Dormant Account Policy

Dormant Account Policy

We love our members and are committed to always looking out for you. The last thing we want is for your account to become dormant and lose you as a valued member. When we notice a lack of activity on your account, for nearly 2 years, we will notify you so that you can take simple steps to avoid your account becoming dormant and being assessed fees. Once your account has no activity upon reaching 2 years, it will become and begin being assessed fees.

Here is a comprehensive look at our dormant account policy:

DORMANT ACCOUNT.

A member base share account shall be considered dormant if no activity has taken place on this account or other sub-accounts for 2 years. Example: if the share draft/checking account is utilized but no transactions take place on the base share account, the account is considered active.

NOTICE.

If your account has no activity for a period of 21 months, we will send you a notice via first class mail to the address we have on record. We will encourage you to activate or close your account or you will incur the dormant account fee.

FEES.

The dormant account fee is $15 PER QUARTER for as long as there is no activity on the account after the dormancy notice has been provided. The fee may be adjusted by the board at any time.

ESCHEATMENT TO THE STATE.

If the account is still dormant after 5-years, the funds in the account will be escheated to the State of Louisiana.

Thank you for making POECU your credit union. We are happy to serve you and we will continue to grow and change with your needs.