A Century Federal Credit Union account is considered “dormant” if it meets the following criteria:
- No activity (deposit or withdrawal) for 12 months or longer
- Account owner is 18+ years old
If a member’s account becomes dormant a fee of $2.50 is assessed monthly, if the remaining balance is less than $50.
In addition to the credit union’s dormant account policy, the State of Ohio mandates that if an account meets the state's dormant accunt criteria, it must be reported as unclaimed funds or escheated. Please visit the State of Ohio Department of Commerce website for more details on dormant and escheat account information. The Division of Unclaimed Funds requires all banks, credit unions, insurance companies, and other financial institutions, to send all funds in accounts deemed dormant to them.
To prevent escheat action, the credit union attempts to contact all members with dormant accounts to address the account dormancy prior to turning the account funds over to the state. Members may make a deposit of as little as $1 to a dormant account to make it active again. Members may also reactivate their account by completing and returning the form at the bottom of the letter they receive from Century Federal and returning it by the deadline stated in the letter or by completing the Dormant Account Reactivation Form.
If a dormant account is not addressed by the member, the credit union is required to send the remaining balance of the account to the Division of Unclaimed Funds. Once the account funds have been released to the state, all further funds inquiries should be directed to the Ohio Director of Commerce. The Ohio Director of Commerce assesses a 5% administrative fee for the recovery of these funds, regardless of the amount. Also, if the account balance is less than $50.00 it is required to be transferred in an aggregate total and cannot be claimed.
If you have any questions about the dormant or escheat account process, please do not hesitate to contact one of our branches or our Member Support Center at 216-535-3200.