Setting aside money for a rainy day is important. Not only will your untouched savings be there when you need it most, it will also continue to grow by earning dividends. But, if you forget about your savings for too long, your account may become dormant. A dormant account is one that has not had any activity in over twelve months.
Every year, we are required by law to escheat dormant account funds to the state of Michigan. To keep you from having to jump through the hoops of filing for unclaimed funds, be sure to keep your account up to date with us, including:
- Making sure we have a copy of your current ID on file
- Notifying us when your address changes
- Letting us know when your home or cell phone number changes
- Perform at least one transaction per year
To avoid dormancy, we suggest doing a financial transaction at least once a year. Haven’t had any activity on your account in a while? Act now, to ensure your account remains inactive standing.