Under the standard rules for Credit Unions (ROI) and in line with Government Legislation, regarding dormant accounts;
Dormant accounts are classified as any account which has no member generated transaction in the last 3 years.
When an account becomes dormant – your shares will remain in the Credit Union and will continue to earn dividend on an annual basis, however you will not be able to transact on your account until you provide the required photo ID and proof of address.
What are my options? – you have 3 options:
- Reactivate your account: To do this you will need to make a transaction (lodgement or withdrawal). You will also need valid photo I.D. (passport or driving licence) and proof of address (utility bill or bank statement dated within the last 6 months).
- Close your account: To do this you will need valid photo I.D. (passport or driving licence) to withdraw your shares and close your account.
- Transfer your account to another Credit Union. If you have moved area and wish to transfer to a Credit Union closer to your current residence, you can contact your nearest Credit Union to make the transfer.