LOUISVILLE METRO POLICE OFFICERS CREDIT UNION

DORMANT/ INACTIVE ACCOUNT POLICY

Approved by the board, Wednesday, June 22, 2016

Louisville Metro Police Officers Credit Union considers an account dormant or inactive if the period since the last member financial transaction (not including payment of dividends paid or fees charged) is 24 months or longer.

If your Share Savings Account falls below the $5.00 minimum balance required for membership and you have not increased the balance to the required minimum balance within (6) months of the date the balance fell below the required balance, you may be terminated from membership.

A service fee of $5 per quarter will be assessed to each account balance less than $50 that is determined by the policy to be dormant or inactive. It is not the primary intent of the credit union to charge fees on these accounts; however, maintaining such accounts does create a cost burden. Every effort will be made to encourage the member to keep their account active.

Prior to implementing this policy all current dormant account holders will be contacted either by mail or telephone to inform the member of the implementation of the policy. All affected members will be given sufficient advance warning of the starting date of the dormant account fee. A notice of the policy will also be on the website at least 30 days prior to the starting date of the credit union implementing the policy.

To change an account from dormant to active an override is needed. Tellers are not able to override this transaction. An approval from management will be needed. The only staff that has permission to override this transaction is the President, Sharon Burden, Vice President, Josie Crowe, Cole McCollum, Loan Manager.

 

Submitted to the board May 25, 2016. Approved by the board June 22, 2016.