Dormant Accounts

At Premier Source Federal Credit Union we understand accounts go unused for many different reasons. You may have moved, you may have simply forgotten you had an account with us, or maybe a family member/parent opened an account for you years ago and you had no idea. While we hope you continue utilizing our services, we want you to be aware of how an account can become dormant.

What causes an account to go dormant?

Dormant accounts are defined as accounts that have had no activity on shares/savings or loans for a period of 12 months or more.

Stay active with PSFCU to prevent your account from going dormant

Members will be reminded to keep their account active by making at least one deposit, withdrawal, or transfer to their account per year.
Set up direct deposit
Use your debit or credit card
Conduct regular transactions on your account or at minimum, once a year

Posted interest and accrued fees are not considered “Account Activity”

Fees on all accounts shall be assessed per month after 12 months of inactivity. The fee shall continue monthly until the balance in the account is zero and the account is closed, or the account has been reactivated. Please refer to PSFCU’s Fee Schedule for the current dormant account fee.

What does escheated mean? How can I avoid it?

Any account that is dormant three years or more, the balance in the account will automatically be escheated to the State of Massachusetts Unclaimed Property Division. The credit union will make necessary attempts to contact dormant accounts before the funds are escheated to the state. Once the funds have been escheated to the State, Premier Source Federal Credit Union no longer holds any authority of these funds. You will need to reclaim them directly from the State of Massachusetts.

This makes it essential that addresses, phone numbers and email addresses on all accounts are current and up to date. Don’t forget minor accounts you may have opened as well.

If your account has been flagged as dormant, but not yet closed and submitted to the State, please contact our Premier Support Center at 413-525-2002 Option 1, Option 2 and a Credit Union Representative will be happy to assist you.