Some people say that the best thing to do with savings accounts is to “set and forget” them – leave them alone and just let them earn interest. But it’s important to know that, unless there is some kind of activity every 12 months, your account could go dormant and lead to loss of funds.
Financial institutions are required by law to transfer the funds of dormant accounts (accounts that have had no transactions, such as deposits or withdrawals) after 18 months to the District of Columbia or the last state of residence of the account holder.
Here are a few simple ways you can avoid letting an account go dormant while continuing to save money:
- Set up automatic deposits or transfers to the account – it’s easy to do with Digital Banking
- Consolidate accounts by getting rid of any “unnecessary” ones
- Regularly check your accounts and make deposits or withdrawals when needed
If you have an account that you haven’t made any transactions with in more than 12 months, contact us today and we can help you avoid closure. Send us a secure message from Digital Banking, schedule an appointment at www.bfsfcu.org or call us at 202.212.6400.