Dormant Accounts

Dormant Accounts

Dormant Account

Dormant Account

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, the account does not close – your shares will remain in the credit union and will continue to earn dividend on an annual basis.

 

What are my options?

 

  1. 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).
  2. 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.
  3. 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.

 

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.