Dormancy rule with some credit unions and not others?

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Sue Ellen

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Why do some credit unions apply Rule 22 of the Standard Rules of Credit Unions i.e. dormancy of accounts whereas others don't appear to apply same?
 
No idea what you are referring to, dormant accounts and their treatment is it?
 
Received notification from credit union that as account had not been accessed for 3 years that the account is now dormant. Why they could not issue warning before dormancy kicked in is beyond me :( Thinking of closing the account because it will be necessary to keep up regular transactions. Have checked with them and they confirmed that some credit unions apply the dormancy rule and others don't and I'm just wondering why this is?
 
what happens to any money that goes into a central fund when it is declared dormant.
 
I have a few dormant type accounts with small balances in them in banks both for myself and for my children. I have never received an annual statement from my bank to remind me of the existence of these accounts. I haven't changed address. Every financial institution should send out statements followed by a letter to advise customers that these accounts are being transferred to their Dormant accounts section.
 
yes ,, bronco, thats why i asked what happened to money in dormant accts. i received a letter from a credit union informing me that, it was put into a dormant acct because there was no activity with it for 3 years, the letter also said the money was gone to the central fund.
 
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