A dormant account is any deposit account that doesn’t have any member–initiated withdrawal or deposit activity in one year. Member initiated means a deposit or withdrawal in a branch or an ATM, or from debit card transactions. Deposit accounts include savings, share certificates, IRAs and money market accounts.
If an account is dormant for five years, we will escheat all the funds in the account to the New Mexico Credit Union Education Foundation, which uses funds from escheated accounts for scholarships. You can find out more on the scholarship program here.
When an account becomes dormant, the credit union may assess an inactivity fee. We assess an inactivity fee if:
- The account holder is 18 or older, and
- If the savings account has a balance of $250 or less, and
- there are no other accounts under the member number (loans, checking, share certificate, etc.
The inactivity fee can be found in our fee schedule on page 2.
If becomes dormant and we have assessed inactivity fees, you can activate your account by making a deposit or withdrawal, and we will refund the inactivity fees
If your account gets escheated, you can contact the New Mexico Credit Union Education Foundation to get your money back.
New Mexico Credit Union Education Foundation:
Mailing Address: 4200 Wolcott Avenue NE, Albuquerque, NM 87109
Phone: (505) 298-9899 ext. 2229 or 800-366-6628 ext. 2229
Federally Insured by NCUA
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the U.S. Government. National Credit Union Administration, a U.S. Government Agency.
Equal Housing Lender
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
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