Dormant accounts are classified as any account which has no member generated transaction in the last 3 years.
If you think you may have an account and have not used it in some time, there is no need to join again. You are still a member. When an account becomes dormant, it does not mean the account is closed – your shares will remain in the credit union and will continue to earn dividend on an annual basis.
What are my options?
- Reactivate your account: To do this you will need to make a transaction (lodgement or withdrawal). You will also need valid photo I.D (passport or driving licence), proof of address (utility bill or bank statement dated within the last 3 months) and your PPS number on an official document (e.g; payslip, p60, social welfare card).
- Close your account: To do this you will need valid photo I.D (passport or driving licence), proof of address (utility bill or bank statement dated within the last 3 months) and your PPS number on an official document (e.g; payslip, p60, social welfare card). to withdraw your shares and close your account.
- Transfer your account to another credit union: If you have moved from the area and wish to transfer to a Credit Union closer to your current residence, you can contact your nearest Credit Union to make the transfer.
Letters have now been sent to any member who has had no activity on their account for the past 3 years. An Entry form has also been sent to each of these members. Any member that re-activates their account by 01st October 2016 has an opportunity to enter into a draw to win one of three 1 night Midweek Bed & Breakfast stays in the gorgeous Bellinter House in Co Meath. To enter this draw, you must return your Entry Form to any of our offices when re-activating your account. Best of Luck to all entries!!
Rule 22. Dormant accounts
The Credit Union may deal with shares and deposit accounts as hereinafter provided when there has been no member initiated transaction on the account for a period of three years and when no reply has been received within thirty days from the member to a notice sent, by ordinary post, to him/her at his/her last known address, of intent by the credit union to close the account(s). Dividends and interest shall continue to be payable on such accounts.