership and would love to discuss other products and services that may benefit you. To keep your account from going into Dormant Status, please make sure that you make a deposit of any amount at least once a year. Give us a call (715) 842-9865 or email info@pscu-wausau.org for more information on how to protect your account from closure.